I read the below statement on a tax site. Can you comment on the scenarios in which an employer would be eligible for FFCRA refundable payroll tax credis while having received a PPP loan? "If an employer receives a PPP loan (even if not one dollar is forgiven), the employer cannot claim the ERTC for any of its employees, but it can claim one or both of the FFCRA refundable payroll tax credits, if the criteria are met
I have client that did not do her quarterly taxes, she did everything at the end of the year. So my question is which box does she check , on the beginning of the 941 form
I seriously need help. I am in payroll in a non profit. I have even called the IRS and they can't answer my question. So my accounts manager back in April had me apply the credit to the ESick. I then deducted the total amount paid to employees for using Emergency sick and Family Leave from Social Security taxes for that pay period. Was this accurate? Now that I am trying to fill out a 941 for the second quarter, I am having a rough time because I don't see where I can show that I already deducted the esick and family leave. I am fairly certain I can't leave that information off of the 941 form. It is fairly frustrating.
INCORRECT INFORMATION AT AROUND 8:20 IN THE VIDEO!! You are correct that you cannot "double dip", which is why the IRS says that you cannot claim the paid sick leave credits and also use those same wages in your calculation of the PPP loan forgiveness amounts. HOWEVER, receiving a PPP loan DOES NOT preclude you from claiming the two paid sick leave credits - you can still get those if you qualify. You are NOT allowed applying for Employer Retention Credits if you received a PPP loan. All people looking for assistance and guidance should go to www.irs.gov, be wary of TH-camrs - they know enough to be dangerous but can be misguided. See the FAQ's on the IRS website - General Information FAQ's, Question #19.
@@stoneyj1a1 That means exactly what it says... "You are NOT allowed applying for Employer Retention Credits if you received a PPP loan". How can that be more clear? Let me put this a different way, maybe that will help. 1) Did you get a PPP loan? If so, you can still apply for & receive the Paid Sick Leave Credit. 2) Did you get a PPP loan? If so, you can still apply for & receive the Paid Family Leave Credit. 3) Did you get a PPP loan? If so, you can NOT apply for & receive the Employee Retention Credit (you are not eligible). The form he's talking about deals with all 3 credits. He says if you received a PPP loan to stay off that worksheet. He is incorrect and that is incorrect advice (see numbers 1, 2 and 3 above). Hopefully that clears it up.
I read the below statement on a tax site. Can you comment on the scenarios in which an employer would be eligible for FFCRA refundable payroll tax credis while having received a PPP loan?
"If an employer receives a PPP loan (even if not one dollar is forgiven), the employer cannot claim the ERTC for any of its employees, but it can claim one or both of the FFCRA refundable payroll tax credits, if the criteria are met
I have client that did not do her quarterly taxes, she did everything at the end of the year. So my question is which box does she check , on the beginning of the 941 form
I seriously need help. I am in payroll in a non profit. I have even called the IRS and they can't answer my question. So my accounts manager back in April had me apply the credit to the ESick. I then deducted the total amount paid to employees for using Emergency sick and Family Leave from Social Security taxes for that pay period. Was this accurate? Now that I am trying to fill out a 941 for the second quarter, I am having a rough time because I don't see where I can show that I already deducted the esick and family leave. I am fairly certain I can't leave that information off of the 941 form. It is fairly frustrating.
So what happens if I didn’t know I was going to get the ppp and took the erc and got only 1 payment from form 7200 out of 4 that I filed ?
INCORRECT INFORMATION AT AROUND 8:20 IN THE VIDEO!! You are correct that you cannot "double dip", which is why the IRS says that you cannot claim the paid sick leave credits and also use those same wages in your calculation of the PPP loan forgiveness amounts. HOWEVER, receiving a PPP loan DOES NOT preclude you from claiming the two paid sick leave credits - you can still get those if you qualify. You are NOT allowed applying for Employer Retention Credits if you received a PPP loan. All people looking for assistance and guidance should go to www.irs.gov, be wary of TH-camrs - they know enough to be dangerous but can be misguided. See the FAQ's on the IRS website - General Information FAQ's, Question #19.
So what the heck are you saying? You contradicted yourself here.
@@stoneyj1a1 Incorrect. You not understanding what I said does not mean I contradicted myself. You didn't even explain what parts you are confused by.
@@masterpheld What does this mean? "You are NOT allowed applying for Employer Retention Credits if you received a PPP loan."
@@stoneyj1a1 That means exactly what it says... "You are NOT allowed applying for Employer Retention Credits if you received a PPP loan". How can that be more clear? Let me put this a different way, maybe that will help. 1) Did you get a PPP loan? If so, you can still apply for & receive the Paid Sick Leave Credit. 2) Did you get a PPP loan? If so, you can still apply for & receive the Paid Family Leave Credit. 3) Did you get a PPP loan? If so, you can NOT apply for & receive the Employee Retention Credit (you are not eligible). The form he's talking about deals with all 3 credits. He says if you received a PPP loan to stay off that worksheet. He is incorrect and that is incorrect advice (see numbers 1, 2 and 3 above). Hopefully that clears it up.
@@masterpheld *You are Not allowed to apply for Employer Retention .....