Thank you for the helpful information. When mail in the 941-x form, do I need to attach any other document such as the original 941 form and the payroll records?
So listen please You file your credit by doing a 941x. After you have received your funds. You must go back and file a 941x showing your credits received. Have your payroll reports and copies of all 941x credits. 941x Amended for funds received. So if or when you are audited. You have your receipts.
Query - would you file the 2020 amended tax returns (to reflect the ERC credit/reduced wages) when the taxpayer receives the credit refund or when the claim is made? Given the long delay in processing claims then it would be preferable to only amend 2020 once the claim has been accepted and refunded.
Great video, your vids on ERC are the best and easiest to follow. Question: what happens if Q2 2020 does not qualify due to PPP but I do have Mar 13-31wages to claim the credit for. Since the nonrefundable SS amount is not on the original 941 Q2, how do you handle that and what lines does one use. thank you
If you file for the ERC credit in 2023 & receive the funds in 2023 or possibly 2024; why do you have to amend 2020 and /or 2021 tax returns? why not claim the income on the year received?
I had 9 1099 workers I continued to pay during the pandemic and as a property mngt company we had changes in the business due to evictions snd rent collection. I am W2 but employees are 1099. Is there a tax credit for that?
So i will make an execl spreadsheet showing my 2019- 1st, 2nd, 3rd and 4th quarterly gross rcpts and compare them to 2020's 2nd, 3rd and 4th quarters, and 2021's 1st, 2nd and 3rd quarters. Correct?
Thank you so much for invaluable info. I have a couple of questions if I may take up your time please. 1. Do my w-2 employees who pays their own full soc sec taxes qualify for ERC? 2. if so do I put zero on line 18a of form 941-x? thank you.
Thanks so much for the help on the ERC! I was so lost before I found your videos. I'm glad I am able to claim these credits. One question I have is for my 2021 941x forms, I forgot to enter Line 30 - Qualified Wages Total. Do you think this will be an issue with the IRS? If so, what should I do at this point. I mailed the forms in May and have yet to receive any refund.
I know 😫 I saw this also, she said 4C but it's not selected and then she says nothing about 5C but in the example it's checked off. It does say for both 4 and 5 something has to be checked. I think I'm going with both 4C and 5C Hopefully it's correct 🤞🏼
The ERTC's intent hasn't wavered, however many changes have made a few misconceptions surface especially when asking someone who has no experience with tax incentives or grants. If anyone needs help with the process or has any questions/concerns concerning the ERTC please feel free to reply back to me I'd be more than happy to setup a brief call to discuss the matter.
For the period 3/13/2020 - 3/31/2020; can I use wages paid on 3/13/2020, or should I use only wages earned in that date? (3/13 was a payroll check date for the first 2 weeks of March) ? Thank you
Hi, please correct me if I am wrong: In general, ERC 2021 is available for Q1, 2, 3/2021. Recovery Startup Business can claim ERC only for Q3 and Q4-2021, to maximum of 50k per quarter. Thanks
I have read/heard if you have a disruption of service in your business, i.e. not able to get products, this would qualify. Is this accurate? I am trying to research now
It's very hard to qualify that way because you would have to show that your supply chain disruptions were caused by government orders in response to COVID-19 and that there was no other way for you to get your supplies
If the business started prior to 2020 will they still qualify for 3rd quarter if it's not a startup business even though there's decrease or partial suspension of business? This part is quite confusing for me. Does the 3rd quarter 2021 only apply to startup businesses?
CPA here, is amending a 1120S or 1065 really necessary? Can't we just treat it like it is 2022 income, IRS wants the headache of processing all of those amended corporate returns?
Thank you for a great video. Is this only for employees that were employed with the company in 2019, 2020 and 2021? We actually hired more employees during Covid even though we were making less. We are a school and we needed additional staffing. What about if we had an employee that worked in 2019 and 2020, but left in 2021?
Any business owner that has time to go through over 200 pages of legislation to maximize their refund? It is a rush before December - because the 2020 $5000/employee goes away in January and they will receive LESS money if they wait. ERC Specialists has helped over 10,000 businesses get over $2 BILLION in refunds in the last year. Don't wait!
Not true Carrie the 1st quarter of 2020 doesn't expire until July 2023, please refrain from providing the wrong info to win a 2% profit for yourself, or at least tell the truth. Nice way of creating urgency by the way lol.
Thank you so much for a very thorough and informative video! Would you be able to help me understand if 50/50% S-corporation ownership between my husband and I with both of us getting wages would qualify for ERC? I am assuming it will not, since combined we own 100% of the company, but just want to make sure since I read somewhere that it does. Any assistance would be greatly appreciated.
Mr Rashed if the company was incorporated after Feb 15th 2020 and other criteria are met than youd receive from $50K to $150K. Let me know if you have any questions I could point you towards the right direction.
Thank you for the video. I've been pouring over videos and instructions for hours. Your explanations made the most sense in the simplest way. We qualify because our business was either shut down or restricted by law from March 18, 2020 until March 10, 2021. I have two questions. First, since we were allowed to go back to 100% operations before the end of Q1 2021, can we only use qualified wages up to March 10th, or can we use the whole quarter (in our case, 2 more paychecks) to determine Eligible Wages? Second, because we are eligible for ERC due to the shut-down, does the rule that if we qualify in Q1 2021, we automatically qualify for ERC in Q2 2021, even though our business was allowed to operated at 100% in Q2 2021? Thank you for your help.
@@zacrepinski Yes, and we've helped many business owners with the process as well. Let me know if you'd be interested in saving a call to discuss the ERTC, I'd be more than happy to do so.
Janet, you must amend your taxes before. If you're available we could save a call for tomorrow or Tuesday I'd be more than happy to answer any questions you may have.
@@marouanebonami1322 wouldn't the point be that you have filed a claim. Until it is processed and accepted you don't have anything to amend. If the IRS say yes, we accept the claim, then I'd amend. There could still be a gap between the claim being accepted and actual payment. If you do recommend filing when the claim is made, would you also recommend that the additional taxes owed from 2020 be paid now (possibly 1 year in advance of any refund check)?
When file 941X and you do not need to present the detailed info like you mentioned but when calculating your credit, you would have to have that in order for you to get to a number. so I would say yes you need to have that but not to file that at initial time.
@@CommunityCPA Please tell me which form do I use for :Recovery Startup business? DO i use original 940 Q3 2021 or 940x . I never filed original with startup..
@@CommunityCPA PLEASE WHAT I DO FOR RECOVERY START UP BUSINESS. CAN YOU PLEASE HELP? Thank you, so kind for your time and energy! I never filed original 940 for recovery- how do i file it NOW??
Accountants aren't supposed to be educated on tax incentives and grants especially retroactive ones since they're continuously being amended and changed as time rolls on. Human Resources? I might have an interesting referral program you might find interesting, let me know I could save a brief call with my director perhaps this upcoming week.
Don't use any links Tay, you'll have to mail the 941x forms to the IRS so no need to go through freshly incorporated companies whom are trying to make quick profits through others refunds. Let me know if you need help with anything.
IRS warned taxpayers to “think twice” about claiming the employee retention credit (ERC) as the Service is “actively auditing and conducting criminal investigations” relating to claims that are more frequently turning out to be false. This year, the IRS says be suspicious of anyone who claims they can get you an extremely large refund or employee retention tax credits. Although we all knew IRS examinations of Employee Retention Credit (ERC) claims were likely to occur, this possibility is now a reality as many not-for-profit (and for-profit) organizations are being audited. Of the hundreds of calls I have received from organizations that applied in my opinion almost none would meet the IRS requirement and will probably be audited. If you have applied I suggest you get another opinion before you get audited, as there are things that you can do to prevent a big problem. Google Lance Wallach and whoever put you into this scam: who seems more qualified?
