EMPLOYEE RETENTION TAX CREDIT - How does the ERC work? $26,000 per employee? Is it legit?

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Күн бұрын

This is the ULTIMATE GUIDE to the Employee Retention Tax Credit (ERC/ERTC)
In this video, explain how the credit works and how you calculate it, including answering the common questions:
0:00 Introduction
1:00 How does the employee retention tax credit work?
5:35 Qualifying for the credit
7:06 What is a recovery startup business? Can you get the credit if you started your business during covid?
8:28 Can I still apply for the employee retention credit in 2022? 2023?
10:00 Who can claim the employee retention credit?
10:26 What if I have more than 1 business? What are the IRS aggregation rules for ERC?
15:05 How long does it take to get the ERC refund?
15:18 Can the owner claim retention credit on their wages?
16:57 Do you have to pay taxes on ERC credit? Is ERC taxable income?
17:31 How does the ERC effect income taxes?
21:07 What is included in ERC qualified wages? What are "qualified wages" for ERTC?
22:14 Can I claim ERC with PPP? How does PPP effect ERC?
22:45 Closing and how I can help you file ERC
Gusto (the payroll software I recommend in the video): gusto.com/r/PloJd/?...
My Paying Workers & Owners course (where you can ask me questions): www.bizschool.coach/payingown...
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Пікірлер: 61

@Kc_shredz Жыл бұрын

Super helpful, and concise. Thank you!

@PonDebReplay Жыл бұрын

Very much appreciate your breakdown!! Super clutch😊

@brauerbar Жыл бұрын

Thanks for this ERTC in a Nutshell ❤

@PaulDeLeo Жыл бұрын

Excellent explanation, thanks!

@sanjivkumar4783 Жыл бұрын

Very useful information, I really appreciate it, thanks

@philipmichel215 5 ай бұрын

Thank you! OMG by far the best ERC video on youtube without all the hype or trying to sell me something!!

@businessfinancecoach 5 ай бұрын

thanks for commenting!

@vakndz Жыл бұрын

Thanks for the info, it's clear! 😇

@robertouribe5039 7 ай бұрын

Great advice, thank you.

@user-xh2jr1qk6b Жыл бұрын

THANKYOU SO MUCH FOR THIS INFO

@nawaraj333 Жыл бұрын

Excellent; thanks so much!!

@youngkim4027 Жыл бұрын

Thank you so much about simply explained informations

@lancewallach9048 Жыл бұрын

The Employee Retention Credit is a priority enforcement topic for the IRS. Like other priority enforcement topics, such as micro-captives and conservation easements, the IRS issued a stern warning “to be wary of third parties who are advising employers to claim” the ERC “when they may not qualify.” It is more important than ever for employers to revisit their ERC positions. After checks are received IRS audits the business owner. The ERC seller will be out of business and the business owner in big trouble.

@jfernandez7410 Жыл бұрын

Your explication is excellent ....

@glowinghearts6655 Жыл бұрын

Very educational and I enjoyed your video. I may reach out to you for some guidance.👌

@nyinawabera Жыл бұрын

This is super helpful! Did you say you have to have a W-2 employee to qualify?

@patriciavillalobos1216 Жыл бұрын

I’m confused with the portion not claiming wages that were already included in the PPP loan…. We have 2 employees. I reported the wages of the two employees on the PPP application, does that mean I can use those wages on this ERC loan? Do you offer a course or step by step instructions on how to file ?

@lacherylaivy Жыл бұрын

Very informative! Do you have a coarse that specifically walks through the ERC filng process? You were honest and straight forward, unfortunately, I just don't know who to trust for instruction, but I do want to be able to assist my tax clients with this credit. Thanks!!

@patriciavillalobos1216 Жыл бұрын

I have the same question regarding the course

@andrewlenz9359 Жыл бұрын

Our company was founded in 2009, we had revenue through 2013, then no revenue from 2014 through 2019 (but we maintained the business license). We restarted “work” on the business in 2019 (proposed on a project, won work), and we claimed a small loss (

@businessfinancecoach Жыл бұрын

so I presume you have an LLC or some type of legal business that was formed in 2009? If so, whatever the start date for that business was (which sounds like it was 2009), would be the year it started.

@scottmoseley5122 Жыл бұрын

excellent info. Just because one firm was acting scammy doesn't mean all are. Many of us need someone to reach out and inform us and help us get our money back. I never would have gotten my PPP had someone not reached out to me and helped me submit the documents etc.

@businessfinancecoach Жыл бұрын

The problem is that these companies AREN'T helping you take the credit CORRECTLY nor are they helping you FIX your originally filed tax return. They are in it for the money. So that's great - I'm glad you got help. But be sure to not stop there and follow up with my resources and be certain that you AMEND your original tax return reducing your payroll deduction by the amount of the credit (SEE VIDEO).... the IRS will be able to easily follow up on this, although it does take them time... and these flimsy companies will be gone, and even if they aren't - they will not take the fall - you will

@bobmodliszewski7664 Жыл бұрын

Question - there is a a company that owns/ operates 35 Golf clubs . How is this situation treated as far as total # of employees and separate fed tax id's ? Your response would be deeply appreciated !

@businessfinancecoach Жыл бұрын

If all the golf companies are under one business entity - then count up all full time employees per month (as explained in the video)... And owning them separately by the same owners wouldn't necessarily make a difference -- see the "aggregate business ownership" rules covered in this video, as they may be required to include other businesses in this count too

@robwin0072 11 ай бұрын

I received ERTC Credit Refund and received an IRS CP210 letter explaining the refund. The letter also had info about the Interest incurred that should be reported. My question is where do I report the Interest? Do I amend my 1120s and add the Interest, so it can hit Schedule K-1, which would then have me Amend my F1040 to show the change on Schedule K-1 that has the Interest?

@WellnessThings Жыл бұрын

Great info! So there is a big ERC company out there claiming that they average $21K per employee. Does that sound realistic?

@businessfinancecoach Жыл бұрын

If all they do is file ERC, then they are an 'ERC mill' as I explained. If you do hire them, just be sure you qualify as you will be held liable in an audit - not the company you hired. Also, you need to amend your personal tax return (and possibly your business return, if separate, too)

@righttolearnrighttolearn2668 Жыл бұрын

Hey mam,i have some queries about "partnership financial account" how can solving my queries

@moremoney1749 Жыл бұрын

So I do need form 941x even though I didn’t file to begin with?

@151Armondo Жыл бұрын

Idk if you’ll respond but I got a question I forgot to file a 1099 the previous year and I haven’t been contacted by the irs I did receive a smaller amount than what I was expecting in my tax return do they correct it for or do I have to amend or is there a way to check if they corrected it

@businessfinancecoach Жыл бұрын

They sent you a letter with how they changed your return and therefore refund. You need to look at it to know why. Sometimes it not super clear but you would get more info than what you've described here. They'll also be a number to call with questions, which you might want to use. If you disagree with their adjustment, you can inform them or file an amended return. It's probably not related to the 1099s, as the first step would be requesting your details of your contractor expense. But, if you ignored that request then they might have removed a deduction. Hard to say, you really need to look at their written correspondence.

@quicknotesmedia9540 Жыл бұрын

What are the forms that you use to file the ERC? I heard 940-X, but isn’t there another form 5884-A that states 40% up to $6k? This is from the IRS. I’m still confused on how to file.

@businessfinancecoach Жыл бұрын

Remember that I said you have to amend your original business tax returns (and therefore personal too) , if you already filed them to adjust the payroll expense deduction. That's what form 5884-a is about. It's reported with the business return

@katrinapearce3576 Жыл бұрын

Is ERC eligible to a business that started 4th quarter 2019, so prior to the Feb 15 recovery start-up, but show no gross receipts in 2019 to calculate against in subsequent years. I can't find anything that tells me how to reach a conclusion. Thank you

@businessfinancecoach Жыл бұрын

Yes - it's fine - you just follow the calculation. Compare to same quarter in 2019 OR prior quarter. See the 2nd & 3rd chapters in the video

@sonogirl12345 9 ай бұрын

I had 2 restaurants and I had to close my dining rooms however my sales increased, due I still qualify under the government order?

@businessfinancecoach 4 ай бұрын

You have to follow the video instructions for each quarter and do the comparison

@taravalentine-schramer6891 Жыл бұрын

What if my husband and I are 50-50 owners of a Corp? Our income is flow through, are we ableto claim the credit?

@businessfinancecoach Жыл бұрын

Your employees qualify if you meet the criterias for each quarter.

@jasono2669 Жыл бұрын

Do you have a course to teach me how to prepare corp tax from taxact software

@businessfinancecoach Жыл бұрын

We help you track everything you need for taxes - however, I do not recommend DIYing a corporate return: www.amandarussell.mba/taxseasonmyatspecialenrollment

@wbpassociates6437 Жыл бұрын

Hi, if I had my erc filed by a 25% of the refund shop, can I cancel that process and re-file on my own?

@businessfinancecoach Жыл бұрын

If they already filed it, I don't see how you'd do that. You probably agreed to pay that much reguardless... Did you pay them yet? The refund goes to you right, not them? The only thing is if they did something wrong or gave the wrong info, then you could probably negotiate the fee

@jacksprat1556 Жыл бұрын

I bet there are a ton of people that claim wages that were included in the PPP-that’s scary!

@jeannielim2170 Жыл бұрын

Hi , I need you to help me reviewing my scorp . How much do you charge ? I’ve been running my businesses for over 5 years now. I have a unique kind of business in healthcare industry. My business is excluded the BIR & L& I . I’m 85% ownership and my son is 15% . Thank you for your time.

@businessfinancecoach Жыл бұрын

We do cover the S-corporation and can help you be sure you are setup right and saving money. This is how I work with people: www.amandarussell.mba/taxseasonmyatspecialenrollment

@TechWithKishan269 Жыл бұрын

Can I only apply for the ERC/ERTC only one time?

@businessfinancecoach Жыл бұрын

It's by the quarter, check out the video!

@zabdieldominguez6248 Жыл бұрын

Hello, What about Sole Props? Thanks

@businessfinancecoach Жыл бұрын

What about them - I covered that all business types qualify in the video.

@brauerbar Жыл бұрын

Are you maybe asking for this? > 14:07 or this? > 15:28

@geraldfbcooper1169 Жыл бұрын

What is you are a consulting firm?

@businessfinancecoach Жыл бұрын

We do educational programs and help people with tools and training for setting up their business to save taxes and tracking their accounting and finances: www.amandarussell.mba/taxseasonmyatspecialenrollment

@angiehoffman7964 Жыл бұрын

What if you have multiple businesses, but only one of them has employees. Do you still have to aggregate the income of all businesses if only one actually has employees?

@businessfinancecoach Жыл бұрын

great question! Since the aggregation rules are triggered by ownership, then if you meet that criteria, you should aggregate