Top 10 Employee Retention Credit Answers to Questions Every Business Owner is Asking

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The Employee Retention Credit (ERC) can be a life-saver to you and your small business, but it's also very complex and a bit confusing. Larry Gray, CPA, and Debbie Cook, CPA have real clients that they've helped navigate through this law and they want to help you get your money as well.
Top 10 ERC questions from real business owners:
1. What businesses are eligible for the ERC?
2. What is the significant decline in gross receipts that would qualify your business?
3. What period can a business claim ERC?
4. Which employees can a business claim for ERC?
5. What amount of wages are eligible for the ERC?
6. What if I received a PPP loan in 2020?
7. Amount of ERC that can be earned each year?
8. How to claim ERC?
9. How is the ERC claimed for a quarter in which the business already filed 941?
10. Is the ERC taxable?
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AGC Solutions does not provide tax, legal or accounting advice. This content has been prepared for informational purposes only and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Also, tax law is ever-changing and every effort should be made to seek out the most current information. Make sure to check date of published content to ensure most current information.

Опубликовано:

11 сен 2024

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Комментарии : 18

@mikeganino6695 3 года назад

From a fellow CPA to another, you guys do a great job of explaining a somewhat confusing and evolving...but valuable credit. Cheers on your tax season.

@NANCO1999 3 года назад

EXCELLENT video!

@bigspringsubway 3 года назад

Very useful video, thank you very much

@imlkrsfn 3 года назад

Great Video thank you.

@CrabbyE8 3 года назад

Thank you for the content. It would be helpful if the answers were more succinct and to the question.

@charlesoh3659 3 года назад

Thank you for your videos and hello again! Below is the situation at our restaurant with 12 full time employees. 3/13/2020: Governor ordered the closure of all bars and restaurants. 6/11/2020: Indoor restaurants may open with 50% limited capacity. 1/28/2021: The statewide order for 50% indoor capacity at restaurants remains in place. My question is whether we are qualified for Q1 (partial), Q2, Q3, Q4 2020, and Q1 2021 if the current government order continues through end of March. Thank you again!!

@Owner-rk4mf 3 года назад

qualify for q2-q4 2020....qualify for q1-q2 as long as current gov't order remains

@charlesoh3659 3 года назад

Love it! Thank you so much!!

@bobatl4990 3 года назад

You say Revenues and also say Receipts which you know are different if you are on an accrual basis....which should you use if that is the case.

@ecvargas5272 3 года назад

Thanks for the video! Any idea how quickly the IRS is processing the 941X amending prior quarters in 2020? Not sure how to advise clients when to expect their money.

@Owner-rk4mf 3 года назад

You will get your money in about 3 months after filing. It will magically show up in the bank account. Buy some bitcoin

@homevideos9297 3 года назад

Can the owner employee of the single shareholder S Corp, claim ERTC on his/her W2 wages??And since most CPA's are saying its a gray area & IRS needs to clarify, What is one supposed to do? Is it an option to claim it & if IRS clarifies it as not-eligible, can I payback the claimed credit. Is it ok to do that? Please suggest.

@dandaman809 3 года назад

Family attribution rules of 267(c) ruin ERC for >50% owners/spouses. You can't claim the wages of these owners once you walk through the law. The key problem is that there is (almost) always more than one >50% owner. This results because ownership attributes from the owner to their spouse, siblings, ancestors, and descendants under 267(c). We end up with the own themselves and these relatives all being treated as >50% owners. Therefore we have a relationship that is prohibited for the direct owner - ie the direct owner is the son of the indirect owner and therefore disqualified for ERC. These articles explain the problem in more detail: evergreensmallbusiness.com/when-owner-wages-become-ineligible-for-the-employer-retention-credit/ www.currentfederaltaxdevelopments.com/blog/2021/4/3/tax-advisers-area-51-employee-retention-credit-and-majority-shareholders www.tomtalkstaxes.com/p/tom-talks-taxes-april-30-2021

@ranmoo 3 года назад

Do any of the recent changes relative to PPP effect relative to Schedule E; specifically rental real estate? Or would our best hope for that business for COVID relief be via potentially an EIDL grant??

@CP-kp4gm 3 года назад

What does it mean by 'shutdown'. Does that mean that your business specifically was ordered shut down? Or just that the government restricted business in general?

@Owner-rk4mf 3 года назад

Not in "general". specifically your business

@AP-nl5iz 3 года назад

the family excursion is really not fair...we couldn't GET people to work/ off UC, we had to employ our daughters ( one just graduated college, and one home from freshman year) Will they realize this and allow ( also, they we're both employed there with w2 even prior to CoVID)

@AP-nl5iz 3 года назад

* family exclusion