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

Business Finance Coach
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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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17 июл 2024

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Комментарии : 61   
@PonDebReplay
@PonDebReplay Год назад
Very much appreciate your breakdown!! Super clutch😊
@Kc_shredz
@Kc_shredz Год назад
Super helpful, and concise. Thank you!
@philipmichel215
@philipmichel215 5 месяцев назад
Thank you! OMG by far the best ERC video on youtube without all the hype or trying to sell me something!!
@businessfinancecoach
@businessfinancecoach 5 месяцев назад
thanks for commenting!
@PaulDeLeo
@PaulDeLeo Год назад
Excellent explanation, thanks!
@sanjivkumar4783
@sanjivkumar4783 Год назад
Very useful information, I really appreciate it, thanks
@vakndz
@vakndz Год назад
Thanks for the info, it's clear! 😇
@user-xh2jr1qk6b
@user-xh2jr1qk6b Год назад
THANKYOU SO MUCH FOR THIS INFO
@robertouribe5039
@robertouribe5039 8 месяцев назад
Great advice, thank you.
@brauerbar
@brauerbar Год назад
Thanks for this ERTC in a Nutshell ❤
@youngkim4027
@youngkim4027 Год назад
Thank you so much about simply explained informations
@nawaraj333
@nawaraj333 Год назад
Excellent; thanks so much!!
@jfernandez7410
@jfernandez7410 Год назад
Your explication is excellent ....
@glowinghearts6655
@glowinghearts6655 Год назад
Very educational and I enjoyed your video. I may reach out to you for some guidance.👌
@lancewallach9048
@lancewallach9048 Год назад
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.
@nyinawabera
@nyinawabera Год назад
This is super helpful! Did you say you have to have a W-2 employee to qualify?
@patriciavillalobos1216
@patriciavillalobos1216 Год назад
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
@lacherylaivy Год назад
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
@patriciavillalobos1216 Год назад
I have the same question regarding the course
@andrewlenz9359
@andrewlenz9359 Год назад
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
@businessfinancecoach Год назад
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.
@bobmodliszewski7664
@bobmodliszewski7664 Год назад
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
@businessfinancecoach Год назад
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
@robwin0072 11 месяцев назад
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
@WellnessThings Год назад
Great info! So there is a big ERC company out there claiming that they average $21K per employee. Does that sound realistic?
@businessfinancecoach
@businessfinancecoach Год назад
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)
@scottmoseley5122
@scottmoseley5122 Год назад
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
@businessfinancecoach Год назад
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
@righttolearnrighttolearn2668
@righttolearnrighttolearn2668 Год назад
Hey mam,i have some queries about "partnership financial account" how can solving my queries
@quicknotesmedia9540
@quicknotesmedia9540 Год назад
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
@businessfinancecoach Год назад
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
@moremoney1749
@moremoney1749 Год назад
So I do need form 941x even though I didn’t file to begin with?
@151Armondo
@151Armondo Год назад
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
@businessfinancecoach Год назад
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.
@katrinapearce3576
@katrinapearce3576 Год назад
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
@businessfinancecoach Год назад
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
@jasono2669
@jasono2669 Год назад
Do you have a course to teach me how to prepare corp tax from taxact software
@businessfinancecoach
@businessfinancecoach Год назад
We help you track everything you need for taxes - however, I do not recommend DIYing a corporate return: www.amandarussell.mba/taxseasonmyatspecialenrollment
@taravalentine-schramer6891
@taravalentine-schramer6891 Год назад
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
@businessfinancecoach Год назад
Your employees qualify if you meet the criterias for each quarter.
@jacksprat1556
@jacksprat1556 Год назад
I bet there are a ton of people that claim wages that were included in the PPP-that’s scary!
@sonogirl12345
@sonogirl12345 9 месяцев назад
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
@businessfinancecoach 4 месяца назад
You have to follow the video instructions for each quarter and do the comparison
@zabdieldominguez6248
@zabdieldominguez6248 Год назад
Hello, What about Sole Props? Thanks
@businessfinancecoach
@businessfinancecoach Год назад
What about them - I covered that all business types qualify in the video.
@brauerbar
@brauerbar Год назад
Are you maybe asking for this? > 14:07 or this? > 15:28
@wbpassociates6437
@wbpassociates6437 Год назад
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
@businessfinancecoach Год назад
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
@jeannielim2170
@jeannielim2170 Год назад
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
@businessfinancecoach Год назад
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
@TechWithKishan269 Год назад
Can I only apply for the ERC/ERTC only one time?
@businessfinancecoach
@businessfinancecoach Год назад
It's by the quarter, check out the video!
@geraldfbcooper1169
@geraldfbcooper1169 Год назад
What is you are a consulting firm?
@businessfinancecoach
@businessfinancecoach Год назад
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
@angiehoffman7964 Год назад
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
@businessfinancecoach Год назад
great question! Since the aggregation rules are triggered by ownership, then if you meet that criteria, you should aggregate
@crispingarza5658
@crispingarza5658 Год назад
What about the 943X for farmers? Does eligibility and credit calculations differ than for a 941?
@nawaraj333
@nawaraj333 Год назад
Hello, You seems very knowledgeable. I might need consulting from you on few questions. How would I contact you?
@radhamenunez4562
@radhamenunez4562 Год назад
@robsoonn17 how do I contact you ?
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