Do It Yourself - Applying for the Employee Retention Credit
ฝัง
- เผยแพร่เมื่อ 11 ม.ค. 2021
- This Employee Retention Credit in the newly released emergency relief bill is another pandemic assistance to businesses. Don’t know what this is all about? You are not alone. Sometimes when things are hard to explain, you will not find much information out there. Community CPA’s goal is to bring all the governmental benefit to every teeny small businesses. Come to Ying’s session on ERC Refund and get the refund your business deserves!
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Disclaimer: CommunityCPA, as part of our services to our valued clients, is providing these seminars in order for businesses to cope with the current pandemic. We are not responsible for any damages the attendees or viewers may suffer as a result of following any of the advice or information provided. Although we are doing our best to stay informed, the current situation is very dynamic and the information could change at anytime without any notice. Our information and advice is not legal in nature and should not be construed as such. Please consult your legal counsel if you should need any legal advice.
The cap is $10,000 qualifying for the year 2020 - not for the month. You need to combine the March and April and cap at $10,000.
The most you can get for 1 employee in 2020 is $5,000. Your are claiming $7,500 for some of the employees for March and April.
This video saves my life! Thank you, Ying!
Glad it helped!
This was the best and most clear explanation I have seen so far. Thank you! Liked and subscribed!
This is very thorough & helpful!! Ty so much. God bless:)
You are dynamic when it comes to breaking this down with such accurate detail. Thank you, Ying
Glad it was helpful! :)
I Think your video explained the clearest explanation so far . Thanks
Glad it was helpful!
Thank you! Very clear and conscience.
I have watched 3 videos and this one is the best explanation - I appreciate you so much for doing this.
You're very welcome! That is such great feedback, and we appreciate you commenting.
Thank you for all of the information.
Thank you so much, you made it so clear.
Glad it was helpful!
You are the best explanation online. I was able to file both years in a few hours. It is very easy.
How long does it take to receive?
are you still waiting to receive it?
@@kennyd2600 I have a feeling a lot of people will be going to jail because of this lol. It's not as simple as youtubers are making it. Tons of left out information. Best to hire a professional, not any CPAs who have very little understanding of ERC and how it works.
Fantastic thank you for doing this!
This made it so simple and understandable. Thank you 🙏🏾
You’re very welcome! Thanks for watching!
There's a lot more that is not being explained on TH-cam. I'd strongly suggest going with a professional.
Very informative. Thank you!
Very welcome!
Thank you very much this was very helpful!!!
You're welcome!
Very informative and interesting presentation
Great job very clear
Love you explanation
Glad it was helpful!
Thank you so much for the hard work in getting this info out to us. This is one of the best explanation for me personally and it helps significantly to clarify the subject.
You're very welcome!
I need someone to do my boy friend's can someone help him?
Awesome presentation, she doesn't play!
Thank you very much!
Really thorough and helpful. Thanks so much.
Glad it was helpful!
Thank you sooooo much for your help
Happy to help!!
Dear Ying , Hi, Good morning! I would like to claim ERC program. But I had received PPP, too. When I put PPP into a quarter, it wasn't enough. (Ex: Q3/2020: $17,948 and PPP fund: $25,610). So I will continue to subtract the money from the next Quarter. Looking forward to hearing from you. Thanks so much. Good day!
Dear Ying , Hi, Good morning! I would like to claim ERC program. But I had received PPP, too. When I put PPP Fund into a quarter, the wages wasn't enough to pay for PPP fund forgiveness. (Ex: Q3/2020: $17,948 and PPP fund: $25,610). So I will continue to subtract the money from the next Quarter. Looking forward to hearing from you. Thanks so much. Good day!
This is so helpful.
I'm glad. Let us know if you have any questions. :)
Thank you so much
You're most welcome
Don't need to sign each page, just print name, notice the form allows for it. Signature only required on page 4.
Thank you
Excellent video
Glad you liked it!
This is powerful explanation. Please the ERTC excel was calculated on monthly basis as explained in the spreadsheet. But when doing the 941X only one month was put there. Please explain.
Secondly where do we put PPP loan to see if we can still claim ERTC on 941x
This is was were informative. Very well done video! Could you please post a link to the excel. Thanks.
Do you have an updated video on how to fill out the 941-X Apr 2022 Version?
Do we just send in the 940X or do we have to send supporting documents as well?
Can 2020 ERTC be claimed by amending only 4th quarter 2020 with a 941X, or now that we are in 2021 must we amend both 3rd and 4th quarters of 2020?
How do you get paid back? and about how long does getting paid back take if you did not e-file?
Thank you for the information.
Our pleasure! Let us know if you need help.
➡ Nice job ⬅ explaining a somewhat complex (for the layman) tax scenario.
what is the website to apply for ERC?
Our business started Oct 25, 2019. And our first revenue was Oct 31, 2019. Would it be fair to calculate our 4th quarter 2019 gross revenue by multiplying the average of the two months by 3 or at least subtract the revenue from Oct 31st? IRS.gov guideline 44 says to estimate... but my accountant, who doesn't know ERC, told me I had to use 2020 to estimate the basis which makes no sense at all cause our revenue was down almost 50% in 4Q2020. He said no projections allowed, I can only use real numbers.
i cant find the spreedsheet
Hi, Madam, can you share this worksheet( Calulate ERC get per Employees) to me? Thanks a lots.
Thank you for your video , very helpful, can you help me to filing it?
Do employer covered social security and medicare taxes count as qualified wages ?
Thank you so much for this information. Can you post a video of how we can claim or "catch up" on ertc for 2020 on the 4th Qtr 941 report?
Please
Thanks for your feedback! We'll try to do a webinar on that soon.
I’ve been looking for same as well
Thank you! Can you explain how this credit would affect my bookeeping in Quickbooks? If I get 40K in ERC credit, would I need to reduce my wages by 40K? I am confused with the journal entries for claiming this credit.
Hi Trang! Thanks for your question.
Dr. bank - increase your bank as you deposited that to the bank.
Cr. Payroll expenses - as you got paid by the government to reduce your payroll.
Thanks for the video.
So my business had to close from 3/17/20-5/8/20 due to the governor’s order. Compared to 2019,my revenue reduction is LESS than 20% in 3QT, 4QT 2020. I know I’m eligible to claim 1QT and 2QT of 2020 because of the mandatory shut down but am I still eligible for 3QT and 4QT as well? I’m not sure I can claim as long as there’s a period I couldn’t operate during 2020 or it has to go by quarter. Thank you so much!
You're welcome!
IRS' rule issued in 2020 provides that: eligibility for ERC is determined quarter by quarter; for an eligible quarter based on government shutdown order, ERC is only for the period of such shutdown, not for the entire quarter.
IRS is expected to issue new ERC rules very soon, and we will see if the new rules will be different.
Can people self employed with 1099 form claim for this ERC ???
Only full time employees qualify for this? I have a restaurant and some of the employees don’t work more than 30 hours per week. Thank you for your help
All payroll for employees qualify, not just full time. But as long as they are W2 and not 1099 at the end of the year. Also remember eligibility is local closure or loss of sales.
Kindly share Sample Excel Template for computing the ERC
Thank you for this video. Do businesses such child care providers deemed 'Essential' but were ordered partial shut down qualify for the ERTC?
Partial shutdown that affected your hours and operation, that qualifies as long as it is government order.
@@CommunityCPA My hours of operation remained the same but service was affected.
Thank you so much for helpful video. Can I still claim against owner(president) wages too since owner is in payroll tax as well? so we can claim for quarters that are shut down due to gov. order if I can't prove 50% deduction. since my store was closed march, april, may, I can't apply for 4th qtr 20 but only 2nd & 3rd qtr,20, right?
You are getting PPP and ERC eligibility mixed up a little. For ERC you only need one of the two conditions: Partially or fully shut down. This is one of the two. The other one also ok if your state did not shut down. That is your gross is 20% less than same quarter in 2019.
Thank you for the information! This is very helpful. Do the wages paid to the owners and their spouses count toward the ERC?
As long as it is wages reported on company's 941, there is no concern in terms of whom you pay to.
Not relatives of 50% owner
When filling out Line 30 (qualifying wages) do we only fill out column 1 or column 2 and 3 as well?
Can you clarify which form you are trying to fill out?
Hi: Can sub-contractor self-employed with Schedule C be qualified for ERC?
Thank you - is it possible to get your Excel worksheets?
it has been changed based on the most recent new reg. If you think you need ERC help contact our office.
Just to confirm that If I am going to file ERC for period March 15 to April 20, do I have to file two 941-x for 1st Q and 2nd Q? Or I can file one 941-x for 2nd Q and using line 33a for the March (15-31) adjustment? Thanks and excellent video.
Same question. The example in the video uses data for 1Q 20. However, she checks 2q20 on the 941-X. A bit confusing.
where do we apply from ??
If I count only Full Time Employees, I have less than 500 in 2019
but if I count Full Time Equivalent, I have over 500 in 2019....
I am qualified for ERC?
Thanks in advance.
I submitted the 941-x form in March , 2021 but still haven't received the refund check. What can I do to follow up on the refund status? Thank you so much !
Anything ?
HOW CAN I FILE FORM 7200 FOR YEAR 2021 AFTER JAN. 31 2022? IS IT EVEN POSSIBLE?
hello ty so much. i was wondering if i already have filled 941 for first quarter of 21 what is the best way to go to fine ertc ?
Avi- we usually don't recommend filling the 941 so early. You will need to amend it (file 941x) to reclaim the credit. As of last week, I was told that they are still processing 4th quarter 941 so it might be awhile before you see that refunded. You could even request the funds to be credited to Q2 then stop making 941 payments in May, June and July.
Can we claim the whole retroactive ERTC for all 4 Qtrs on form 7200 before we file form 941 for the 4th Qtr?
You can retroactive for 2020 Quarters not for 2021. If you haven't filed 941 Q4 then you can claim retroactively Q1, Q2 and Q3 on Q4 941
Hi, Madam, So i can claim ERC program from March.2020 to June.2021. Is it right? Thx so much.
Thank u so much Ying ,can I apply this myself go to irs website ?
Yes you can!
Hi can you please provide excel spreadsheet or what program to use?? Thank you kindly
Did you ever find a good tax software
Do we have to submit separate forms for each quarter - form 7200?
7200 is for each quarter separately yes
Maximum credit for all quarters is 5k ? Thanks
Yes, it is for the 2020 ERC.
The IRS really hasn't issued guidance on the 941-x and to use that to get the money back for 2020. Are you pretty confident that's the way it should be done...have you seen that written anywhere or are you just assuming?
The revised 941 -X with Covid-19 tax credit was out mid-September. Check on irs.gov for the updated instruction and form.
@@CommunityCPA Thank you
Do you still qualify for ERC for employees who couldn't work and didn't get paid due to temporary shut-down?
Your credit amount is based on your payroll, so you would have had to have employee payroll expenses to include in the 941x.
Hi Ying, isn't the qualified wages for 2021 70% and NOT 50%?
I think yes 70 for 2121 not 50.
make that 2021 ;) whoops
Hi, I just found out about the ERC credit. Are we still able to claim?
Yes you have two years left to claim
is CAA-2021 retroactive to 2020?
And its $10,000 / ee per year...NOT monthly.
CAA amended some items for CARE Act, related to ERC, for instance, employers now can apply ERC in 2020 if they received PPP in 2020.
@@CommunityCPA It was always 10K per year. The description in the video is not accurate.
I appreciate you so much!!! Can you please help, is qualifying employee is FULL TIME EQUIV EMPLOYEE ONLY?
Great question! ERC is on W2 so PT and FT can, but not 1099 contractors.
Hi, today is Feb 8, 2021 and my cpa already filed 941 without let me know about ERT. Anyway I can go back to file or claim for this credit of 2020? My restaurant didn’t get PPP, had some declined on revenue but more than 50%.
You can file 941x to get the 2020 refund and file 941 for this year first quarter and second quarter as long as you qualify. If you need us to assist you, call our Firm we provide service nationwide: 515-288-3188
I thought we can get ERT even tho we get PPP, but we can’t use that PPP to include in ERT. Am I right? On your excel, you do not calculate each monthly of ERT? Is $5,000 credit for each month or Quarter? How much you charge if I want you to 941x for my company?
Is it true if you received PPP in 2020 and 2021 you cannot get the ERC?
Depends. Get eligibility study done.
2020- we received the PPP loan and the loan is forgiveness, are we still eligible to claim ERC? Thank you
yes as long as the payroll credit is not for the same period you had PPP to pay for the payroll.
Is bonus qualify for ERC in 2020 or 2021?
To the IRS, bonuses are just like wages. ERC is a federal tax credit.
Can u help me ?
can somebody help me file mines
厉害
Hi , I have qq, I send 941X on Fe 8th recvd date of IRS , can you please tell how long it takes to get refund..thank a lot Sam
90 days. did you get it already?
@@CommunityCPA I just called IRS today and they told they not rcvd yet as not entered in their system, can you please suggest..mine is llc and I file my llc tax along with personal, my cpa advice that not to claim 941 x refund with personal filing
Did you send electronically or in mail?
Help
We are happy to help. If you're still having trouble, please give us a call: 515-288-3188.
When you say " you can do it yourself" buy you never disclose the link, how can we do it ourselves.
There's no link. It's the 941x form.
Governors shutting down states had ZERO to do with science😂😂😂... good info though