Changes in Employer Retention Credit - help

[WITAXLADY]

I have a client that is so concerned about the ERC (and becoming a new S corp) - he is driving me crazy!

I cannot find it anywhere that says for 3,4th qtr, the qualifications of who can receive up to the $10,000 in wages have changed?

Relation - spouse, children do not qualify?

Anyone know a source? Have you heard this?

Not on IRS.gov news..

 

Thank you

Darlene

drowning in everything but taxes so I cannot get them done!!

 

[Lee B]

Fortunately for you the infrastructure bill which is in the process of passing with bring the ERC to an abrupt end.

[Lynn EA USTCP in Louisiana]

2021-49 dropped last week. Don’t remember if it is a notice or rev proc 

[TexTaxToo]

Some analysis of Notice 2021-49 is here:

https://www.currentfederaltaxdevelopments.com/blog/2021/8/4/irs-releases-additional-guidance-on-the-employee-retention-credit-and-its-not-good-news-for-majority-shareholders

[WITAXLADY]

thank you!!

 

[Lion EA]

I saw an on-demand course offered by John Sheeley/Tax Practice Pro and a course by Knox Wimberly/Knox Taxes. I'll see if I can find links.

[WITAXLADY]

super! We have been doing fine

and set up the year based on 3 and 4 now being allowed and now not! being allowed - not fun! messes up the 2nd qtr calculations of payrolls for family members - even though they are working!

D

[Lion EA]

Just saw a FREE book on Amazon mentioned on Twitter: 

Stephen L Nelson CPA @SeattleCPA

3hAmazon is giving away thru Kindle Unlimited free copies my "Maximizing Employee Retention Credits" book. Not sure how long that lasts but here's link:

https://amazon.com/dp/B09CNRXMPR/ref=sr_1_3?dchild=1&keywords=maximizing+employee+retention+credits&qid=1629037968&sr=8-3…

PS Acknowledgements page thanks

@danchodan

@edzollars

@nittiaj

for ways they helped us all learn ERC.

Maximizing Employee Retention Credits: Qualifying for, Claiming and Collecting Giant Employee Retention Credits

amazon.com

[Lion EA]

This webinar was recorded and is now available on-demand. I do not know the on-demand price.

The Employee Retention Credit, Updated for Notice 2021-49

WEBINAR DETAILS

Originally passed as part of the CARES Act in 2020, the employee retention credit has been revised twice since then. The ERC was first revised by the Taxpayer Certainty and Disaster Relief Act

(Division EE of Consolidated Appropriations Act of 2021) – referred to as “Relief Act” on December 27, 2020, and then revised again in March of 2021 as part of the American Rescue Plan Act.

The program will:

1. Review the ERC qualifications and present examples of the calculations

2. Discuss concerns related to Payroll Protection Program forgiveness and the successful maximization of the ERC.

3. Discuss both what to do if the PPP forgiveness application has, and has not, been submitted.

4. Review guidance issues in Notice 2021-20, Notice 2021-23 and Notice 2021-49.

5. Define and Discuss Recovery Startup businesses under IRC 3134(c)(5) and provide examples

6. Define and Discuss Financially Distressed Employers under IRC 3134(c)(3)(C)(ii)

7. Heavy discussion and examples of the related party guidance of IRC51(i)(1), then as amplified under Notice 2021-49 with IRC 267(c)

8. A discussion on correctly errors made on pervious filings.

9. Questions and Answers

This 100 minute course offers 2 IRS CE & 2 NASBA CPE. Tuition - $79

$47 a month unlimited CE subscribers are automatically registered for this course.

This program will be recorded and available for replay.

OPEN TO Everyone

FEATURED PRESENTERS

Nicole Ramos

Director of Continuing Education

Nicole comes to Tax Practice Pro with a wealth of experience that makes her the perfect fit. After graduating with a BS from the University of Maryland, College Park, and a wealth of multimedia presentation experience, she found her way into the...

John Sheeley, EA

Founder

Chester, New York based John Sheeley, EA began his career in the tax industry in 1987, passing the IRS special enrollment exam in 1995. His career includes 13 years as a multi-unit franchisee of a national tax firm and 5 years as a tax manager at...

HOSTED BY

Tax Practice Pro Inc

Tax Practice Pro, Inc., is a nationwide provider of live and webinar based continuing education. You can call us at 800-943-1750. Our website is www.taxpracticepro.com. You can e-mail [email protected]. For CE/CPE certificates or related issues, [email protected]

[Lion EA]

Employee Retention Credit

Thu, Aug 19, 2021 · 1:00 PM · Eastern Time (US & Canada)

This is an invitation reminder to register for Employee Retention Credit with Knox Wimberly.

We hope you can make it, but if you can’t, register anyway so we can send you the recording.

Webinar details:

Link https://www.bigmarker.com/taxaroo/Employee-Retention-Credit?bmid=94311e8be5b1&source_from=invitation

About: There has been new guidance released as recently as 8/10/21 that provides clarity on how to accurately help your clients with the Employee Retention Credit. We will cover all of the latest nuances including the eligibility of shareholder employees, what is included in gross receipts and the Recovery Startup Business Credit which is worth up to $100K in payroll credits THIS YEAR! 2 CE/CPE provided.

Looking forward to seeing you,

Knox Wimberly [email protected]

Knox Wimberly

6226 University Park Dr Ste 3406 Radford, VA 24141

[Lion EA]

From Wednesday's e-News for Small Business Issue 2021-12:

Employee Retention Credit updates

Additional guidance to employers for second half of 2021

The Treasury Department and the IRS issued further guidance on the Employee Retention Credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021. These changes, made under the American Rescue plan, amplify prior guidance.

The guidance also responds to questions received and covers reporting qualified wages and related health insurance costs.

Gross receipts safe harbor for employers claiming the credit

The Department of the Treasury and the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit.