Lets talk first about Employee Retention Credit Irs Phone Number :
Our group here what do these guys doing everyone in this room is assisting teach individuals about ERC and uh always supply a stunning breakfast and have individuals really learn about the program we ought to head to the room where we have the ability to show a few of the checks that we are getting for companies and I ‘d like to see that what is this this is uh hundreds of countless dollars literally Kevin numerous millions of dollars so these are duplicate copies of the letters that go to clients validating that the check is on the way I suggest you know if you simply begin to look at some of these here I indicate this one’s 8 million this one is 1.1 million 1.7 million 1.4 million I indicate it’s just I suggest consider how many real clients that went through the program yeah this is the very end this is the party at the end when the check is validated the numbers are verified and the check is on the mail in the mail from the IRS heading to the consumer so that’s how you’re able to track it you understand when you
get this you understand the check is opted for sure which’s when they pay so they don’t pay anything until they really receive the cash they don’t pay bottom line Wonder trust anything up until this letter is verified the check is on the way they deposit it into their bank account and they can genuinely rely on Wonder trust that the procedure has actually been completed and how many you believe you’ve processed since you started this we’re about 35 000 of these for
about six billion dollars wow so clearly they know what they’re doing and that’s what you require you require experts 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 actually crucial today the worker retention credit which the majority of you have never ever become aware of I certainly had not heard of it until extremely recently and learned a lot about it since this is most likely the lowest cost of capital for any small company anywhere
anytime if you have staff members in between 5 and five hundred so I’ve got the expert with me this is Josh Fox he’s the creator and CEO of bottom line Principles they’re the biggest processor of these ERC credits this is a 170 page program so it’s hard this isn’t like PPP we just contact your bank supervisor and state provide me a loan it does not work there’s not a loan it’s an application and Josh is going to inform us all about it and how to get it and why I have actually ended up being yes the Ambassador and paid representative for this I love this program it’s going away very soon you got to learn all about it let’s talk worker retention credit Josh Fox what is an ERC let’s just start there so during the Trump Administration when President Trump was enacted they developed the cares Act and the cares act offered companies three chances you had the PPP loan you had the eidl loan and you had the ERC tax refund and almost everyone it makes a huge distinction right there 2 of them are loans and one’s a refund exactly so the ERC is a refund that’s.
correct the cash money payroll tax refund okay go on sorry I simply need to make sure we got that point I suggest that’s a huge difference a loan versus cash cash I like money money that’s what we’re discussing alright 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 lovely tough check in the mail where you get actual 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 worker retention credit that person needed to be an employee so I’m going to make the Assumption this cash is not for the owner not for individuals on the cap table not for investors it’s for workers right you had to have actually owned a company but it’s based on you having W-2 employees in America not 10.99. so as long as you had W-2 staff members 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 six months of 2021 on the W-2 proper so there were six quarters the program was open well stroll us through the 6 quarters so you had quarters two 3 and four of 2020 and you had quarters one two and 3 of 2021. fine so that’s how it’s measured you have to be on the W-2 throughout that duration now let’s talk my favorite part cash just how much can you return per employee that was on a W-2 in those six quarters so the estimation in 2020 to be precise Kevin is 50 of the employee’s income 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 worker’s wage to an optimum of seven thousand per quarter how did that occur um they just changed the rules in.
2021 versus because the turmoil of the pandemic so they wished to even get more to keep those staff members on payroll 100 so if you can get 5 000 per person Max in twenty that was 50 in 2020 up to five thousand Max and then what takes place 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 6 thousand dollars per worker that is since that’s a great deal of money it is now there’s a caution here the PPP cash would have to be lowered from the twenty six thousand dollars so if you took PPP loan one and PPP loan 2 you would minimize the 26 000 so what we’re seeing usually Kevin is if you took PPP money someplace around ten 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 money you would still get a million dollar in the mail from the IRS so it’s huge obviously now the huge concern is why does no one learn about this since look when I initially heard about this when I first satisfied Josh you know I’ve got great deals of financial investments in great deals of companies I’m a significant advocate for entrepreneurship in America and make many numerous financial investments in entrepreneurs of which lots of suffered through the pandemic when I initially became aware of this I called BS I do not believe it since I use 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 and that were well been worthy of and we used them carefully to stay alive throughout the pandemic so when I found out about this I said nah it can’t be true but when I dug around I even contacted us to my politician pals Guv Senators they didn’t learn about it I mean that’s how you understand that’s how false information is that there’s no info out there then a lot of individuals informed me well you can’t get it due to the fact that you took the PPP also not real so let’s ask Josh why does no one 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 desired a PPP loan you would call Wells Fargo Citibank Bank of America any of the big banks in our nation and they would process process in Canada a pre-pp loan there’s no loans in Canada by the way it’s just procedure process that’s all um and here there was mayhem since keep in mind in the initial cares act you could refrain from doing 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 anybody about how to.
do this does your CFO know how to do this not really she or he’s never ever done it before do the banks do it nope the banks do not do it the payroll business yeah some of them are doing it as a payroll company your accountant no your accountant’s never 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 recover cash for Fortune 500 Fortune 1000 business so a great deal of our huge huge business clients have dealt with bottom line to recuperate other federal government programs we’ve done sales tax and use tax unemployment tax work chance tax credits research and development tax credits unclaimed home property tax all of these other federal government programs.
The worker retention tax credit is a broad based refundable tax credit developed to motivate.
employers to keep staff members on their payroll. The credit is 50% of up to $10,000 in earnings paid by an.
company whose business is totally or partially suspended because of COVID-19 or whose gross receipts.
decline by more than 50%.
1. The credit is readily available to all companies 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 company Loans.
2. To qualify, the employer needs to fulfill one of two alternative tests. The tests are calculated each.
calendar quarter– Either.
o the company’s business is totally or partially suspended by government order due to COVID-19.
throughout the calendar quarter or.
o the employer’s gross receipts are listed below 50% of the similar quarter in 2019. As soon as the.
company’s gross invoices go above 80% of a comparable quarter in 2019 they no longer certify.
after the end of that quarter.
Calculation of the Credit.
The quantity of the credit is 50% of the qualifying earnings paid up to $10,000 in overall.
It is effective for earnings paid after March 13th and prior to December 31, 2020.
The meaning of certifying earnings differs by whether an employer had, on average, more or less than.
100 employees in 2019.
Companies that focus on ERC filing assistance typically offer proficiency and assistance to help businesses navigate the complicated procedure of claiming the credit. They can provide numerous services, consisting of:.
How is the employee retention credit calculated? Employee Retention Credit Irs Phone Number
Eligibility Evaluation: These companies will evaluate your organization’s eligibility for the ERC based on elements such as your industry, revenue, and operations. If you meet the requirements for the credit and identify the optimum credit amount you can declare, they can assist figure out.
Documents and Estimation: ERC filing services will help in gathering the required paperwork, such as payroll records and financial declarations, to support your claim. They will likewise help compute the credit quantity based on qualified salaries and other qualifying costs.
Retroactive Claim Evaluation: If you are eligible to claim the ERC for prior quarters, these business can examine your past payroll records and financials to recognize prospective chances for retroactive credits. They can assist you change prior income tax return to declare these refunds.
Filing Help: Business specializing in ERC filings will prepare and submit the required forms and documents in your place. This consists of completing Type 941 or any other required tax forms.
Compliance and Updates: ERC policies and assistance have actually developed gradually. These companies remain updated with the current changes and ensure that your filings adhere to the most current guidelines. If the IRS demands extra information or conducts an audit associated to your ERC claim, they can also provide ongoing assistance.
It’s important to research study and vet any business providing ERC filing help to ensure their trustworthiness and knowledge. Try to find recognized companies with experience in tax and payroll services, or consider connecting to relied on accounting companies or tax professionals who offer ERC filing assistance.
Keep in mind that while these companies can supply important help, it’s constantly an excellent idea to have a standard understanding of the ERC requirements and process yourself. This will assist you make notified decisions and make sure accurate filings.
The Staff Member Retention Credit (ERC) is a refundable tax credit presented by the U.S. government as part of COVID-19 relief measures. The objective of the ERC is to encourage companies to retain and pay their employees throughout the pandemic, even if their operations have been impacted.
Here are some key points about the ERC:.
Eligibility: The ERC is available to eligible companies, consisting of for-profit businesses, tax-exempt companies, and particular governmental entities. To certify, companies should fulfill one of two criteria:.
The business operations were completely or partially suspended due to a federal government order related to COVID-19.
The business experienced a considerable decrease in gross invoices. As pointed out earlier, for 2021, a significant decline is specified as a 20% decrease in gross receipts compared to the same quarter in 2019. For 2022 and beyond, a considerable decline is specified as a 20% decline in gross invoices compared to the same quarter in 2019, or a 20% decline in gross invoices compared to the right away preceding quarter.
Credit Quantity: The ERC is a refundable tax credit that offsets the company’s share of Social Security taxes. The credit quantity amounts to a portion (approximately 70%) of qualified wages paid to staff members, including certain health plan costs. The maximum credit per worker is $7,000 per quarter in 2021 and $10,000 per quarter in 2022 and beyond.
Interaction with PPP: At first, services that got an Income Defense Program (PPP) loan were not eligible for the ERC. Legislation passed in late 2020 and extended in 2021 enables services to declare the ERC even if they got a PPP loan. The same wages can not be utilized to declare both the PPP loan forgiveness and the ERC.
Retroactive Provision: The ERC has actually been retroactively expanded and enhanced, enabling qualified companies to declare the credit for certified earnings paid as far back as March 13, 2020. This retroactive arrangement supplies an opportunity for services to change prior-year tax returns and get refunds.
Claiming the Credit: Companies can claim the ERC by reporting it on their employment tax returns, generally Kind 941. The excess can be reimbursed to the company if the credit exceeds the quantity of work taxes owed.
It is very important to keep in mind that the ERC provisions and eligibility criteria have evolved in time. The very best course of action is to talk to a tax professional or check out the official IRS website for the most comprehensive and up-to-date information relating to the ERC, including any current legislative modifications or updates.
To get approved for the ERC, a business needs to fulfill one of the following requirements:.
Business operations were completely or partly suspended due to a federal government order related to COVID-19.
Business experienced a significant decrease in gross invoices. For 2021, a significant decrease is defined as a 20% decrease in gross receipts compared to the exact same quarter in 2019. For 2022 and beyond, a significant decline is specified as a 20% decline in gross receipts compared to the same quarter in 2019, or a 20% decrease in gross invoices compared to the immediately preceding quarter.
The ERC is offered to services of all sizes, including tax-exempt companies, but there are some exceptions. Federal government entities and businesses that received a PPP loan might have limitations on declaring the credit.
The procedure for claiming the ERC involves finishing the needed forms and including the credit on your work tax return (normally Form 941). The exact time it takes to process the credit can differ based upon a number of elements, including the intricacy of your company and the workload of the IRS. It’s recommended to seek advice from a tax expert for assistance specific to your scenario.
There are several companies that can help with the process of claiming the ERC. Some widely known companies that use help with ERC claims consist of ADP, Paychex, Deloitte, and Ernst & Young.
Please keep in mind that the details supplied here is based upon basic knowledge and may not reflect the most recent updates or changes to the ERC. It is essential to seek advice from a tax expert or check out the official IRS website for the most up-to-date and precise info relating to eligibility, declaring procedures, and available help.
Less than 100. If the company had 100 or less staff members typically in 2019, then the credit is based.
on earnings paid to all employees whether they actually worked or not. To put it simply, even if the.
staff members worked full-time and earned money for full-time work, the company still gets the credit.
Greater than 100. The credit is if the employer had more than 100 staff members on average in 2019.
allowed just for salaries paid to staff members who did not work during the calendar quarter.
In both cases, “earnings” includes not just money payments however also a portion of the expense of company.
supplied health care. Employee Retention Credit Irs Phone Number
Employers can be right away compensated for the credit by minimizing the quantity of payroll taxes they.