ERC Qualifications and Calculation

If you have not applied for the Employee Retention Credit (ERC) yet, you might be wondering, is there still time? Can I still qualify for the ERC tax credit? If you have these questions, Community CPA's CEO Ying Sa can help! In this session, we will go over the ERC process, what you need to have to qualify, and how to calculate for the 941X. Join in and learn!

2:43 ERC timeline to claim
4:34 IRS Warnings about ERC
7:20 ERC Summary - ERC Eligibility Overview
10:40 ERC Qualified Wages - What counts as qualified wages for ERC? What are the ERC exclusions?
12:10 ERC Wages Paid to the Relatives of Majority Owners
17:27 Simple Example of ERC (no PPP)
19:35 Determination of ERC - Eligible Quarters
21:44 ERC Significant Decline explanation
23:27 ERC Qualifications for Small Recovery Startup Businesses
24:08 ERC Credit Amounts for 2020
24:35 ERC Credit Amounts for 2021
24:56: ERC Credit amounts for Recovery Startup Businesses
25:21 ERC Credit 2020 Example
27:08 ERC Credit 2021 Example
28:22 ERC Claim Procedure - How to Apply for ERC
29:12: Common ERC Claims Mistake - Double dipping into other federal programs
30:17 Common ERC Claims Mistake - Aggregation Rule
33:00 Common ERC Claims Mistake - Constructive Ownership
35:16 Common ERC Claims Mistake - Applying the Government Covid Order Criteria
39:34 Common ERC Claims Mistake - Non-refundable Portion

Want Community CPA to help you in the ERC filing? Contact us at [email protected]

About Community CPA
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Community CPA is a firm specializing in growing small and mid-sized businesses. We are your next-level CPA firm and your trusted advisors who speak your language.

Contact us for accounting, advisory & legal, audit and attest, payroll, taxation
Email: [email protected]
Telephone: 515-288-3188
Website: www.communitycpa.com

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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 any time 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.