Lets talk first about Irs Employee Retention Credit Phone Number :
Our team here what do these people doing everyone in this room is assisting teach individuals about ERC and uh always provide a beautiful breakfast and have individuals truly learn more about the program we ought to head to the space where we are able to show some of the checks that we are getting for companies and I want to see that what is this this is uh numerous countless dollars actually Kevin numerous countless dollars so these are duplicate copies of the letters that go to customers validating that the check is on the method I mean you know if you just begin to look at some of these here I imply this one’s 8 million this one is 1.1 million 1.7 million 1.4 million I mean it’s just I indicate think of how many actual customers that went through the program yeah this is the very end this is the party at the end when the check is confirmed the numbers are confirmed and the check is on the mail in the mail from the IRS heading to the customer so that’s how you’re able to track it you know when you
receive this you understand the check is opted for sure and that’s when they pay so they do not pay anything until they really receive the cash they do not pay bottom line Wonder trust anything up until this letter is verified the check is on the way they deposit it into their savings account and they can genuinely rely on Wonder trust that the procedure has been ended up and how many you think you have actually processed given that you began this we have to do with 35 000 of these for
about 6 billion dollars wow so plainly they know what they’re doing and that’s what you require you require professionals on the other end of the phone to process this and get it to where you get one of these that’s what matters all right Mr Terrific here you’re at my YouTube channel we’re speaking about something truly important today the employee retention credit which the majority of you have never heard of I definitely hadn’t become aware of it up until really just recently and discovered a lot about it since this is probably the most affordable expense of capital for any small business anywhere
anytime if you have staff members in 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 difficult this isn’t like PPP we simply contact your bank manager and state provide me a loan it does not 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 become yes the Ambassador and paid representative for this I enjoy this program it’s going away soon you got to discover all about it let’s talk worker retention credit Josh Fox what is an ERC let’s simply start there so throughout the Trump Administration when President Trump was enacted they developed the cares Act and the cares act provided companies three opportunities you had the PPP loan you had the eidl loan and you had the ERC tax refund and almost everybody it makes a big difference right there two of them are loans and one’s a refund precisely so the ERC is a refund that’s.
correct the cash cash payroll tax refund fine go on sorry I simply have to ensure we got that point I imply that’s a huge distinction a loan versus cash cash I like money cash that’s what we’re talking about all right 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 original cares Act is the ERC and yes Kevin it is a beautiful hard check in the mail where you get actual money from the IRS all right so let’s talk about how it works due to the fact that it seems like to me if it’s a if it’s staff member retention credit that person had to be a staff member so I’m going to make the Assumption this cash is not for the owner not for people on the cap table not for investors it’s for workers right you needed to have owned a company however it’s based upon you having W-2 workers in America not 10.99. so as long as you had W-2 workers and you paid federal payroll taxes that’s why you would be eligible so you need to be on payroll in 2020 on the W-2 and you need to be on payroll for the first six months of 2021 on the W-2 appropriate so there were six quarters the program was open well stroll us through the six quarters so you had quarters 2 3 and four of 2020 and you had quarters one two and 3 of 2021. fine so that’s how it’s measured you need to be on the W-2 during that period now let’s talk my preferred part money how much can you get back per staff member that was on a W-2 in those 6 quarters so the estimation in 2020 to be exact Kevin is 50 of the staff member’s salary to a maximum of 5 thousand dollars per staff member for the year of 2020 and in 2021 the numbers escalated to 70 of the staff member’s income to an optimum of 7 thousand per quarter how did that occur um they just altered the rules in.
2021 versus because the turmoil of the pandemic so they wished to even get more to keep those workers 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 after that what occurs 21 000 Max in 2021 oh that’s how you come up with twenty six thousand twenty one thousand to twenty twenty one plus 5 thousand in twenty twenty that’s twenty six thousand dollars per staff member that is because that’s a great deal of cash it is now there’s a caveat here the PPP cash would have to be minimized from the twenty 6 thousand dollars so if you took PPP loan one and PPP loan 2 you would reduce the 26 000 so what we’re seeing on average Kevin is if you took PPP money someplace around 10 thousand dollars an individual so let’s state hypothetically you owned a dining establishment in New York 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 substantial clearly now the big question is why does no one understand about this because look when I first found out about this when I initially satisfied Josh you understand I have actually got lots of investments in great deals of business I’m a major advocate for entrepreneurship in America and make many lots of investments in business owners of which numerous suffered through the pandemic when I initially found out about this I called BS I do not believe it due to the fact that I utilize the PPP we went through the money center Banks to get it it was extremely easy to do we had our CEOs call the banks they got their loans which were well been worthy of and we used them wisely to stay alive throughout the pandemic so when I found out about this I stated nah it can’t hold true however when I dug around I even called to my politician buddies Guv Senators they didn’t learn about it I suggest that’s how you know that’s how false information is that there’s no info out there then a bunch of individuals told me well you can’t get it due to the fact that you took the PPP also not true so let’s ask Josh why does no one understand about the staff member retention credit you know what’s interesting you’re talking about the banks Kevin since in the PPP loan procedure the federal government made it very clear that if you desired a PPP loan you would call Wells Fargo Citibank Bank of America any of the big banks in our country and they would process process in Canada a pre-pp loan there’s no loans in Canada by the way it’s just process procedure that’s all um and here there was turmoil since remember in the initial cares act you could not do both programs so if you had actually done PPP you might not do ERC in the original program and when they altered the law in 2021 the banks were not doing ERC since it’s not alone so you’re getting a tax refund so the government never ever made it clear to anyone about how to.
do this does your CFO understand how to do this not actually she or he’s never ever done it previously do the banks do it nope the banks don’t do it the payroll companies yeah a few of them are doing it as a payroll business your accountant no your accountant’s never ever done this prior to unless you have an account that entered into this service and bottom line my firm Kevin has stayed in business since 2009 and we’ve been working 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 big corporate customers have dealt with bottom line to recover other federal government programs we have actually done sales tax and use tax unemployment tax work opportunity tax credits research and development tax credits unclaimed home property tax all of these other federal government programs.
The employee retention tax credit is a broad based refundable tax credit developed to encourage.
companies to keep employees on their payroll. The credit is 50% of approximately $10,000 in wages paid by an.
company whose service is fully or partly suspended because of COVID-19 or whose gross receipts.
decline by more than 50%.
Availability.
1. The credit is readily available to all companies regardless of size including tax exempt organizations. There are.
only 2 exceptions: (1) state and local governments and their instrumentalities and (2) little.
businesses who take Small Business Loans.
2. To certify, the employer has to satisfy one of two alternative tests. The tests are determined each.
calendar quarter– Either.
o the employer’s service is completely or partially suspended by government order due to COVID-19.
throughout the calendar quarter or.
o the employer’s gross invoices are below 50% of the similar quarter in 2019. When the.
employer’s gross invoices exceed 80% of a comparable quarter in 2019 they no longer certify.
after completion of that quarter.
Estimation of the Credit.
The amount of the credit is 50% of the qualifying incomes paid up to $10,000 in overall.
It is effective for incomes paid after March 13th and prior to December 31, 2020.
The meaning of certifying incomes varies by whether an employer had, on average, more or less than.
100 workers in 2019.
Business that specialize in ERC filing help normally offer proficiency and support to assist companies navigate the complicated procedure of declaring the credit. They can use various services, including:.
How is the employee retention credit calculated? Irs Employee Retention Credit Phone Number
Eligibility Evaluation: These business will examine your business’s eligibility for the ERC based on aspects such as your industry, earnings, and operations. If you fulfill the requirements for the credit and identify the maximum credit quantity you can claim, they can assist determine.
Paperwork and Calculation: ERC filing services will assist in gathering the needed documentation, such as payroll records and financial statements, to support your claim. They will likewise assist determine the credit amount based on eligible incomes and other qualifying expenses.
Retroactive Claim Review: If you are eligible to claim the ERC for previous quarters, these business can evaluate your past payroll records and financials to identify possible chances for retroactive credits. They can assist you change previous tax returns to claim these refunds.
Filing Help: Companies focusing on ERC filings will prepare and submit the needed kinds and paperwork in your place. This consists of completing Kind 941 or any other required tax return.
Compliance and Updates: ERC regulations and guidance have developed with time. These business remain upgraded with the latest modifications and guarantee that your filings adhere to the most current standards. They can also provide continuous support if the IRS requests extra info or carries out an audit related to your ERC claim.
It is necessary to research and vet any business offering ERC filing assistance to guarantee their reliability and expertise. Look for established firms with experience in tax and payroll services, or consider reaching out to relied on accounting companies or tax specialists who offer ERC filing assistance.
Remember that while these companies can offer important assistance, it’s always a good idea to have a standard understanding of the ERC requirements and process yourself. This will help you make informed choices and guarantee accurate filings.
The Employee Retention Credit (ERC) is a refundable tax credit introduced by the U.S. federal government as part of COVID-19 relief measures. The goal of the ERC is to encourage services to retain and pay their employees throughout the pandemic, even if their operations have actually been impacted.
Here are some bottom lines about the ERC:.
Eligibility: The ERC is readily available to qualified companies, including for-profit services, tax-exempt organizations, and particular governmental entities. To qualify, companies must fulfill one of two criteria:.
The business operations were totally or partly suspended due to a federal government order related to COVID-19.
Business experienced a considerable decline in gross receipts. As pointed out earlier, for 2021, a considerable decrease is specified as a 20% decline in gross invoices compared to the very same quarter in 2019. For 2022 and beyond, a substantial decline is defined as a 20% decline in gross receipts compared to the same quarter in 2019, or a 20% decrease in gross invoices compared to the instantly 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 percentage (as much as 70%) of qualified salaries paid to staff members, consisting of certain health plan costs. The maximum credit per staff member is $7,000 per quarter in 2021 and $10,000 per quarter in 2022 and beyond.
Interaction with PPP: Initially, companies that received an Income Defense Program (PPP) loan were not qualified for the ERC. Legislation passed in late 2020 and extended in 2021 allows businesses to declare the ERC even if they got a PPP loan. However, the very same salaries can not be utilized to claim both the PPP loan forgiveness and the ERC.
Retroactive Provision: The ERC has been retroactively expanded and enhanced, enabling eligible employers to declare the credit for qualified incomes paid as far back as March 13, 2020. This retroactive arrangement provides a chance for organizations to amend prior-year income tax return and get refunds.
Declaring the Credit: Employers can claim the ERC by reporting it on their employment tax returns, generally Type 941. If the credit surpasses the amount of employment taxes owed, the excess can be reimbursed to the company.
It is necessary to note that the ERC arrangements and eligibility criteria have developed gradually. The best strategy is to seek advice from a tax expert or go to the official IRS site for the most up-to-date and in-depth information relating to the ERC, consisting of any current legal changes or updates.
To receive the ERC, a business needs to fulfill one of the following criteria:.
Business operations were totally or partially suspended due to a government order related to COVID-19.
The business experienced a significant decrease in gross invoices. For 2021, a considerable decrease is specified as a 20% decline in gross receipts compared to the very same quarter in 2019. For 2022 and beyond, a significant decrease is defined as a 20% decline in gross receipts compared to the same quarter in 2019, or a 20% decline in gross receipts compared to the instantly preceding quarter.
The ERC is offered to companies of all sizes, consisting of tax-exempt companies, but there are some exceptions. For instance, federal government entities and companies that received a PPP loan may have restrictions on declaring the credit.
The procedure for declaring the ERC involves finishing the necessary forms and consisting of the credit on your work tax return (normally Type 941). The exact time it requires to process the credit can vary based upon a number of elements, including the complexity of your service and the workload of the IRS. It’s recommended to seek advice from a tax expert for guidance specific to your circumstance.
There are numerous companies that can assist with the procedure of declaring the ERC. Some well-known business that offer support with ERC claims include ADP, Paychex, Deloitte, and Ernst & Young.
Please note that the information supplied here is based upon basic understanding and may not show the most current updates or modifications to the ERC. It is essential to speak with a tax expert or visit the official internal revenue service website for the most up-to-date and precise information regarding eligibility, declaring procedures, and offered assistance.
Less than 100. The credit is based if the company had 100 or less workers on average in 2019.
on wages paid to all staff members whether they in fact worked or not. Simply put, even if the.
employees worked full-time and got paid for full-time work, the company still gets the credit.
Greater than 100. The credit is if the employer had more than 100 workers on average in 2019.
enabled just for wages paid to staff members who did not work throughout the calendar quarter.
In both cases, “earnings” consists of not simply cash payments however likewise a part of the cost of company.
supplied healthcare. Irs Employee Retention Credit Phone Number
Payment.
Companies can be immediately compensated for the credit by decreasing the quantity of payroll taxes they.