Lets talk first about Innovation Refunds.Com Fee :
Our team here what do these guys doing everyone in this room is assisting teach individuals about ERC and uh constantly supply a beautiful breakfast and have individuals truly learn about the program we must head to the room where we are able to display some of the checks that we are getting for business and I ‘d like to see that what is this this is uh hundreds of countless dollars actually Kevin numerous countless dollars so these are replicate copies of the letters that go to clients confirming that the check is on the way I suggest you know if you simply start to take a look at a few of these here I indicate this one’s 8 million this one is 1.1 million 1.7 million 1.4 million I suggest it’s just I mean think about the number of real clients that went through the program yeah this is the very end this is the party at the end when the check is verified the numbers are confirmed and the check is on the mail in the mail from the internal revenue service heading to the consumer so that’s how you’re able to track it you understand when you
receive this you understand the check is chosen sure and that’s when they pay so they don’t pay anything until they in fact get the money they do not pay bottom line Wonder trust anything till this letter is validated the check is on the way they deposit it into their checking account and they can truly trust Wonder trust that the procedure has actually been ended up and how many you think you’ve processed since you began this we have to do with 35 000 of these for
about 6 billion dollars wow so plainly they understand what they’re doing and that’s what you need you need professionals on the other end of the phone to process this and get it to where you get among these that’s what matters all right Mr Wonderful here you’re at my YouTube channel we’re speaking about something really crucial today the worker retention credit which most of you have never heard of I definitely had not become aware of it till very just recently and found out a lot about it because this is probably the lowest expense of capital for any small company anywhere
anytime if you have workers between 5 and five hundred so I’ve got the specialist with me this is Josh Fox he’s the founder and CEO of bottom line Ideas they’re the largest processor of these ERC credits this is a 170 page program so it’s challenging this isn’t like PPP we simply contact your bank manager and say offer me a loan it doesn’t work there’s not a loan it’s an application and Josh is going to tell all of us about it and how to get it and why I’ve ended up being yes the Ambassador and paid representative for this I like this program it’s going away soon you got to find out everything about it let’s talk employee retention credit Josh Fox what is an ERC let’s simply start there so throughout the Trump Administration when President Trump was enacted they created the cares Act and the cares act offered services 3 chances you had the PPP loan you had the eidl loan and you had the ERC tax refund and practically everybody it makes a huge distinction right there two of them are loans and one’s a refund precisely so the ERC is a refund that’s.
fix the cash money payroll tax refund all right go on sorry I simply have to make certain we got that point I mean that’s a big distinction a loan versus money cash I like cash cash that’s what we’re talking about okay and the other loans are done so we’re sitting here in 2023 and the eidl is over the PPP is over and the only one left from the initial cares Act is the ERC and yes Kevin it is a beautiful difficult check in the mail where you get real cash from the internal revenue service all right so let’s discuss how it works because it seems like to me if it’s a if it’s employee retention credit that individual had to be a worker so I’m going to make the Presumption this cash is not for the owner not for individuals on the cap table not for shareholders it’s for workers right you had to have owned a company but it’s based upon you having W-2 staff members in America not 10.99. so as long as you had W-2 employees and you paid federal payroll taxes that’s why you would be qualified so you have to be on payroll in 2020 on the W-2 and you have to be on payroll for the very first 6 months of 2021 on the W-2 right so there were six quarters the program was open well walk us through the 6 quarters so you had quarters two 3 and four of 2020 and you had quarters one 2 and 3 of 2021. all right so that’s how it’s measured you need to be on the W-2 throughout that duration now let’s talk my preferred part cash just how much can you get back per worker that was on a W-2 in those six quarters so the estimation in 2020 to be exact Kevin is 50 of the staff member’s income to an optimum of five thousand dollars per staff member for the year of 2020 and in 2021 the numbers increased to 70 of the worker’s salary to a maximum of 7 thousand per quarter how did that take place um they just changed the rules in.
2021 versus due to the fact that the chaos of the pandemic so they wanted to even get more to keep those employees on payroll 100 so if you can get 5 000 per person Max in twenty that was 50 in 2020 approximately 5 thousand Max and then what takes place 21 000 Max in 2021 oh that’s how you come up with twenty 6 thousand twenty one thousand to twenty twenty one plus five thousand in twenty twenty that’s twenty 6 thousand dollars per worker that is because that’s a great deal of cash it is now there’s a caveat here the PPP money would need to be lowered from the twenty 6 thousand dollars so if you took PPP loan one and PPP loan 2 you would lower the 26 000 so what we’re seeing typically Kevin is if you took PPP money somewhere around ten thousand dollars an individual so let’s say hypothetically you owned a restaurant in New york city City where I’m from and you had a hundred employees and you took PPP cash you would still get a million dollar in the mail from the IRS so it’s big obviously now the huge question is why does no one understand about this due to the fact that appearance when I initially heard about this when I first satisfied Josh you understand I have actually got lots of financial investments in lots of business I’m a significant supporter for entrepreneurship in America and make numerous many financial investments in business owners of which many suffered through the pandemic when I first found out about this I called BS I do not think it because I utilize the PPP we went through the money center Banks to get it it was very easy to do we had our CEOs call the banks they got their loans which were well should have and we used them carefully to survive during the pandemic so when I became aware of this I stated nah it can’t hold true but when I dug around I even called to my politician friends Governor Senators they didn’t learn about it I mean that’s how you know that’s how misinformation is that there’s no info out there then a bunch of people told me well you can’t get it since you took the PPP also not true so let’s ask Josh why does nobody understand about the employee retention credit you know what’s interesting you’re talking about the banks Kevin because in the PPP loan procedure the federal government made it extremely clear that if you wanted a PPP loan you would call Wells Fargo Citibank Bank of America any of the huge banks in our nation and they would process procedure in Canada a pre-pp loan there’s no loans in Canada by the way it’s simply process process that’s all um and here there was chaos since remember in the initial cares act you might refrain from doing both programs so if you had done PPP you might not do ERC in the original program and when they changed the law in 2021 the banks were not doing ERC due to the fact that it’s not alone so you’re getting a tax refund so the federal government never ever made it clear to any person about how to.
do this does your CFO know how to do this not really he or she’s never done it before do the banks do it nope the banks don’t do it the payroll business yeah some of them are doing it as a payroll business your accounting professional no your accounting professional’s never done this prior to unless you have an account that went into this business and bottom line my company Kevin has actually stayed in business given that 2009 and we have actually been dealing with the federal government and the state federal government to recuperate money for Fortune 500 Fortune 1000 companies so a great deal of our big huge business customers have worked with bottom line to recuperate other government programs we’ve done sales tax and utilize tax joblessness tax work chance tax credits research and development tax credits unclaimed property property tax all of these other federal government programs.
The employee retention tax credit is a broad based refundable tax credit created to motivate.
companies to keep staff members on their payroll. The credit is 50% of as much as $10,000 in earnings paid by an.
Since of COVID-19 or whose gross invoices, company whose service is completely or partly suspended.
decline by more than 50%.
Accessibility.
1. The credit is offered to all employers no matter size including tax exempt organizations. There are.
just two exceptions: (1) state and local governments and their instrumentalities and (2) small.
companies who take Small Business Loans.
2. To certify, the company needs to meet one of two alternative tests. The tests are determined each.
calendar quarter– Either.
o the company’s business is fully or partly suspended by government order due to COVID-19.
during the calendar quarter or.
o the company’s gross receipts are listed below 50% of the comparable quarter in 2019. Once the.
employer’s gross invoices go above 80% of an equivalent quarter in 2019 they no longer qualify.
after the end of that quarter.
Estimation of the Credit.
The quantity of the credit is 50% of the certifying wages paid up to $10,000 in overall.
It is effective for earnings paid after March 13th and before December 31, 2020.
The definition of certifying salaries differs by whether a company had, usually, more or less than.
100 employees in 2019.
Business that specialize in ERC filing assistance typically supply knowledge and support to assist businesses navigate the complicated process of declaring the credit. They can use various services, including:.
How is the employee retention credit calculated? Innovation Refunds.Com Fee
Eligibility Assessment: These companies will assess your organization’s eligibility for the ERC based on factors such as your market, income, and operations. If you fulfill the requirements for the credit and identify the optimum credit quantity you can declare, they can assist figure out.
Documentation and Estimation: ERC filing services will assist in collecting the essential documentation, such as payroll records and monetary declarations, to support your claim. They will also assist determine the credit quantity based upon eligible wages and other qualifying expenses.
Retroactive Claim Evaluation: If you are qualified to declare the ERC for prior quarters, these companies can review your previous payroll records and financials to determine prospective chances for retroactive credits. They can assist you amend previous tax returns to claim these refunds.
Filing Help: Companies specializing in ERC filings will prepare and send the needed kinds and paperwork in your place. This consists of finishing Form 941 or any other necessary tax forms.
Compliance and Updates: ERC guidelines and assistance have actually progressed in time. These companies remain updated with the most recent modifications and ensure that your filings abide by the most current standards. If the IRS requests extra details or conducts an audit related to your ERC claim, they can likewise provide ongoing support.
It is necessary to research study and vet any company using ERC filing help to guarantee their credibility and competence. Try to find established companies with experience in tax and payroll services, or think about reaching out to trusted accounting companies or tax experts who provide ERC filing assistance.
Remember that while these companies can supply valuable help, it’s always a great idea to have a fundamental understanding of the ERC requirements and procedure yourself. This will help you make informed choices and guarantee accurate filings.
The Worker Retention Credit (ERC) is a refundable tax credit presented by the U.S. federal government as part of COVID-19 relief measures. The objective of the ERC is to motivate organizations to keep and pay their workers during the pandemic, even if their operations have been impacted.
Here are some bottom lines about the ERC:.
Eligibility: The ERC is offered to qualified employers, consisting of for-profit services, tax-exempt organizations, and specific governmental entities. To qualify, companies must fulfill one of two criteria:.
Business operations were totally or partly suspended due to a government order related to COVID-19.
The business experienced a substantial decrease in gross receipts. As discussed previously, for 2021, a substantial decrease is specified as a 20% decline in gross receipts compared to the very same quarter in 2019. For 2022 and beyond, a substantial decrease is specified as a 20% decline in gross invoices compared to the very same quarter in 2019, or a 20% decrease in gross receipts compared to the right away preceding quarter.
Credit Quantity: The ERC is a refundable tax credit that offsets the employer’s share of Social Security taxes. The credit quantity is equal to a portion (as much as 70%) of qualified earnings paid to employees, including certain health plan expenses. The optimum credit per employee is $7,000 per quarter in 2021 and $10,000 per quarter in 2022 and beyond.
Interaction with PPP: At first, organizations that received an Income Protection Program (PPP) loan were not eligible for the ERC. Legislation passed in late 2020 and extended in 2021 permits organizations to declare the ERC even if they received a PPP loan. However, the exact same wages can not be used to declare both the PPP loan forgiveness and the ERC.
Retroactive Provision: The ERC has been retroactively broadened and improved, enabling qualified employers to declare the credit for certified earnings paid as far back as March 13, 2020. This retroactive provision supplies an opportunity for services to modify prior-year tax returns and receive refunds.
Declaring the Credit: Companies can declare the ERC by reporting it on their work tax returns, typically Form 941. The excess can be refunded to the company if the credit surpasses the amount of employment taxes owed.
It is very important to note that the ERC arrangements and eligibility criteria have evolved over time. The very best strategy is to speak with a tax expert or go to the official IRS website for the most up-to-date and comprehensive details relating to the ERC, consisting of any current legislative modifications or updates.
To get approved for the ERC, an organization should satisfy among the following requirements:.
Business operations were completely or partially suspended due to a federal government order related to COVID-19.
Business experienced a significant decline in gross invoices. For 2021, a substantial decrease is specified as a 20% decrease in gross receipts compared to the very same quarter in 2019. For 2022 and beyond, a considerable decline is specified as a 20% decline in gross receipts compared to the same quarter in 2019, or a 20% decline in gross receipts compared to the immediately preceding quarter.
The ERC is available to businesses of all sizes, consisting of tax-exempt organizations, but there are some exceptions. For example, federal government entities and companies that got a PPP loan may have restrictions on declaring the credit.
The process for claiming the ERC includes finishing the required kinds and consisting of the credit on your employment income tax return (usually Type 941). The exact time it requires to process the credit can vary based on numerous aspects, consisting of the intricacy of your company and the work of the internal revenue service. It’s recommended to seek advice from a tax professional for assistance specific to your situation.
There are a number of business that can assist with the process of claiming the ERC. These include accounting firms, tax advisory services, and payroll provider. Some popular business that provide assistance with ERC claims consist of ADP, Paychex, Deloitte, and Ernst & Young. It’s suggested to research study and contact these companies straight to inquire about their fees and services.
Please note that the information supplied here is based upon general knowledge and may not reflect the most recent updates or modifications to the ERC. It is very important to talk to a tax expert or go to the main IRS site for the most current and accurate information regarding eligibility, claiming treatments, and available support.
Less than 100. The credit is based if the company had 100 or fewer workers on average in 2019.
on earnings paid to all staff members whether they really worked or not. In other words, even if the.
staff members worked full-time and earned money for full time work, the company still gets the credit.
Greater than 100. If the employer had more than 100 workers on average in 2019, then the credit is.
enabled just for salaries paid to staff members who did not work throughout the calendar quarter.
In both cases, “incomes” includes not just money payments but likewise a portion of the expense of employer.
provided healthcare. Innovation Refunds.Com Fee
Payment.
Employers can be right away reimbursed for the credit by minimizing the amount of payroll taxes they.