Employee Retention Tax Credit August 2022 Update

Employee Retention Tax Credit Receive Up To $26,000 Per Employee | Payroll Tax Credits
What is Employee Retention Credit?
2020 & 2021 How do I qualify as an eligible employer
2020 & 20221 Potential Credit $$$
Qualified Wages $$$
Employee Retention Credit (ERC) Flow Chart
IRS Form 941, 941X, and 7200?
To request a quick assessment:
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#ERTC #ertctaxcredit #ertctaxredit2022 #EmployeeRetentiontaxcredit #ertceligibility #ertceligibleemployer #erc2020 #covid19taxcredits #ERTCPotentialCredit #ERTCQualifiedWages #ERTCIRSForm941 #ERTCIRSForm941x #ERTCIRSForm7200 #IRSForm941 #IRSForm941x #IRSForm7200 #Form941 #Form941x #Form7200 #taxtips #businessowner #KnowYourNumbers #dwhuffconsulting

[@aldrinimmaculata4481]

Good Information!

[@UlisesAdame-i3x]

Can we file online using the IRS website? If yes, please provide the link. Thanks a lot

[@dwhuffconsulting]

currently, there is no e-file option. Paper forms need to be mailed in.

[@UlisesAdame-i3x]

@@dwhuffconsulting Thanks for your reply. Do you mind providing the form name and number so we can fill it out and mail it. I'd really appreciate it.

[@dwhuffconsulting]

@@UlisesAdame-i3x The form is 941X

[@KingdomLyfe24]

Great video! When it comes to calculating "qualified wages" is it the gross wages of the employee or is it the gross wages of the employee excluding the employee and employer social security and Medicare and the federal income taxes?

[@davidhuff3772]

The gross is wages BEFORE taking out Social Security and Medicare. Also note that if your company pays health insurance on behalf of employees, that is added in as well.

[@philipprigge2764]

I think you mean 20% decline not 80% decline (your flow chart at the 9:03 mark).

[@dwhuffconsulting]

yes that is correct. I'll fix that

[@EVNL576]

My gross receipts are greater for 2020 and 2021, I guess I don’t qualify.😢

[@poojachauhan4010]

What is the role of FICA in ERTC Calculation?

[@dwhuffconsulting]

FICA does not really factor in to things. Its reported on the same payroll form but the ERTC is based on percent of qualified wages

[@team-fitwithanthonyllcanth9795]

I own a group fitness studio since 2017 and I'm the instructor of fitness classes. I was hit with local capacity restrictions because of the virus. I lost a significant amount of clients due to the ordinance. Any advice whether I qualify to file. The gyms, studios were hit tremendously.

[@dwhuffconsulting]

If you had employees besides yourself, you probably qualify under several of the criteria. Revenue drop is always preferable since it is the most straightforward and easy to prove. But most every state I have worked with had some sort of capacity restrictions for gyms along with additional cleaning requirements.

[@mglbabe]

Thank you

[@prestigejan]

I filed on September 9 and on November 9 got a letter saying IRS needs 60 more days is that normal? I don’t know anyone else that got this letter 😮

[@dwhuffconsulting]

Thats actually a much faster response then normal. There is a huge backlog and we have found things to be very inconsistant as far as processing. Some get the letter you got. Others get a letter informing them of the refund amount anywhere between 7-10 months later, then the check comes a few weeks later. Others have received no correspondence at all then all of a sudden checks starting coming in the mail. Its also been pointless to call and follow up as its common that no additional information seems to be available outside the specific people who are processing the forms. I am sure it will all work out but will require some patience

[@converse67]

So I am a bit confused about this. As an S Corp owner that gets a paycheck and W2, do I qualify for this? I am reading mixed things. Thanks

[@jamesrandolph3075]

If you are the only employee, then no. If you have other non-family member W2 employees, you can qualify on their wages if you meet the other qualifications.

[@santoriacannon9566]

What about if I’m a llc but my employees are 1099 ?

[@tremonmcgrath8646]

@@santoriacannon9566 Technically not since 1099 workers are contract workers

[@watersle7546]

Hi, can business form 1120S or 1065 be qualified for ERC? I would appreciate your reply. Thank you.

[@davidhuff3772]

Yes either entity type is eligible but must have employees other than owners in order to have eligible wages.

[@watersle7546]

Thank you for quick response. We have just Form 1099 contractors, no W2. So can we be eligible for form 1120S?

[@davidhuff3772]

@@watersle7546 Sorry the 1099 contractors are not considered employees for this credit. Must be W2

[@mmmk7177]

Thank you for the info! I own a restaurant and was under partial shutdown until may 31, 2021. Does this mean I can claim all wages paid in Q2 2021, or only wages paid from April 1 to May 31?

[@angelamcghee910]

See these loans are not just for the business owner. You need real employees or one employee. The need a 1099 which you paid them and an EIN or LLC. Thats the part they leave off. I'm just saying at least the FBI riding around my neighborhood. Next say I know who didn't have all that. But you money the lie is on the application. They just don't know it.

[@dwhuffconsulting]

Sorry I just saw your question- It gets a little complicated with restaurants since there could have also been occupancy restrictions and other things to make your wages qualify. Another thing to keep in mind is that wages for owners and relatives dont qualify. Set up a call if you want to discuss more or email me [e-mail] Most food service companies had qualifying wages for all of 2020 and the first two quarters of 21 but every case can be slightly different

[@ThePROFESS10NAL]

As usual, the self employed get shit on

[@SpyTom1776]

You are WRONG! Only Q2, 3 & 4 in 2020 and Q1, 2 & 3 for 2021 count...

[@dwhuffconsulting]

Dont forget about the last two weeks in the first quarter of 2020 that go into the calculation. Thanks for watching and taking the time to comment

[@angelamcghee910]

You all be on here just telling big ones no one can really attain. Then those lucky ones lining outside the jail. FBI riding around all around the neighborhood.I had a big grant book.👺👹💣

[@dwhuffconsulting]

This content is to let owners know what is potentially available. Everything is case by case and limitations apply that are discussed in the video. You seem to be referring to ads by the "refund mills" that are popping up everywhere now and are far too optimistic.