Find Irs Employee Retention Credit Scams 2023

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Our team here what do these guys doing everyone in this space is assisting teach people about ERC and uh constantly offer a lovely breakfast and have individuals truly find out about the program we ought to head to the space where we are able to display some of the checks that we are getting for business and I wish to see that what is this this is uh numerous countless dollars actually Kevin hundreds of countless dollars so these are duplicate copies of the letters that go to customers verifying that the check is on the way I suggest you understand if you just begin to look at a few of these here I imply this one’s 8 million this one is 1.1 million 1.7 million 1.4 million I suggest it’s just I mean think of the number of real customers that went through the program yeah this is the very end this is the party at the end when the check is validated the numbers are validated and the check is on the mail in the mail from the IRS heading to the client so that’s how you have the ability to track it you understand when you

get this you understand the check is opted for sure and that’s when they pay so they don’t pay anything until they actually get the cash they don’t pay bottom line Wonder trust anything till this letter is verified the check is on the way they deposit it into their savings account and they can truly trust Wonder trust that the procedure has been finished and the number of you believe you have actually processed given that you started this we’re about 35 000 of these for

 


about six billion dollars wow so clearly they know what they’re doing which’s what you require you need specialists on the other end of the phone to process this and get it to where you get one of these that’s what matters all right Mr Terrific here you’re at my YouTube channel we’re speaking about something actually important today the staff member retention credit which the majority of you have actually never heard of I certainly hadn’t heard of it until extremely recently and found out a lot about it due to the fact that this is probably the lowest cost of capital for any small business anywhere

anytime if you have workers between five and five hundred so I’ve got the professional with me this is Josh Fox he’s the founder and CEO of bottom line Ideas they’re the largest processor of these ERC credits this is a 170 page program so it’s not easy this isn’t like PPP we simply contact your bank manager and state offer me a loan it doesn’t work there’s not a loan it’s an application and Josh is going to tell all of us about it and how to get it and why I’ve ended up being yes the Ambassador and paid representative for this I love this program it’s going away soon you got to discover everything about it let’s talk employee retention credit Josh Fox what is an ERC let’s just begin there so during the Trump Administration when President Trump was enacted they developed the cares Act and the cares act used companies 3 chances you had the PPP loan you had the eidl loan and you had the ERC tax refund and almost everybody it makes a big distinction right there two of them are loans and one’s a refund precisely so the ERC is a refund that’s.

fix the money money payroll tax refund all right go on sorry I just have to make sure we got that point I indicate that’s a big distinction a loan versus money money I like cash cash that’s what we’re talking about okay and the other loans are done so we’re sitting here in 2023 and the eidl is over the PPP is over and the only one left from the initial cares Act is the ERC and yes Kevin it is a stunning hard check in the mail where you get actual money from the IRS all right so let’s speak about how it works since it sounds like to me if it’s a if it’s employee retention credit that person had to be an employee so I’m going to make the Presumption this cash is not for the owner not for people on the cap table not for shareholders it’s for workers right you had to have owned a business however it’s based on you having W-2 employees in America not 10.99. so as long as you had W-2 staff members and you paid federal payroll taxes that’s why you would be qualified so you need to be on payroll in 2020 on the W-2 and you need to be on payroll for the very first six months of 2021 on the W-2 right so there were 6 quarters the program was open well stroll us through the 6 quarters so you had quarters two 3 and 4 of 2020 and you had quarters one 2 and three of 2021. fine so that’s how it’s measured you have to be on the W-2 throughout that duration now let’s talk my preferred part cash how much can you return per worker that was on a W-2 in those 6 quarters so the estimation in 2020 to be exact Kevin is 50 of the worker’s salary to an optimum of 5 thousand dollars per staff member for the year of 2020 and in 2021 the numbers escalated to 70 of the employee’s salary to an optimum of seven thousand per quarter how did that occur um they simply altered the rules in.

2021 versus because the chaos of the pandemic so they wished to even get more to keep those workers on payroll 100 so if you can get 5 000 per person Max in twenty that was 50 in 2020 up to five thousand Max and after that what happens 21 000 Max in 2021 oh that’s how you come up with twenty six thousand twenty one thousand to twenty twenty one plus 5 thousand in twenty twenty that’s twenty six thousand dollars per employee that is since that’s a lot of money it is now there’s a caveat here the PPP cash would have to be decreased from the twenty six thousand dollars so if you took PPP loan one and PPP loan two you would lower the 26 000 so what we’re seeing typically Kevin is if you took PPP money someplace around ten thousand dollars an individual so let’s say hypothetically you owned a restaurant in New york city City where I’m from and you had a hundred employees and you took PPP money you would still get a million dollar in the mail from the IRS so it’s huge undoubtedly now the big concern is why does nobody know about this because look when I first found out about this when I first met Josh you understand I’ve got lots of investments in lots of companies I’m a major supporter for entrepreneurship in America and make lots of numerous financial investments in entrepreneurs of which many suffered through the pandemic when I first heard about this I called BS I don’t believe it because I utilize the PPP we went through the money center Banks to get it it was very easy to do we had our CEOs call the banks they got their loans and that were well been worthy of and we utilized them sensibly to stay alive throughout the pandemic so when I became aware of this I stated nah it can’t be true but when I dug around I even contacted us to my politician friends Governor Senators they didn’t learn about it I indicate that’s how you know that’s how misinformation is that there’s no details out there then a lot of people told me well you can’t get it due to the fact that you took the PPP also not real so let’s ask Josh why does no one understand about the worker retention credit you know what’s intriguing you’re speaking about the banks Kevin due to the fact that in the PPP loan procedure the federal government made it very clear that if you desired a PPP loan you would call Wells Fargo Citibank Bank of America any of the huge banks in our nation and they would process procedure in Canada a pre-pp loan there’s no loans in Canada by the way it’s simply procedure process that’s all um and here there was chaos since remember in the initial cares act you might not do both programs so if you had done PPP you might not do ERC in the original program and when they altered the law in 2021 the banks were refraining from doing ERC since it’s not alone so you’re getting a tax refund so the federal government never made it clear to any person about how to.

do this does your CFO understand how to do this not actually he or she’s never ever done it previously do the banks do it nope the banks don’t do it the payroll companies yeah a few of them are doing it as a payroll company your accountant no your accountant’s never done this prior to unless you have an account that went into this business and bottom line my company Kevin has been in business since 2009 and we’ve been working with the federal government and the state federal government to recover money for Fortune 500 Fortune 1000 companies so a lot of our huge big business clients have worked with bottom line to recuperate other federal government programs we’ve done sales tax and use tax joblessness tax work opportunity tax credits research and development tax credits unclaimed property real estate tax all of these other government programs.

The employee retention tax credit is a broad based refundable tax credit developed to encourage.
companies to keep workers on their payroll. The credit is 50% of up to $10,000 in salaries paid by an.
Because of COVID-19 or whose gross invoices, employer whose service is totally or partially suspended.
decline by more than 50%.
Accessibility.
1. The credit is available to all employers no matter size consisting of tax exempt companies. There are.
only two exceptions: (1) state and city governments and their instrumentalities and (2) small.
organizations who take Small Business Loans.
2. To qualify, the employer has to meet one of two alternative tests. The tests are computed each.
calendar quarter– Either.
o the company’s company is totally or partly suspended by federal government order due to COVID-19.
throughout the calendar quarter or.
o the company’s gross receipts are below 50% of the similar quarter in 2019. Once the.
company’s gross receipts exceed 80% of a comparable quarter in 2019 they no longer qualify.
after completion of that quarter.

Computation of the Credit.
The amount of the credit is 50% of the certifying salaries paid up to $10,000 in overall.
It is effective for wages paid after March 13th and before December 31, 2020.
The definition of qualifying wages differs by whether a company had, typically, basically than.
100 workers in 2019.

Companies that focus on ERC filing help normally supply proficiency and support to assist services navigate the complex process of claiming the credit. They can use different services, including:.

 

How is the employee retention credit calculated? Irs Employee Retention Credit Scams

Eligibility Assessment: These companies will evaluate your organization’s eligibility for the ERC based on elements such as your market, profits, and operations. They can help determine if you meet the requirements for the credit and determine the maximum credit amount you can declare.
Paperwork and Computation: ERC filing services will assist in collecting the necessary documentation, such as payroll records and monetary declarations, to support your claim. They will also assist calculate the credit quantity based upon eligible wages and other qualifying expenses.
Retroactive Claim Review: If you are qualified to declare the ERC for previous quarters, these companies can examine your previous payroll records and financials to recognize possible opportunities for retroactive credits. They can assist you modify previous tax returns to claim these refunds.
Filing Help: Companies specializing in ERC filings will prepare and send the necessary kinds and paperwork in your place. This includes finishing Type 941 or any other required tax forms.
Compliance and Updates: ERC policies and guidance have evolved in time. These companies remain updated with the latest modifications and ensure that your filings adhere to the most present standards. They can likewise provide continuous assistance if the internal revenue service requests additional info or conducts an audit related to your ERC claim.
It is necessary to research study and veterinarian any business offering ERC filing assistance to guarantee their reliability and expertise. Search for recognized companies with experience in tax and payroll services, or think about reaching out to relied on accounting companies or tax professionals who offer ERC filing support.

Keep in mind that while these companies can supply important assistance, it’s constantly a good concept to have a basic understanding of the ERC requirements and procedure yourself. This will assist you make notified choices and ensure accurate filings.

The Employee Retention Credit (ERC) is a refundable tax credit introduced by the U.S. federal government as part of COVID-19 relief steps. The goal of the ERC is to motivate businesses to maintain and pay their workers during the pandemic, even if their operations have actually been affected.

Here are some key points about the ERC:.

Eligibility: The ERC is offered to qualified companies, including for-profit companies, tax-exempt companies, and specific governmental entities. To qualify, employers must satisfy one of two criteria:.
The business operations were completely or partly suspended due to a government order related to COVID-19.
The business experienced a considerable decline in gross invoices. As mentioned previously, for 2021, a considerable decrease is defined as a 20% decline in gross invoices compared to the very same quarter in 2019. For 2022 and beyond, a significant decline is defined as a 20% decrease in gross receipts compared to the same quarter in 2019, or a 20% decrease in gross receipts compared to the right away preceding quarter.
Credit Amount: The ERC is a refundable tax credit that offsets the company’s share of Social Security taxes. The credit quantity amounts to a portion (as much as 70%) of qualified earnings paid to employees, including specific health plan expenditures. The optimum credit per worker is $7,000 per quarter in 2021 and $10,000 per quarter in 2022 and beyond.
Interaction with PPP: At first, services that got a Paycheck Defense Program (PPP) loan were not eligible for the ERC. Nevertheless, legislation passed in late 2020 and extended in 2021 permits services to claim the ERC even if they received a PPP loan. The same wages can not be utilized to declare both the PPP loan forgiveness and the ERC.
Retroactive Provision: The ERC has been retroactively expanded and improved, enabling eligible companies to declare the credit for certified wages paid as far back as March 13, 2020. This retroactive provision supplies an opportunity for companies to change prior-year income tax return and receive refunds.
Declaring the Credit: Employers can claim the ERC by reporting it on their employment tax returns, generally Kind 941. If the credit exceeds the quantity of employment taxes owed, the excess can be reimbursed to the company.
It’s important to note that the ERC arrangements and eligibility criteria have actually progressed over time. The best course of action is to seek advice from a tax professional or check out the official IRS site for the most up-to-date and in-depth information regarding the ERC, including any current legislative changes or updates.

To receive the ERC, a company should fulfill among the following criteria:.

The business operations were totally or partly suspended due to a government order related to COVID-19.
Business experienced a significant decline in gross receipts. For 2021, a significant decline is defined as a 20% decrease in gross receipts compared to the very same quarter in 2019. For 2022 and beyond, a substantial decline is specified as a 20% decrease in gross receipts compared to the same quarter in 2019, or a 20% decrease in gross invoices compared to the immediately preceding quarter.
The ERC is readily available to organizations of all sizes, including tax-exempt companies, however there are some exceptions. Federal government entities and organizations that received a PPP loan may have restrictions on declaring the credit.

The procedure for declaring the ERC involves finishing the needed forms and including the credit on your employment tax return (usually Kind 941). The exact time it takes to process the credit can vary based upon several aspects, including the intricacy of your company and the work of the internal revenue service. It’s suggested to speak with a tax expert for assistance specific to your scenario.

There are several business that can assist with the process of claiming the ERC. Some popular business that use assistance with ERC claims include ADP, Paychex, Deloitte, and Ernst & Young.

Please note that the information supplied here is based upon basic knowledge and may not reflect the most recent updates or changes to the ERC. It is essential to talk to a tax expert or visit the official internal revenue service website for the most current and accurate details relating to eligibility, declaring treatments, and readily available help.

Less than 100. If the employer had 100 or less workers usually in 2019, then the credit is based.
on earnings paid to all employees whether they actually worked or not. In other words, even if the.
employees worked full time and made money for full-time work, the employer still gets the credit.
Greater than 100. If the company had more than 100 staff members typically in 2019, then the credit is.
allowed just for salaries paid to employees who did not work during the calendar quarter.
In both cases, “salaries” consists of not just cash payments but likewise a portion of the expense of employer.
provided healthcare. Irs Employee Retention Credit Scams
Payment.

Companies can be instantly repaid for the credit by decreasing the quantity of payroll taxes they.