@@svrichards953 you have to have W2 employees (non-family or owners) and already have filed 941s with IRS quarterly ... usually payroll company or CPA does that for you.
Rich Smith, thank you for your easy to understand video. My question is do I qualify for ERC when we already received tax credits on 941's for Families First Coronavirus Response Act - FMLA? I have already reduced the payroll tax payments by paid time off and benefits paid related to Covid19 and mandatory closure of our business.
Hi Rich, 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?
Hi Rich! My company was an LLC in 2020, it is now an S-Corp does that matter? Also, what happens if we opened in March of 2020? The beginning of the test asks for a comparison of 2019 vs 2020 and we didn't have the brick and mortar in 2019 we were delivery based, my husband and I, working from a commercial kitchen. Do we still qualify?
2 employees (Family) salary for one...full-time but not alot of $$...the other is part time and hourly: not at 30 hours average. Should I proceed? Don't want to waste my time or yours.
You forgot to mention a small detail. I’ll just help you out here and remind everyone that the FEE for this service is percentage based. Expect to give up a 10-15% cut from your total credit. You’re welcome.
Rich, My partner and myself run a C Corp buisness in Calif but we do pay ourselves with a payroll check and file W-2's with a payroll company, do we still qualify for ERC credit?
Good afternoon Rich, I viewed your video on the ERTC. I have a question access the required payroll information from Quickbooks? Your video showed for ADP, but not for Quickbooks. Thank you
Ahhh, as an independent contractor, I’m disappointed. Might you know if there have been any other programs after PPP that can financially help independent contractors like myself?
Very helpful, thank you. Our organization has only part time employees. Together, these 3 people work 78 hours / week . Are we even qualified to apply for the credit?
So my business closed at the end of 2021. Can I still apply for the tax credit for 2020 and 2021? I also no longer have access to the paychecks but I have all the quarterly reports for 2020 and 2021
If you have 5 or more W-2 employees you can start the process. Would you like a specialist to reach out and see how much you can get and if you qualify?
No cost to apply, but there’s a fee if you choose to file with them. You could DIY if you know how to complete the analysis, but when it comes to taxes even I use a specialist.
Thanks for the video Rich! according to the IRS website it looks like 1099 workers can also be used as well for the ERC. is this not true? thank you, Bob
Rich what if I owned my own business in 2020. Also, had a job and the business was forced to close down due too Covid 2022. I was a w2 and 1099. Do I still qualify?
Your 2020 business might qualify - if you had W2 employees other than the owners and their family. Here's the free questionnaire to check it out: teachingmillionaires.com/recommends/erc
Rich, I noticed your example was ERC Specialists. We are in the process of applying but would like to see the analysis of their computations showing we qualify. Will they share this information with us? I have a hard time agreeing to move forward without see workpapers so I understand the figures and calcs.
What is the formula to figure out what is considered a full time employee? We have a few thousand employees but the majority are seasonal employees. Meaning they only work 1-2 months out of the year.
No, not as an owner - there is an affiliate program if you know other businesses in your area though -> teachingmillionaires.com/recommends/erc-affiliate
Thanks Rich! Very informative! Question: Since we have already recorded the payroll tax expense on our 2021 P&L and 1120S tax return, how does the credit impact 2022 tax filing assuming we qualify for the credit?
Exactly, so once you receive the credit you must reduce any deductible wage expenses by the amount of the credit. So basically provide the credit information to your CPA for tax purposes.
The questionnaire is free to complete - from there if the business decides to file then there's a 10-15% commission for ERCS. Most choose a 'Pay Later' option, so everyone gets paid at the same time.
what is considered "gross revenue" for purposes of answering the revenue reduction analysis? is other government funding (i.e. ARPA, CARES money, etc) count toward "gross revenue?"
You can't double dip on government funding during the same time, and I wouldn't pre-qualify your business either. The ERC questionnaires asks you all the questions to determine an eligible amount: teachingmillionaires.com/recommends/erc
Question: My company was new in 2019, right before the pandemic, so we do not show revenue losses from year to year as we were still ramping up sales. How would I qualify? Revenue reduction would not qualify us and the business operated continuously during the shutdowns. Supply chain disruption costs impacted us, but not sure if it was a 10% impact.
People should be warned that there are scammers out there requiring up front payment of 25% of their return. And that you are responsible for filling on tje remaining 75%. People should be told that upon getting your credit you need to file amended returns immediately for the years of 2020 or 2021 or both. Also they should be told that there could be penalties for errors. Some people could get 100,000 and may have to pay it back and sometimes more if errors. Also people should be told that this will immediately open you up to an audit from the IRS. The companies offering this help are just a middle man not liable for any errors. They just want their cut.
I think I know the answer already ("no").....but if you are a one-man LLC.....and you previously applied for ( and received) PPP funds as well as EIDL "grant " funds ( being in a "low-income" geographic area, etc)......would such single-entity status allow you to also be viewed as an "employer" who could avail himself of this Employee Retention Credit? Notice,...as a one-man LLC, I am both employer and employee of my own company, but issue no W2's. I think this is a stretch for my situation.... and therefore the answer is "no"....correct? (Just askin' !!!!!).
Hi Wil, unfortunately the answer is "no" ... even if you pay yourself via S-Corp payroll status. Family members that are part of the business are excluded too.
They offer 10-15% commission options if you choose to file with them. I'd check with your own people too! They should have brought this to your attention already....
Could I qualify if I hire contracted work, but they would not work because of fear of pandemic or would work out of home. I'm talking about stylist at a salon. No one would come back to work causing me to be unable to pay rent etc.
@@paulinhisprime8440 It's a way to earn money by helping other businesses learn and get ERC. I talked about it in my latest video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-rWIbBZ6C0Kc.html
No, IRS requires W2 employees paid through payroll - there is an affiliate program if you know other businesses in your area though -> teachingmillionaires.com/recommends/erc-affiliate
Hi Rich.. very informative.. I have been diggin on the internet trying to figure this out.. I think I may have heard the key words on your very informative video that I havent found anywhere else. I am a one person Scorp. I pay myself via payroll through ADP. I am an event producer.. basically my business tanked in 20 and 21... but I think I heard you say that if family member then I would not qualify. I am the only employee of my S corp/payroll. Just hoping you can confirm that my business is not qualified since I am a family member of ownership. ? thanks so much .. i would still be digging on the internet and the IRS website had I not stumbled onto your video. the $$ would be helpful since Im still struggling to keep my doors open... being self employed is rewarding but not always rosey when it comes to surviving a pandemic
@@rudyuribe154 not exactly - you qualify per quarter, so you CAN use multiple qualifiers to get funds for different quarters though. Here's the qualifying questions 👇 teachingmillionaires.com/recommends/erc
Wait this is for employer? Where is the credit and payment for being forced to work for the shitty company the entire pandemic? Risking my life. why do they deserve anything ?
