Employee Retention Tax Credit FAQs Answered 2022
ฝัง
- เผยแพร่เมื่อ 23 พ.ค. 2022
- Many business owners don't realize that you can still qualify for the Employee Retention Tax Credit in 2022. Join me with CPA, Preferred Vendor, and ERTC Specialist - Kristi Stone, as we discuss updates, answer FAQs, and walk you through whether or not you can still take advantage of this credit.
Please Note the IRS Announced in September 2023 that it will not process any more ERC claims in 2023 as they investigate fraudulent claims. You can still file amended payroll returns to claim the credit right now, they just won't be processed at this time. Watch my video here on the update: • ERC update 2023 | Free...
💸 Grab your ERTC Calculator jamietrull.com/ertc
💸 Need ERTC help? Work with Kristi Stone www.stoneandcompanycpas.com/
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Thank you so much. So much information this is great. I love the way you explain easy down to earth words. Also got the calculator and was able to qualify clients. I cannot thank you enough both of you.
Jamie I have your worksheet and with that and this video, you have helped me assist my small business clients immensely! Thank you Kristie for the guidance on utilizing worksheet 2 & 4. This is exactly where I began to get a bit stuck in determining refundable vs nonrefundable.
You're so welcome!
Thank you, thank you, thank you Jamie and Kristi for the most informative video on this subject.
So glad you found it helpful!!
As a fellow Preferred Vendor of Jamie's, I have used Kristi to help me double-check my client's ERTC filings - she is totally knowledgable, easy to work with and extremely efficient. I highly recommend engaging her to ensure you are maximizing your credits while ensuring their accuracy!
I have to say, you ladies are god sent.
Thank you
Why thank you!
Thank you so much for these videos! I am a one woman bookkeeping/accounting/payroll for 2 non-profits and this was the most helpful of all the information I could find!!!
I am working my way through redoing the 941x's now and just have one question.. it appears that I don't need to "prove" why I am claiming this other than completing the written info on the last page of the 941x. Is this correct or am I missing that I need to send some other documentation as proof of qualifying?
If all taxes due were paid when the original 941 was filed and I am filing a 941x does that mean there is no nonrefundable portion?
Hi Jamie, great video. thanks for covering this. what if company is on ADP w2 as a PEO? FOR Example my client is on ADP PEO and they wouldn't have their own 941 to amend since they are grouped in with all other PEO companies by ADP... if that makes sense... would they be eligible for this credit? thanks
Jamie...ran across your video on you tube. Didn't believe it, but downloaded your calculator and input my data. Was shocked as I slowly realized how it worked. Amended my 941's and am receiving over $800k in tax credits for 2022.
You awsome!😊
Holy cow - you may have the record!! That's absolutely amazing! Glad I could help!!
I mean 2021. Accountants working on 2020 now. Thanks again!
Hey Jamie, you stated that there is not way to submit your 941X to IRS. I do not agree with that because I submitted through TAX BANDIT. You can fill out the form and e-mail it to the client(s) and have them to e-sign it. When it get back to you, you just pay a small fee and submit it. I hope that helps.
Thanks for this video. My husband and I have a full service restaurant with 25 employees on any given payroll during the entire pandemic and now And need help with this.
Did you ever end up getting help?
Did you receive it
What is the rules if you have part time employees?
Thank you for this helpful video. If someone is a minority owner of an s corporation (owning less than 50%) will their w2 wages qualify for the calculation of the ERC credit? So far, most examples I’ve seen on the IRS website have only been referring to majority owner rules.
If you want, you can now talk with our experts so they can discuss to you further the details or the requirements and see if you qualify. No worries, you do not have to pay them by just consulting or asking if you qualify.
I am trying to prepare the 941X for a family business that employs the parents and siblings (and a few other non-related people). Even though the IRS didn't mention family members being excluded from qualified wages until August 2021 on Notice 2021-49, are many businesses having to re-amend their 941X's and repay large sums of money because they claimed owners and family members in all of 2020 and half of 2021? Or does the exclusion only apply to wages paid after June 30, 2021? Thank you for your help!!
The original law did state that family member's were excluded. At the time, it was The Notice 2021-49 was a clarification of the original wording of the law to make it clear that majority owners themselves were also excluded from claiming ERTC for their own wages. Technically they are considering it a clarification vs. a change, as the original intent was to exclude both family members AND owners (and that was my original interpretation as well). Frustrating though, I agree.
I sold my business last October 2021 but I asked a cpa if I still qualify and she said yes. I can still file erc even though i sold my business last year!!!
You sure can!!
Me and my wife own a Retail store and both of us work on Payroll and are W2 employees. We file Payrolls and 941 every quarter. What if we just file as employees ?
Unfortunately owners were clarified as excluded under ERC rules. Silly I know!
Hi Jamie! Thank you for this super helpful info. We bought your calculator and it is fantastic! One question about PPP if I may, if a business had a 2021 2nd draw PPP loan of $285,000 (60% of which equals $171,000, or $7,125/week for the covered period of 4/7/21-9/21/21 (24 week election) and had their restriction mandate lifted on 6/2/2021, would they have to include the entire $171,000 when backing out PPP for determining qualified wages, or would they only have to back out $7,125/week for the weeks that occur between 4/7/21-6/1/21 (the PPP/mandated restriction "overlap" period? I hope this makes sense! Thanks!
In general its just the overlap period. Think of each dollar of wages as "tagged"...you can only tag it for either PPP or ERTC. So anything that isn't tagged as PPP based on your covered period per your forgiveness application you can use ERTC for. Hope that makes sense!!
@@JamieTrull Thanks! But I'm still confused. And it probably has to do with how I worded my question. Let me try again. We have more than enough wages to cover 60% of the total PPP loan in the "non-overlap period" (6/2-9/21/21). I've heard this referred to as the "working from the outside in" method. Essentially trying to "use up" all of the PPP outside the overlap period. So does that allow us to use all of the qualified wages within the overlap period for ERC? Or do we have to equally allocate the PPP over 24 weeks, which would be the $7,125/week ($171,000/24), and reduce qualified wages by that much per week including within the overlap period? I hope this is a clearer question. Thanks again for all of your help!
How can I tell if I have the latest version of your ERTC calculator spreadsheet?
We just sent an email last week with it to all our users. If you have questions feel free to email us and we can resend it if needed.
Hi, is the calculator still up to date? It says November 2021?. Also I heard that they extended to timeline from 3 years to 5, is that new?
Yep! The latest regulatory changes to the ERTC were in November of 2021 and no further changes are expected. All changes are fully reflected in the latest version! If anything DOES change, we always send out a new version to everyone who has purchased! Re: the 3 to 5 year change, I believe that isn't how long YOU have to claim it, that's how long the IRS has to AUDIT the ERTC claims. So even if you get your money, they could come back asking questions for up to 5 years.
Will there be penalties with the amended return if tax is due because of the ERC received?
This question can be discussed with the experts -- all questions you have. Don't worry, you do not need to pay for that. They just want to help you check if you qualify. Let me know so I can schedule a call for you.
At the company where I work, we are trying to purchase the ERTC calculator worksheet, but it keeps saying the page has expired. Do you have an updated page? Does anyone else know how to get the calculator? Thanks.
Here's a direct link, try this one: sales.jamietrull.com/ertc
Stacey Mertins
1 second ago
Is there a number of w2 employees required to qualify for the tax credit?
Nope! As long as you have at least 1 employee that is not yourself or a close family member, you can qualify!
আমি জানতে চাই অনবোডিং চেকলিস্ট করতে কত দিন সময় লাগে
After filing my 941x, will I need to amend my 1040 tax return for that year?
Yes! That's one of the more frustrating requirements, especially as it likely means an increase in your tax liability ahead of receiving the refund. Its still unclear whether they will be assessing late penalties on those who choose to wait to refile their 1040 until after receiving the refund check.
If I were the sole stockholder of an S-Corp, and I pay myself through W-2 wages, am I eligible?
Unfortunately not, the IRS clarified that owner-employees are not eligible.
I would like to get the link to the calculator. I was charged me $27 to my credit card and I have not received the link. Please help
Hi Lekha! Check your spam folder as well, it would have come from an @BalanceCFO email address. If you still don't see it, email us at Support@balancecfo.com and we'll get it right to you!
Do you use a fiscal calendar or regular calendar year to see if you qualify?
Regular calendar quarters.
Jamie, if a company only has two employees, and one of those employees is the owner, and they also received the PPP loan, could they still qualify?
yep for the second employee. You just can't use wages that were paid for by PPP. However if you qualify during a time period when you weren't paying the employee with PPP money, you can claim ERTC for those wages.
We started a business in Feb 2021 - is there a gross receipts limit to qualify as a recovery startup business?
Yes, 1 million
Will income tax returns need to be amended in the year that ERC was received?
They will need to be amended for the quarter you claimed the credit for if you didn't factor in the credit when you filed (most people didn't of course)
What about if someone didn't file 941 for 2020 and 2021?
Typically this would only be the case if you didn't have employees, and therefore this wouldn't apply. If you have employees you are required to file a Form 941 each quarter.
Jamie does this apply to home daycares
Hi Chantelle, we have helped those who have daycares. Would you like to talk to our experts? No worries, this is just for free. We just need at least 10 minutes of your time.
If we use a payroll service should we have our payroll service file the 941-X or can my company file their own? We have employees in a few states. Does ERTC show up on paystubs? Our Payroll services charges $500 to amend each quarter. I read another comment that noted if we file an amended 941-X we will have to amend our income tax return, will employees have to amend their income tax return?
I ordered the calculator a day ago. I didn't get it yet.
@jamie how do I get the updated version?
Send me an email at Support@BalanceCFO.com and we'll be able to help you 😊
I got PPP as a 1099 employee do I qualify
Only if you have employees that you pay in your business.
We had a company call and wanted 25%
WHHHHHAAAAAATTTT?? That's insane!!!
What about 1099 employees
Only W-2 wages are eligble
@@accountinglavidalaguna2384 I had the same question. I found a video were a guy did something about an LLC and SCorp.