#employeeretentioncredits

[usnewsper-business]

Get Tax Credits for Keeping Employees Safe During COVID-19 #childcareandschoolclosures #COVID19relatedquarantine #eligiblewages #employeeretentioncredits #ERCcalculation #ERCdocumentation #IRSmemo #OSHAstandards #taxcredits #workplacesafetyguidelines

[quiqloans]

[wiliamjohn2]

Employee Retention Credit Demystified for Business Prosperity

In the dynamic landscape of business, one of the key challenges faced by organizations is retaining talented employees. The Employee Retention Credit (ERC) has emerged as a powerful tool, providing financial incentives for businesses to retain their workforce.

In this article, we will delve into the intricacies of the Employee Retention Credit, shedding light on its significance for business prosperity. Additionally, we'll explore how Ignite HCM, a leading human capital management solution, can seamlessly integrate with ERC strategies to drive organizational success.

Understanding the Employee Retention Credit

The Employee Retention Credit is a tax credit introduced by the U.S. government to encourage businesses to retain employees during challenging times, such as the COVID-19 pandemic. It provides a financial incentive to employers who keep employees on their payroll, even if they are not working due to pandemic-related disruptions or experience a significant decline in revenue.

Key Benefits of Employee Retention Credit

Financial Support for Retention Efforts

The ERC offers a substantial tax credit that can be a game-changer for businesses looking to weather economic uncertainties. By providing financial support for retaining employees, it becomes a lifeline for companies navigating through challenging times.

Flexibility in Eligibility Criteria

The eligibility criteria for Employee Retention Credit have evolved, making it more inclusive. Initially designed for businesses affected by the pandemic, it has been expanded to accommodate various scenarios, making it accessible to a broader range of industries and organizations.

Maximizing Tax Credits

Understanding the nuances of ERC is crucial to maximizing the available tax credits. Ignite HCM, with its robust capabilities in human capital management, can play a pivotal role in optimizing ERC benefits for businesses. By leveraging Ignite HCM's features, organizations can ensure accurate tracking of employee data and payroll information, ultimately maximizing the potential ERC benefits.

Ignite HCM and Employee Retention Credit Synergy

Ignite HCM is a comprehensive human capital management solution that empowers businesses to streamline their HR processes. When integrated with ERC strategies, Ignite HCM becomes a strategic partner in maximizing the benefits of this tax credit. Here's how Ignite HCM can synergise with ERC

Accurate Data Tracking

Ignite HCM excels in accurate and efficient data tracking. For ERC, precision in tracking employee data, including payroll and work status, is essential. Ignite HCM ensures that businesses have a reliable system in place for recording and monitoring the information needed to qualify for the credit.

Streamlined Compliance

Employee Retention Credit compliance can be complex, with eligibility criteria and regulations frequently changing. Ignite HCM keeps businesses ahead of compliance challenges by providing real-time updates and ensuring that organizations stay informed and aligned with ERC requirements.

Customized Reporting

Generating reports for ERC documentation can be a time-consuming process. Ignite HCM simplifies this by offering customized reporting features. Businesses can quickly generate the necessary reports to demonstrate compliance and eligibility for the tax credit, saving time and resources.

Strategic Workforce Planning

Ignite HCM goes beyond ERC compliance, offering strategic workforce planning tools. By analysing workforce trends and data, organizations can make informed decisions about their staffing needs, contributing to long-term prosperity.

Conclusion

Demystifying the Employee Retention Credit is essential for businesses seeking financial stability and prosperity. Ignite HCM emerges as a key player in this journey, providing the tools and capabilities needed to navigate the complexities of ERC with ease.

As organizations strive to retain their valuable employees, understanding and implementing effective ERC strategies, coupled with Ignite HCM integration, can pave the way for sustained success and growth.

[mrbizz1]

Perseverance and resilience in achieving success: PT1 #motivateme https://www.davidallencapital.com/mrbizz1

[cpapartners]

IRS disallows 20K Employee Retention Credit claims amid crackdown

By Michael Cohn

The Internal Revenue Service is continuing to combat scammers and promoters encouraging businesses to file claims for the pandemic tax credit.

[ercexpress]

Hello Self-employed, 1099 Independent Contractors:

You are eligible for a tax credit refund of up to $32,000 if you were affected by

Covid-19 in 2020 & 2021.

"NO UPFRONT FEES to find out eligibility or to apply for the refund!"

I created this interactive presentation for you!

https://llconsultingservices.money/SETCTAXREFUND

[ercblog]

Navigating the Employee Retention Credit Deadline 2023: A Comprehensive Guide

Navigating the Employee Retention Credit Deadline 2023: A Comprehensive Guide

Introduction

As the business landscape continues to evolve, staying informed about available resources can make all the difference.

The Employee Retention Credit (ERC) has been a lifeline for many businesses, offering financial support during challenging times. With the 2023 deadline for the ERC credit approaching, understanding the process has never been more critical.

In this comprehensive guide, we'll walk you through the ins and outs of the ERC program, including the all-important deadline, eligibility, and how to apply.

Also, the rules have changed since this program was first introduced in the CARES Act. The details are pretty complex. We highly recommend using a company with researchers and auditors who are well-versed in the Employee Retention Tax Credit program.

Let's dive in and uncover the details you need to know about the employee retention credit deadline 2023.

1. Gather Necessary Documentation

Before embarking on the journey of applying for the Employee Retention Credit (ERC), it's essential to have all your documentation in order. Think of these documents as your roadmap to successfully claiming the credit.

🔍 Collect Records of Employee Wages and Hours Worked

Gather detailed records of employee wages and hours worked during the specific quarters you're applying for.

Make sure you capture data for both full-time and part-time employees, as this will impact your credit calculation.

These records should encompass regular wages as well as any qualified health plan expenses you've covered.

📝 Document Periods of Leave Taken

In addition to wages and hours worked, maintain records of periods when employees took leave.

This could include paid time off, sick leave, or family leave.

Such records help you determine the credit for qualified wages related to paid leave accurately.

📊 Prepare Detailed Financial Reports

To support your claim for the ERC, prepare financial reports that clearly demonstrate a decline in gross receipts.

Compare your current year's gross receipts to the same quarters in the preceding year (2019).

This comparison will be crucial in establishing the decline percentage required for eligibility.

2. Complete the Appropriate Form

With your documentation meticulously gathered, the next step is to complete the necessary form to claim the Employee Retention Credit.

📋 Fill Out Form 941, the Employer's Quarterly Federal Tax Return

Form 941 serves as the cornerstone for reporting employment taxes and claiming the ERC.

As you complete Form 941, ensure that you provide accurate and up-to-date information about your business, employees, and tax liabilities.

Pay close attention to the instructions and guidelines to ensure your form is completed correctly.

3. Calculate and Claim the Credit

Accurately calculating and claiming the ERC ensures you receive the full credit amount your business is entitled to.

💡 Determine Qualified Wages

Calculate the total qualified wages for your eligible employees.

Remember, qualified wages include the wages you paid to employees during periods when your business faced either a full or partial suspension due to government orders or experienced a significant decline in gross receipts.

💰 Understand the Maximum Credit Amount

The maximum ERC you can claim per employee depends on specific quarters and business conditions.

The credit is capped at a certain percentage of qualified wages, which might vary depending on the quarter and circumstances.

📝 Report the Credit on Form 941

On Form 941, accurately report the Employee Retention Credit for each eligible quarter.

Follow the IRS guidelines and instructions carefully to ensure you report the credit amounts properly.

Reporting the credit will effectively reduce the amount of employment taxes you owe for that quarter.

4. Submit the Form on Time

Having accurately calculated and reported the credit, it's now time to ensure your application is submitted on time and without errors.

📅 Be Aware of Filing Deadlines

Form 941 is typically due by the end of the month following the close of the quarter.

Meeting these filing deadlines is essential to avoid any penalties or delays in receiving your credit.

✅ Double-Check Accuracy Before Submission

Before submitting your form, double-check all the information, calculations, and data entries.

Accuracy is paramount, as any errors could lead to processing delays or incorrect credit calculations.

📑 Keep Records of Your Application

After submitting your Form 941, retain all documentation and records related to your ERC application.

These records will be crucial in case of any future audits or inquiries from the IRS.

Expanding on Eligibility Criteria

When considering whether your business qualifies for the ERC, remember that it's not just about meeting the financial criteria. Government orders, partial or full suspensions, and significant gross receipt declines are the primary factors. However, understanding how these factors interact with your specific situation is essential. Consult with tax professionals who can provide tailored guidance and ensure you're making the most of the program.

Navigating Complex Scenarios

Some businesses might find themselves in complex situations, such as mergers, acquisitions, or changes in ownership. Navigating ERC in these scenarios can be intricate, and seeking expert advice is highly recommended. Tax professionals can help you understand how these situations impact your eligibility and how to proceed accordingly.

Conclusion

As the 2023 deadline for the Employee Retention Credit approaches, a proactive approach to the application process can significantly benefit your business. By meticulously gathering documentation, completing the appropriate forms accurately, and submitting them on time, you can secure the financial support your business deserves. Remember, the Employee Retention Credit offers a lifeline during challenging economic times, and by navigating the application process effectively, you can position your business for resilience and growth.

Download the complete ERC guide.

[thxnews]

IRS on Employee Retention Credit Scams

  Employee Retention Credit (ERC) scams have been on the rise since the implementation of the CARES Act, putting businesses at risk when seeking tax credits. These scams are orchestrated by individuals or companies posing as legitimate ERC consultants, posing a significant threat to businesses aiming for tax relief. Understanding these tax scam strategies is crucial for businesses to avoid fraudulent activities and remain compliant with the IRS tax credit program.   Marty Stewart, CSO of Disaster Loan Advisors, Highlights IRS Guidelines Marty Stewart, Chief Strategy Officer (CSO) with Disaster Loan Advisors (DLA), emphasizes the importance of IRS guidelines in combatting ERC scams. The IRS has provided crucial insights into the functioning of ERC scams and offers effective measures to ensure business security and protection. Furthermore, Stewart advises businesses to stay informed about these guidelines to safeguard their interests.  

Business Owner Guidance: Key Takeaways for the Employee Retention Tax Credit

In order to protect their businesses from ERC scams, business owners should keep the following key takeaways in mind: Recognizing Red Flags and Taking Proactive Measures Business owners should be aware of red flags that indicate potential ERC scams. Illegitimate ERC consultants may inflate eligibility, submit erroneous claims, engage in identity theft, file false claims, exaggerate salaries and wages, seek credits for disqualified employees, or charge an ERC contingency fee. By recognizing these warning signs, business owners can take proactive measures to safeguard their businesses against fraud.   Ensuring Financial Stability and Compliance To ensure financial stability and long-term success, business owners must stay informed about ERC scams and actively protect their businesses from fraudsters. Working with established professionals, insisting on personal communication, understanding ERC requirements, inquiring about defense against IRS audits, and establishing a realistic time frame for receiving the credit are essential steps in achieving compliance and safeguarding businesses against fraudulent activities.  

Understanding Employee Retention Credit (ERC) Scams

ERC scams encompass various fraudulent activities aimed at exploiting businesses seeking the ERC tax credit. These scams include illegitimate ERC consultants, erroneous eligibility claims, identity theft, false claims, inflated salaries and wages, and seeking credits for disqualified employees.   Illegitimate ERC Consultants and Exploitative Practices Illegitimate ERC consultants pose a growing threat to business owners, misrepresenting themselves as seasoned tax professionals and promising lucrative tax credits under the CARES Act. They charge exorbitant fees to secure these credits and engage in fraud, such as creating false documents or using fabricated employee information.   Submitting Erroneous Eligibility Claims and the Risks Involved Submitting erroneous eligibility claims is a common tactic employed by ERC scammers, misleading businesses about their qualification for the credit. However, such actions can attract IRS scrutiny and lead to severe penalties for tax fraud.   Identity Theft and its Role in ERC Scams Identity theft is another method used in ERC scams, with fraudsters posing as ERC consultants or tax professionals to extract sensitive company information. This stolen data enables them to file false claims under the business owner's name, diverting funds to their accounts and damaging the business's finances and reputation.   Filing False Claims and Exaggerating Salaries ERC scammers often file false claims, providing fraudulent information to claim credits they are not entitled to. Additionally, scammers employ the tactic of exaggerating eligible salaries and wages, inflating these figures to fraudulently claim higher credits. These deceitful practices can result in penalties, tax liabilities, and damage to a company's reputation.   Seeking Credits for Disqualified Employees Some scammers seek ERC credits for disqualified employees, attempting to include ineligible individuals in their claims. This can lead to serious consequences, including penalties and legal issues for businesses that unknowingly fall victim to such schemes.   Recognizing Red Flags and Protecting Against Fraud By staying informed and exercising caution, business owners can protect themselves from falling victim to employee retention credit scams. They must be vigilant about red flags that indicate potential ERC fraud, such as a lack of specific information, premature determinations of eligibility, charging high percentages of recovered taxes, and promises that appear too good to be true. Taking these warning signs seriously is crucial in safeguarding their businesses.  

About Disaster Loan Advisors Employee Retention Credit Services

Disaster Loan Advisors is a team of financial tax professionals and ERC consulting specialists dedicated to helping businesses navigate the ERC program. They possess extensive experience in assisting businesses with ERC claims and demonstrate a commitment to delivering professional services at a reasonable fee. By guiding businesses through the complex ERC filing process, Disaster Loan Advisors ensures compliance with IRS rules and regulations while maximizing the full value of the ERC credit program.   Sources: THX News & Disaster Loan Advisors. Read the full article

[home4result]

Employee Retention Credit - Don't Miss Out!

[quiqloans]

Business Loans In California

Aspirations of California. The 18th-century gold rush was the beginning of everything. The goal of becoming an entrepreneur is achieved. Is there a better opportunity to make money? In addition, California will permit you to obtain business loans. When you think of innovation, California comes to mind without a doubt. Los Angeles, San Francisco, and San Jose, just outside Silicon Valley, are home to some of the most innovative technology, often beyond our wildest expectations. When you think of Los Angeles, you think of Hollywood. Despite not being as well-known for its entrepreneurial spirit as its high-tech cousins to the north, San Diego in southern California has its share of success stories.

[discoveryscience]

ERTC

Employers, take advantage of this limited-time opportunity to get ERTC federal government program cash that you don't need to pay back!  Before funds run out learn more here 👉https://ertccreditspecialists.com

[copilotcat]

Between TV commercials, daily calls, and email/IMs everyone wants to know “Have you signed up for the ERC program????”Things to know:

Money is a grant not a loan – monies do not have to be paid back.

Only 16% of eligible companies have applied for the ERC program, so if you have not, you are not alone.

Countless businesses were erroneously informed by a tax advisor or CFO they were not eligible but are in fact eligible.

If your business had 5+ employees during the pandemic, you are most likely eligible.

Under President Trump businesses could choose either PPP or ERC monies but not both. Under President Biden businesses however are eligible for both. Most businesses chose PPP because there was more money at the time.

To be eligible for an ERC “Covid Operational Impact” grant any change in your business due to Covid qualifies such as change in hours, days open, in person vs pick up/delivery, increase/decrease staffing, protective changes in offices/stores.

Grant monies are a reward to your business for paying their w2 employees during the pandemic. Grants may be used for the business to use as they please. There are no limitations or requirements on how monies are spent.

NPOs, NGOs and any other entities that had W-2 employees and paid taxes most likely are eligible. Government agencies are among the organizations that would not be eligible.

Most common items required of the business owner

Spreadsheet of employees

Tax form allowing for the amendment of tax return for years receiving ERC monies

Form allowing for ERC company to act on your behalf to get ERC monies

What to expect:

ERC grant amounts will vary based on your specific business and if the business accepted PPP monies.

2 PPP loans: 8k to 10k,

1 PPP loan: 12k to 14K,

No loan: 16k to 20k (can be as much as $26,000)

Your timeline will vary based on the number of employees. After meeting with your ERC advisor, the timeline will most likely be approximately:

1 – 2 weeks for letter with how much grant money to expect.

3 – 6 months for letter from IRS with amount being paid including accrued interest

Approximately 1 week for payment from IRS. Please be aware your businesses will receive one check per employee: 500 employees = five hundred checks addressed to the business.

Be cautious when working with any ERC assistance firm if:

Companies formed specifically to assist with ERC grants may not be available for any follow-up issues.

Upfront payment before monies received from IRS

50/50 split of monies identified.

Companies that are promising a specific amount before reviewing your individual situation: “Multiply the number of employees by $26,000 to see how much you will get!” (Yes, a business could receive 26k for each employee but those are unusual cases)

Always ask “If my business is audited, will your company assist in the audit and if necessary, refund the contingency fee?” *Whenever dealing with the IRS always be prepared in case of follow up questions or auditing of returns*

Why CoPilot Cat chose to partner with Bottomline Savings:

Bottomline was founded in 2009 as a government aid assistance firm working with Fortune 100 companies.

Bottomline identified and began the process for over 3.5 billion in client ERC grants in 2022 and is by far the largest in this field.

Put CoPilot Cat and Bottomline Savings to the test, we work on a contingency basis, your business negotiates the commission, and it is not owed until the monies from the IRS are received by your company. Even if you feel your business is not eligible, it is in your best interest to schedule a 10-minute explanatory call to discuss what your business should expect from the ERC program: http://copilotcat.com

Published by

CoPilot Cat - Bottomline Savings ERC Referral Partner

[mrbizz1]

Embrace Your Inner Beast: The Power of a Lion Mentality

Introduction:

In life, we often hear that we should be harmless, avoid aggression, and take a back seat. However, what if we told you that being a monster, in a controlled manner, can actually lead to success? In this blog post, we will explore the concept of embracing your inner beast and adopting a lion mentality. We will discuss the importance of being aggressive, taking action, overcoming obstacles, and never giving up on your dreams. So, get ready to tap into your inner beast and unleash your full potential!

"Embracing your inner beast is not about succumbing to darkness, but rather harnessing your primal instincts to conquer the challenges that stand in the way of your true potential." J.K. Rowling

The Power of Aggression:

The power of aggression is like a raging fire that engulfs everything in its path, leaving destruction and chaos in its wake.

Aggression is often seen as a negative trait, but when channeled correctly, it can be a powerful tool for achieving your goals.

Being aggressive means being forceful and assertive in pursuing your aims. In combat, nothing goes as planned, and if you don't use force of will, you won't get things done. By training yourself to think with an aggressive mindset, you can take action, overcome obstacles, and push through roadblocks. Don't let a "no" or an obstacle stop you; instead, evaluate the situation and find a way to get through it.

The Race of Life:

One real-life example of the race of life could be competing against other job applicants for a highly sought-after position.

Life is often compared to a race, and it's important to evaluate where you stand in this race.

Many people don't even realize they are in a race, and they need a push to start running. Don't let anything hold you back from chasing your dreams and goals. The situation you are in right now is not your future; it's not your full potential. The sky is the limit, and it all starts from within. Evaluate yourself today and commit to running after your dreams and goals.

The Mindset of a Champion:

To achieve greatness, you must adopt the mindset of a champion. This means being hungry for greatness, being willing to go through challenges, and understanding that setbacks and tough times are part of the journey. It's about being resilient, driven, and having the mental fortitude to face any obstacle that comes your way.

Train your mind daily, read books, listen to audios, and work on rewiring your thinking patterns. Remember, you are in control of your life, and you have the power to create the life you deserve.

Embracing Your Shadow Side:

Acknowledging and integrating the aspects of ourselves that we often suppress or reject can lead to a profound sense of self-acceptance and personal growth.

Every individual has a self-destructive side. Just as a coin has two sides, every person has aspects of themselves that can be self-destructive. just as every being has a shadow.

Embracing your shadow side is crucial for your personal growth and wholeness. It's about accepting all parts of yourself, including the seemingly negative aspects. Successful people make mistakes and face setbacks, but what sets them apart is their ability to make their decisions right. By taking responsibility, owning your shadow side, and learning from your mistakes, you can transform your weaknesses into strengths.

The Power of Resilience:

Resilience is the ability to bounce back from adversity and keep moving forward. Life is full of ups and downs, and it's important to develop mental toughness to handle the tough times. Work on your mindset daily, change the way you see the world, and become the author of your own life.

Don't let fear-based consciousness or past experiences hold you back. Remember, you have the power to rewire your thinking and create the life that you deserve.Just like a rubber band, resilience allows you to stretch and adapt in the face of challenges, ultimately springing back stronger than before.

Conclusion:

Embracing your inner beast and adopting a lion mentality can lead to success in all areas of life. Being aggressive, taking action, and overcoming obstacles are essential for achieving your goals. Remember that setbacks and tough times are part of the journey, and it's your resilience and mental fortitude that will make you stronger. Embrace your shadow side, accept all parts of yourself, and use your weaknesses to fuel your growth. Stay resilient, keep pushing forward, and never give up on your dreams.

You have the power to create the life you deserve.

[cpapartners]

The ERC nightmare

By Daniel Hood

Lots of businesses have claimed the Employee Retention Credit who don't actually qualify for it — and in many cases it's going to be up to their accountants to set them right, says Randy Crabtree.

[ercexpress]

‼️BREAKING NEWS‼️ 🚨🚨 Self-Employed Tax Credit Refund Alert! 🚨🚨 If you or anyone falls under this category then check this out: Self-employed (e.g. sole proprietor, 1099 contractor, freelancer, single-member LLC, gig worker) affected By COVID-19 Can Get Federal Tax Refunds Immediately "NO UP-FRONT FEES!" SEE HOW MUCH YOU OR YOUR CLIENT QUALIFY FOR INSTANTLY 💸💸💸💸💸💸💸💸 https://llconsultingservices.money/SETCREFUND