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Our group here what do these guys doing everyone in this space is assisting teach people about ERC and uh constantly supply a stunning breakfast and have individuals actually find out about the program we must 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 hundreds of millions of dollars actually Kevin numerous countless dollars so these are duplicate copies of the letters that go to customers verifying that the check is on the method I imply you know if you just start 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 mean it’s simply I mean think about how many actual 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 internal revenue service heading to the client so that’s how you’re able to track it you know when you
receive this you understand the check is gone for sure and that’s when they pay so they don’t pay anything up until they really get the cash they do not pay bottom line Wonder trust anything till this letter is verified the check is on the way they deposit it into their savings account and they can genuinely trust Wonder trust that the process has actually been finished and the number of you believe you have actually processed since you began 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 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 Wonderful here you’re at my YouTube channel we’re talking about something actually important today the staff member retention credit which the majority of you have never become aware of I certainly hadn’t become aware of it until very just recently and found out a lot about it since this is probably the most affordable expense of capital for any small company anywhere
anytime if you have employees in between five and five hundred so I have actually got the specialist with me this is Josh Fox he’s the founder and CEO of bottom line Ideas 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 call 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 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 love this program it’s disappearing soon you got to discover everything about it let’s talk worker 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 companies 3 opportunities 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 two of them are loans and one’s a refund precisely so the ERC is a refund that’s.
remedy the cash cash payroll tax refund all right go on sorry I just have to make sure we got that point I indicate that’s a big difference a loan versus cash money I like money money that’s what we’re discussing 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 original cares Act is the ERC and yes Kevin it is a stunning difficult check in the mail where you get real cash from the IRS all right so let’s talk about how it works because it sounds 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 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 service however 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 qualified so you need to be on payroll in 2020 on the W-2 and you have to be on payroll for the first 6 months of 2021 on the W-2 right so there were 6 quarters the program was open well walk us through the six quarters so you had quarters two three and 4 of 2020 and you had quarters one 2 and three of 2021. all right 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 money how much can you get back per worker that was on a W-2 in those six quarters so the calculation in 2020 to be exact Kevin is 50 of the staff member’s wage to an optimum of 5 thousand dollars per employee for the year of 2020 and in 2021 the numbers skyrocketed to 70 of the staff member’s salary to an optimum of seven thousand per quarter how did that take place um they simply altered the rules in.
2021 versus due to the fact that the chaos of the pandemic so they wished 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 happens 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 staff member that is since that’s a lot of cash it is now there’s a caution here the PPP money would need to be reduced from the twenty 6 thousand dollars so if you took PPP loan one and PPP loan two you would minimize 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 where I’m from and you had a hundred staff members and you took PPP money you would still get a million dollar in the mail from the internal revenue service so it’s substantial certainly now the big concern is why does no one understand about this since appearance when I initially became aware of this when I initially satisfied Josh you understand I have actually got great deals of financial investments in great deals of business I’m a major supporter for entrepreneurship in America and make many many financial investments in entrepreneurs 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 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 sensibly to survive during the pandemic so when I heard about this I said nah it can’t be true however when I dug around I even called to my politician friends Guv Senators they didn’t know about it I imply that’s how you know that’s how misinformation is that there’s no information out there then a bunch of individuals told me well you can’t get it due to the fact that you took the PPP likewise not real so let’s ask Josh why does nobody learn about the worker retention credit you understand what’s fascinating you’re talking about the banks Kevin since 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 country and they would process process in Canada a pre-pp loan there’s no loans in Canada by the way it’s simply procedure procedure that’s all um and here there was turmoil because remember in the initial cares act you could refrain from doing both programs so if you had done PPP you might not do ERC in the initial program and when they changed the law in 2021 the banks were not doing ERC because it’s not alone so you’re getting a tax refund so the federal government never 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 ever done it previously 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 accountant no your accounting professional’s never done this prior to unless you have an account that entered into this business and bottom line my company Kevin has actually stayed in business considering that 2009 and we’ve been working with the federal government and the state government to recuperate money for Fortune 500 Fortune 1000 companies so a lot of our huge big corporate customers have actually worked with bottom line to recover other federal government programs we have actually done sales tax and use tax joblessness tax work opportunity tax credits research and development tax credits unclaimed property real estate tax all of these other federal government programs.
The worker retention tax credit is a broad based refundable tax credit created to encourage.
companies to keep employees on their payroll. The credit is 50% of up to $10,000 in incomes paid by an.
Due to the fact that of COVID-19 or whose gross receipts, employer whose service is completely or partially suspended.
decrease by more than 50%.
1. The credit is readily available to all employers regardless of size including tax exempt organizations. There are.
only 2 exceptions: (1) state and local governments and their instrumentalities and (2) little.
organizations who take Small Business Loans.
2. To qualify, the employer needs to meet one of two alternative tests. The tests are determined each.
calendar quarter– Either.
o the employer’s organization is totally or partly suspended by government order due to COVID-19.
throughout the calendar quarter or.
o the company’s gross invoices are below 50% of the similar quarter in 2019. As soon as the.
company’s gross receipts go above 80% of a comparable quarter in 2019 they no longer certify.
after completion of that quarter.
Computation of the Credit.
The amount of the credit is 50% of the qualifying salaries paid up to $10,000 in overall.
It is effective for earnings paid after March 13th and before December 31, 2020.
The meaning of certifying salaries differs by whether an employer had, typically, more or less than.
100 staff members in 2019.
Companies that specialize in ERC filing support generally offer proficiency and assistance to help companies navigate the complicated procedure of declaring the credit. They can offer different services, including:.
How is the employee retention credit calculated? Innovation Refunds .Com Scam
Eligibility Evaluation: These companies will examine your business’s eligibility for the ERC based upon factors such as your industry, profits, and operations. If you fulfill the requirements for the credit and identify the optimum credit quantity you can declare, they can assist determine.
Documents and Estimation: ERC filing services will help in collecting the necessary documentation, such as payroll records and financial statements, to support your claim. They will also help calculate the credit quantity based upon eligible incomes and other certifying expenses.
Retroactive Claim Evaluation: If you are qualified to declare the ERC for previous quarters, these companies can evaluate your previous payroll records and financials to recognize prospective opportunities for retroactive credits. They can help you modify prior tax returns to claim these refunds.
Filing Support: Business concentrating on ERC filings will prepare and send the essential kinds and paperwork on your behalf. This includes finishing Type 941 or any other necessary tax forms.
Compliance and Updates: ERC policies and guidance have developed with time. These business remain updated with the latest modifications and make sure that your filings comply with the most current guidelines. If the Internal revenue service requests additional info or carries out an audit associated to your ERC claim, they can likewise supply ongoing assistance.
It is very important to research study and veterinarian any business providing ERC filing help to guarantee their reliability and know-how. Try to find established firms with experience in tax and payroll services, or think about connecting to trusted accounting companies or tax experts who offer ERC submitting support.
Remember that while these companies can provide valuable support, it’s constantly an excellent idea to have a standard understanding of the ERC requirements and procedure yourself. This will help you make notified choices and guarantee accurate filings.
The Staff Member 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 encourage businesses to keep and pay their staff members throughout the pandemic, even if their operations have been impacted.
Here are some key points about the ERC:.
Eligibility: The ERC is readily available to qualified companies, consisting of for-profit organizations, tax-exempt companies, and particular governmental entities. To qualify, companies should satisfy one of two requirements:.
The business operations were totally or partly suspended due to a government order related to COVID-19.
The business experienced a significant decrease in gross receipts. As mentioned previously, for 2021, a significant decrease is specified as a 20% decline in gross receipts compared to the same quarter in 2019. For 2022 and beyond, a considerable decline is defined as a 20% decrease in gross receipts compared to the exact same quarter in 2019, or a 20% decline in gross receipts compared to the immediately preceding quarter.
Credit Quantity: The ERC is a refundable tax credit that offsets the employer’s share of Social Security taxes. The credit amount is equal to a portion (as much as 70%) of qualified earnings paid to staff members, consisting of certain health plan expenditures. The maximum credit per employee is $7,000 per quarter in 2021 and $10,000 per quarter in 2022 and beyond.
Interaction with PPP: At first, businesses that received an Income Security Program (PPP) loan were not eligible for the ERC. Legislation passed in late 2020 and extended in 2021 enables organizations to claim the ERC even if they got a PPP loan. However, the same wages can not be used to claim both the PPP loan forgiveness and the ERC.
Retroactive Arrangement: The ERC has been retroactively broadened and enhanced, allowing qualified employers to declare the credit for qualified incomes paid as far back as March 13, 2020. This retroactive provision provides an opportunity for businesses to change prior-year tax returns and receive refunds.
Claiming the Credit: Employers can claim the ERC by reporting it on their work tax returns, usually Kind 941. If the credit surpasses the quantity of work taxes owed, the excess can be refunded to the employer.
It is very important to keep in mind that the ERC provisions and eligibility requirements have actually developed with time. The very best strategy is to seek advice from a tax professional or go to the main IRS website for the most detailed and up-to-date information concerning the ERC, including any current legal modifications or updates.
To qualify for the ERC, a business should satisfy one of the following criteria:.
The business operations were completely or partly suspended due to a federal government order related to COVID-19.
Business experienced a significant decline in gross receipts. For 2021, a significant decrease is specified as a 20% decrease in gross receipts compared to the same quarter in 2019. For 2022 and beyond, a substantial decline is specified as a 20% decline in gross receipts compared to the exact same quarter in 2019, or a 20% decrease in gross receipts compared to the instantly preceding quarter.
The ERC is available to companies of all sizes, consisting of tax-exempt companies, however there are some exceptions. Government entities and companies that received a PPP loan may have limitations on claiming the credit.
The process for declaring the ERC involves completing the required kinds and consisting of the credit on your employment tax return (normally Form 941). The exact time it requires to process the credit can vary based on numerous elements, including the intricacy of your service and the workload of the IRS. It’s advised to talk to a tax expert for assistance particular to your scenario.
There are a number of companies that can help with the process of declaring the ERC. These consist of accounting firms, tax advisory services, and payroll provider. Some well-known companies that provide assistance with ERC claims consist of ADP, Paychex, Deloitte, and Ernst & Young. It’s suggested to research study and contact these business directly to inquire about their services and charges.
Please note that the details offered here is based upon general understanding and might not show the most recent updates or modifications to the ERC. It is essential to seek advice from a tax expert or visit the main internal revenue service website for the most current and precise details concerning eligibility, claiming treatments, and readily available support.
Less than 100. The credit is based if the company had 100 or fewer employees on average in 2019.
on salaries paid to all employees whether they actually worked or not. In other words, even if the.
employees worked full-time and got paid for full-time work, the company still gets the credit.
Greater than 100. If the company had more than 100 employees on average in 2019, then the credit is.
permitted just for earnings paid to staff members who did not work throughout the calendar quarter.
In both cases, “incomes” includes not just money payments however also a portion of the expense of company.
provided health care. Innovation Refunds .Com Scam
Employers can be instantly repaid for the credit by decreasing the amount of payroll taxes they.