Do It Yourself - ERC Update
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- เผยแพร่เมื่อ 19 ก.พ. 2021
- The Employee Retention Credit (ERC) is a big deal, a bigger deal than PPP. You might feel like you have PPP figured out, but how much do you know about how your company can benefit from ERC? Did you know that in 2021 ERC, a business can receive up to $7,000 per employee, per quarter? This is a lot of money that can help you through your business during this difficult time. Come hear about the latest updates so you can benefit from this program.
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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.
Thank you so much, you really made me finally understand this ERC
Great to hear!
Yin, you are amazing at explaining things!! Thank you
Thank you so much for the clear explanation. You are the best . So, you mean if the employer received ppp in 2020 will not be eligible for the credit at all? Also what about 2021 should we multiply the wages by 70% on the 941 ? Please respond
Are start up businesses the only ones who can apply for 4th quarter of 2021 ?
Thank you! If you read this comment I love your videos!!!
Thanks for watching! I’m glad you’re enjoying them.
You guys are awesome!
Thanks and excellent video. 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? Once I file the 941-x for the ERC credit of 2020, do I still need to file form 7200?
Thank you
You're welcome
Does the IRS require an adjustment to the schedule b for the 941x when processing the amendment
Excellent information. I watched your "Do it yourself-Applying for the Employee Retention Credit" video and MAILED 941x with 941 for 1st and 2nd quarter 2020 . Then I watch this video, NOT knowing about it until AFTER I already mailed my information to IRS and this video had several changes in it from the 1st one on how to file 941x. Should it be OK? A competent IRS person should be able to figure out the correct numbers that I gave them on line 30 of the 941x. The total amount on line 27 of 941x would be the same in both videos. The only modification between the two videos would be lines 18 and 26 on 941x which total line 27. Also leaving page 1 blank really should not matter because IRS person should easily figure out what I am trying to do. What are my options for this issue? Thank you so much. You explained this extremely well but the two videos are slightly different but seem to come up with the final numbers being identical.
Do PTO and OT can be take into account when calculate for ERTC? Thanks
confusion over using 4th Q for 941x and including 2nd and 3rd Q 2020 figures for ERC. On the IRS site it states to do that , it is only for those who applied for forgiveness but were denied. If one has not gotten forgiveness, is it best to do ERC separately for each quarter 2020 941X. thank you , appreciate it
Thank you so much for sharing this video!!! it has been extremely helpful!!! I have one follow up question. If we have a business where a portion of the total wages does include the owner and some of the owner's family members. Does line 30 on the 941x become the wages from your 941 line 2, MINUS the family's wages? And would that be the same for line 18 of the 941x? Should the family's taxable social security be subtracted first and then that number divided in half?? Thank you for the info!!
Ying, this presentation is mind-boggling. I pass on this one...
It can be difficult for sure. Let us know if you have any questions.
Yes, very mind boggling, especially since she said that the quarter needed to be less than 50% and in her example, Q2 was greater than 50% and she said it qualified.
Hi Yin! Thank you for sharing so many great info here about ERC. Does the average number of employees we had in 2019 affect the number of employees we can claim in 2020/2021 for ERC?
Subscribed, good job and thanks so much for doing this video!
Question: if quickbooks online full service payroll filed my 941’s quarterly in 2020 and I need to file a 941-x, do they have to file it or can I do it myself?
Will anything get messed up if I file 941-X instead of my payroll provider?
You can file 941x on your own without needing to contact QB. It will not change your W2 or anything because it is just a way for you to get refunded. That is it. Once you got the refund, you will credit payroll expenses and debit bank. It is done. Easy and rewarding!
@@CommunityCPA thank you!
So what if i can claim ERC for only a portion of the quarter? How do I amend it to reflect the correct amount?
Can employers still claim the ERC retroactively for 2020?
Does the IRS allow an owner and employee (W-2) of S-Corp. who own 100% of shares to be eligible for ERC ?
Here's one for you, there is qualified wages in March but for Q2 , all wages were funded by ppp. So when you do Q2 941x, you can put the march qualified wages in but do you enter anything in line 18 because it comes from Q2-941 line 11c. or do you just figure 6.2% of the march qualified wages and enter that and then fill in line 26 of 941x? Nobody seems to be able to answer this..
When do you apply the ppp dollars to the 941X?
Hi April! That's a good question! Did you ever figure it out? Feel free to give us a call for a consultation! 515-288-3188.
Is your statement that you cannot take the credit in the quarter that PPP money is being used. Is that correct? What if only a portion of that quarter is PPP payroll money. Can't you use the remainder of payroll money in that quarter for the credit. No 'double dipping" there.
Thanks, Janet. As long as there is no double dipping, yes you can use the payroll amount to calculate ERC credit.