A Complete Walkthrough of Employee Retention Credit 2021 | Get $14K/Employee in Second Round

Get your pen and paper ready as Larry Gray, CPA and Laura Lanier, EA, lay out how the new Employee Retention Credit of 2021 (a part of the new Consolidated Appropriations Act) works and how much money your small business qualifies for your employees. This video only covers the ERC for 2021. We made a separate video concerning ERC for 2020 (found below). BOTH videos cover ERC under the new Consolidated Appropriations Act. Make sure to pay close attention so you know how to best use this program.
Key points to watch for:
- Qualified Wages
- Qualified Periods
- Credits
- FTE Employees
- Bonus Pay
ERC 2020 Under the CAA here:
👉 • How to GO BACK and get...
Check our ERC under the CARES ACT video below:
Employee Retention Tax Credit 2020 Made Easy | CARES Act Small Business | Stimulus Tax Credits
👉 • Employee Retention Tax...
SUBSCRIBE! 😎 @ / agcsolutions
#employeeretentioncredit2021 #erc #employeeretentioncredit #ERCupdate #irsemployeeretentioncredit #caresactemployeeretentioncredit #employeeretentioncreditandppp #employeeretentioncreditvsppp #whatisemployeeretentioncredit #ConsolidatedAppropriationsAct #2ndstimulus #stimulusupdate #caresactupdate #caresact2021 #stimulus2021 #unemploymentcaresact #stimuluscaresact #taximpactofstimulusbill #stimulusbill #secondstimulusbill #newstimuluspackage #caresact2 #smallbusiness
----------------------------------------------------------------------------------------------------------------------------------------
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.

[@goldebrre7515]

Tax Avocate told me IRS isn't helping no one till after June 30th 2023

[@lynkung4018]

Credit = 70% of Qualified wages and health plan allocable to ERC.

[@acola2]

This credit is so confusing 😩what if I have 1099 employees that don’t pay taxes? Also what form do I submit? 941 is quarterly based and I file my business taxes once a year.

[@JesseHernandez1]

Could I give my employee a bonus up to the $7000 credit? I know I’d have to pay a percentage of it as the employer but I was just wondering if it would benefit the employee if I could pay them more up to the $7000 per quarter.

[@chrisgreen8759]

If you were an essential business, but could not see clients at your office. Do you qualify when your area was under a shut down? No once is addressing how to qualify.

[@spicytaco9266]

Thank you for posting this video! Your explanation was very helpful, I can't wait to share it with the rest of my co-workers. Cheers from Texas!

[@grifftech]

Would a sole proprietor with the only employee as me be able to get this?

[@learningtreedayschoo]

Thank you for this video. Do businesses such child care providers deemed 'Essential' but were ordered partial shut down qualify for the ERTC?

[@collierspdx]

Can you claim the ERC for a new hire? We have a multimember LLC with no employees but our pivot has prompted us to hire our first employee.

[@penniewitzQ]

Your video has been very helpful! Greetings from Los Angeles.

[@LarryGrayCPA]

Always great to hear!

[@bjaireid1]

Are you 100% sure on the government shutdown or partial shutdown alone is sufficient for taking the ERC? Many publications don’t include that part, just the 20% reduction in sales.

[@williamvanhook9163]

Does this apply for the self employed

[@karenlee1383]

Dear Larry Gray! You explains easy. I have been working alone doing all business matters...Am I eligible new hire? Waiting your reply. Also Can you help PPP and ERC Application and become my CPA? Thank you

[@salvatorepuccini4261]

Great explanation but the numbers are the easy part. Understanding where to put the credit on the 941 and getting your payroll company to understand is insane. Congress fucked this up bad. What line do you claim the credit on the 941

[@UghUgh1234]

Can I use 2 payroll windows if ppp fell in the middle of the year? Like use April and November and December payroll?

[@billbalalaos6818]

Thank you from Long Island NY!! Your easy going explanation was very helpful. My family is in Leonard and my Dad was born and raised in St Louis so I know you are from the - Show me State - and you certainly did! would love to have a copy of that analysis - can you make that available - Thanks again!

[@trentangelle7770]

Could you interpret the 100 FTE’s as a per unit classification if you were in the restaurant business and had multiple locations under 1 company ?

[@lvvdds]

Thank you for taking the time to help the small business owner who struggling, you are doing a great service!

[@malisabramblett7602]

Is PPP and a state relief money considered gross receipts?

[@rthilson]

I thought that if you were shut down for one day in the quarter you qualify for the whole quarter

[@williamvanhook9163]

Thanks again I always learn from your content can you walk us threw the sick and family leave credit

[@mkskolinn]

What about the nonrefundable part of the credit?

[@ninaarizumi7866]

Would my small business qualify for the ERTC if we only have part-time employees (no full-time employees)?

[@3000GTStealthGTO]

Yes

[@victorvalentinejr9738]

I was a employee how do I get this?

[@henryhache5509]

1:11 pause! Best recap ever!