Get Free Employee Retention Credit 2023

Lets talk first about Free Employee Retention Credit :

Our team here what do these guys doing everyone in this room is assisting teach people about ERC and uh always supply a gorgeous breakfast and have individuals really find out about the program we ought to head to the space where we are able to show a few of the checks that we are getting for business and I want to see that what is this this is uh numerous countless dollars actually Kevin hundreds of countless dollars so these are replicate copies of the letters that go to customers verifying that the check is on the way I suggest you know if you simply begin to look at a few of these here I suggest this one’s 8 million this one is 1.1 million 1.7 million 1.4 million I imply it’s just I mean think about how many real customers that went through the program yeah this is the very end this is the celebration at the end when the check is confirmed the numbers are validated 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 understand when you

get this you know the check is opted for sure which’s when they pay so they don’t pay anything up until they actually get the cash they do not pay bottom line Wonder trust anything until this letter is verified the check is on the way they deposit it into their bank account and they can genuinely trust Wonder trust that the procedure has been completed and the number of you believe you have actually processed because you started this we have to do with 35 000 of these for

 


about six billion dollars wow so plainly they understand what they’re doing and that’s what you need you require specialists 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 Fantastic here you’re at my YouTube channel we’re talking about something really crucial today the employee retention credit which most of you have actually never become aware of I definitely hadn’t become aware of it till extremely just recently and learned a lot about it because this is most likely the lowest expense of capital for any small business anywhere

anytime if you have employees in between 5 and five hundred so I’ve got the expert with me this is Josh Fox he’s the founder and CEO of bottom line Principles they’re the largest processor of these ERC credits this is a 170 page program so it’s hard this isn’t like PPP we just phone your bank supervisor and say offer me a loan it does not work there’s not a loan it’s an application and Josh is going to tell us all 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 disappearing soon you got to find out all about it let’s talk staff member retention credit Josh Fox what is an ERC let’s just begin there so during the Trump Administration when President Trump was enacted they developed the cares Act and the cares act offered organizations 3 opportunities you had the PPP loan you had the eidl loan and you had the ERC tax refund and nearly everyone it makes a huge difference right there 2 of them are loans and one’s a refund precisely so the ERC is a refund that’s.

remedy the cash money payroll tax refund okay go on sorry I simply need to make certain we got that point I mean that’s a big distinction a loan versus cash cash I like money money that’s what we’re talking about fine 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 hard 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 sounds like to me if it’s a if it’s staff member retention credit that individual had to be a staff member so I’m going to make the Presumption this cash is not for the owner not for people on the cap table not for investors it’s for employees right you needed to have actually 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 staff members and you paid federal payroll taxes that’s why you would be eligible so you have to be on payroll in 2020 on the W-2 and you need to be on payroll for the very first 6 months of 2021 on the W-2 appropriate so there were six quarters the program was open well walk us through the 6 quarters so you had quarters 2 three and 4 of 2020 and you had quarters one two and three of 2021. all right so that’s how it’s determined you need to be on the W-2 during that period now let’s talk my favorite part cash just how much can you return per staff member that was on a W-2 in those six quarters so the estimation in 2020 to be exact Kevin is 50 of the worker’s salary to an optimum of 5 thousand dollars per employee for the year of 2020 and in 2021 the numbers increased to 70 of the staff member’s salary to an optimum of seven thousand per quarter how did that happen um they simply altered the rules in.

2021 versus due to the fact that the turmoil of the pandemic so they wanted 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 as much as 5 thousand Max and then what occurs 21 000 Max in 2021 oh that’s how you develop twenty six thousand twenty one thousand to twenty twenty one plus 5 thousand in twenty twenty that’s twenty 6 thousand dollars per employee that is because that’s a lot of money it is now there’s a caveat here the PPP money would need to be decreased from the twenty six thousand dollars so if you took PPP loan one and PPP loan 2 you would reduce 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 state hypothetically you owned a dining establishment in New York City where I’m from and you had a hundred workers and you took PPP cash you would still get a million dollar in the mail from the internal revenue service so it’s huge clearly now the big question is why does nobody know about this since appearance when I first became aware of this when I first satisfied Josh you understand I’ve got great deals of investments in great deals of companies I’m a significant supporter for entrepreneurship in America and make many numerous investments in entrepreneurs of which numerous suffered through the pandemic when I first found out about this I called BS I don’t believe it since I use the PPP we went through the cash center Banks to get it it was really easy to do we had our CEOs call the banks they got their loans which were well deserved and we used them wisely to stay alive during the pandemic so when I became aware of this I said nah it can’t hold true but when I dug around I even contacted us to my politician buddies Guv Senators they didn’t know about it I suggest that’s how you know that’s how misinformation is that there’s no details out there then a bunch of people informed me well you can’t get it because you took the PPP also not real so let’s ask Josh why does no one understand about the worker retention credit you know what’s intriguing you’re talking about the banks Kevin because in the PPP loan process the federal government made it very 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 process in Canada a pre-pp loan there’s no loans in Canada by the way it’s simply process procedure that’s all um and here there was mayhem because keep in mind in the original cares act you might refrain from doing both programs so if you had done PPP you might refrain from doing ERC in the initial program and when they altered the law in 2021 the banks were refraining from 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 understand how to do this not really he or she’s never done it previously do the banks do it nope the banks do not do it the payroll business 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 went into this service and bottom line my company Kevin has actually been in business because 2009 and we have actually been working with the federal government and the state federal government to recover cash for Fortune 500 Fortune 1000 companies so a great deal of our huge big corporate customers have worked with bottom line to recuperate other government programs we’ve 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 government programs.

The staff member retention tax credit is a broad based refundable tax credit created to encourage.
companies to keep workers on their payroll. The credit is 50% of up to $10,000 in salaries paid by an.
employer whose organization is totally or partially suspended because of COVID-19 or whose gross receipts.
decrease by more than 50%.
Schedule.
1. The credit is readily available to all companies no matter size consisting of tax exempt companies. There are.
just two exceptions: (1) state and local governments and their instrumentalities and (2) little.
companies who take Small Business Loans.
2. To qualify, the employer needs to satisfy one of two alternative tests. The tests are computed 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 employer’s gross invoices are below 50% of the equivalent quarter in 2019. Once the.
employer’s gross receipts go above 80% of an equivalent quarter in 2019 they no longer certify.
after the end of that quarter.

Estimation of the Credit.
The amount of the credit is 50% of the certifying incomes paid up to $10,000 in total.
It works for incomes paid after March 13th and before December 31, 2020.
The meaning of qualifying salaries varies by whether a company had, on average, more or less than.
100 employees in 2019.

Business that specialize in ERC filing assistance typically offer expertise and assistance to help services browse the intricate procedure of claiming the credit. They can offer numerous services, including:.

 

How is the employee retention credit calculated? Free Employee Retention Credit

Eligibility Assessment: These companies will assess your service’s eligibility for the ERC based upon aspects such as your industry, profits, and operations. If you satisfy the requirements for the credit and recognize the optimum credit quantity you can claim, they can assist identify.
Paperwork and Calculation: ERC filing services will help in gathering the essential paperwork, such as payroll records and monetary statements, to support your claim. They will likewise help determine the credit quantity based upon eligible incomes and other certifying expenditures.
Retroactive Claim Review: If you are qualified to claim the ERC for previous quarters, these business can evaluate your previous payroll records and financials to identify potential opportunities for retroactive credits. They can help you change previous tax returns to declare these refunds.
Filing Assistance: Business focusing on ERC filings will prepare and send the required kinds and documents on your behalf. This includes finishing Form 941 or any other necessary tax return.
Compliance and Updates: ERC policies and assistance have actually evolved with time. These business stay updated with the current changes and ensure that your filings abide by the most current guidelines. If the Internal revenue service requests extra information or conducts an audit associated to your ERC claim, they can also supply ongoing support.
It’s important to research and veterinarian any company offering ERC filing support to ensure their trustworthiness and proficiency. Search for established companies with experience in tax and payroll services, or think about reaching out to trusted accounting firms or tax experts who use ERC filing support.

Remember that while these business can provide valuable assistance, it’s always a great idea to have a standard understanding of the ERC requirements and procedure yourself. This will help you make informed choices and make sure precise filings.

The Worker Retention Credit (ERC) is a refundable tax credit introduced by the U.S. government as part of COVID-19 relief steps. The objective of the ERC is to motivate companies to keep and pay their employees during the pandemic, even if their operations have actually been affected.

Here are some bottom lines about the ERC:.

Eligibility: The ERC is readily available to eligible companies, consisting of for-profit services, tax-exempt organizations, and certain governmental entities. To certify, employers must fulfill one of two requirements:.
The business operations were fully or partially suspended due to a federal government order related to COVID-19.
Business experienced a significant decline in gross receipts. As discussed previously, for 2021, a significant decline is defined as a 20% decrease in gross receipts compared to the very same quarter in 2019. For 2022 and beyond, a considerable decrease is defined as a 20% decline in gross invoices compared to the very same quarter in 2019, or a 20% decrease in gross invoices compared to the immediately preceding quarter.
Credit Amount: The ERC is a refundable tax credit that offsets the company’s share of Social Security taxes. The credit quantity is equal to a portion (approximately 70%) of qualified incomes paid to staff members, including certain health insurance expenses. The maximum credit per employee is $7,000 per quarter in 2021 and $10,000 per quarter in 2022 and beyond.
Interaction with PPP: Initially, organizations that received an Income Security Program (PPP) loan were not qualified for the ERC. Legislation passed in late 2020 and extended in 2021 permits services to declare the ERC even if they received a PPP loan. However, the same salaries can not be utilized to claim both the PPP loan forgiveness and the ERC.
Retroactive Arrangement: The ERC has been retroactively expanded and enhanced, permitting qualified companies to declare the credit for certified earnings paid as far back as March 13, 2020. This retroactive provision supplies an opportunity for businesses to amend prior-year income tax return and receive refunds.
Claiming the Credit: Employers can declare the ERC by reporting it on their work tax returns, typically Kind 941. If the credit exceeds the quantity of work taxes owed, the excess can be reimbursed to the company.
It is necessary to note that the ERC arrangements and eligibility requirements have developed over time. The very best strategy is to consult with a tax expert or visit the official IRS website for the most in-depth and current information regarding the ERC, including any current legal modifications or updates.

To receive the ERC, a business needs to satisfy among the following criteria:.

The business operations were totally or partially suspended due to a government order related to COVID-19.
Business experienced a significant decrease in gross invoices. For 2021, a substantial decline is specified as a 20% decrease in gross receipts compared to the very same quarter in 2019. For 2022 and beyond, a considerable decrease is specified as a 20% decrease in gross receipts compared to the exact same quarter in 2019, or a 20% decrease in gross receipts compared to the immediately preceding quarter.
The ERC is available to organizations of all sizes, consisting of tax-exempt companies, however there are some exceptions. For example, government entities and organizations that got a PPP loan may have restrictions on declaring the credit.

The process for claiming the ERC includes completing the essential forms and consisting of the credit on your work income tax return (usually Kind 941). The exact time it takes to process the credit can differ based upon several elements, including the complexity of your business and the work of the IRS. It’s advised to consult with a tax professional for guidance specific to your situation.

There are several companies that can help with the procedure of claiming the ERC. Some popular business that use assistance with ERC claims consist of ADP, Paychex, Deloitte, and Ernst & Young.

Please keep in mind that the details offered here is based upon basic understanding and may not reflect the most current updates or changes to the ERC. It is very important to talk to a tax expert or check out the official IRS website for the most accurate and updated info relating to eligibility, declaring treatments, and readily available assistance.

Less than 100. The credit is based if the company had 100 or less workers on average in 2019.
on incomes paid to all employees 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. The credit is if the company had more than 100 staff members on average in 2019.
enabled only for earnings paid to employees who did not work throughout the calendar quarter.
In both cases, “earnings” includes not just money payments but also a portion of the expense of company.
supplied healthcare. Free Employee Retention Credit
Payment.

Companies can be immediately compensated for the credit by decreasing the quantity of payroll taxes they.