ERTC Update (ERC is EASY! See my seminar below): Contingency Fees are disallowed (as in NOT legal) for any tax services with the IRS. Anyone telling you different is NOT reputable, PERIOD, and you should be very concerned about them as they must be providing the service in a "sneaky" way, as a tax professional is NOT allowed to charge a contingency fee for ERTC services.
ERTC SEMINAR BY JJ THE CPA (A TO Z ON HOW TO GET THE ERTC)
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MORE FREE ERTC VIDEOS [JJ's ERTC YouTube Playlist]
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IRS WARNING ISSUED: Employers warned to beware of third parties promoting improper Employee Retention Credit claims
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The disallowance of contingency fees is clearly documented in IRS Circular 230 Section 10.27 (link below) where the IRS specifically states contingency fees are not allowed when an amended return is being filed for an omission of a valid deduction (credit) or that is not under IRS audit or challenge. Further, the AICPA Code of Conduct Section 1.510 (link below) disallows contingency fees in these circumstances. AICPA further has stated as such (podcast link below) related to ERTC, that the services of preparing a Form 941-X does not rise to the level of allowing a contingency fee to be charged, because there is no expectation of a substantive review of the Form 941-X by the IRS, it is not being reviewed by the IRS (other than for the math), and it is not being audited.
IF YOU ARE CHARGING CONTINGENCY FEES "SHAME ON YOU!"
ERTC Tax Credit 2021. ERC Tax Credit 2020. $26,000 PER EMPLOYEE Combined. Did you pay employees W-2 wages between March 13, 2020 and September 30, 2021? Are any quarterly gross receipts down 20% in 2021 compared to 2019, or 50% 2020 to 2019? Then you qualify for ERTC (IRS ERC). The Employee Retention Credit under the CARES Act provides a refundable tax credit is 70% of up to $10,000 in wages PER employee, PER quarters 1, 2 and 3 in 2021 [50% in 2022]. THIS IS A CHECK FROM THE IRS TO YOUR BUSINESS! JJ the CPA is a practicing, licensed CPA with over 30 years of tax experience, still working with clients taxes everyday!
LINK TO FREE ERTC EXECUTIVE SUMMARY
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IRS CIRCULAR 230, SECTION 10.27 (page 21)
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AICPA CODE OF CONDUCT, SECTION 1.510 (page 117)
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AICPA PODCAST ABOUT CONTINGENCY FEES
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DO NOT BE FOOLED BY COURT CASE Ridgely v Lew as it does NOT apply to reputable professionals, and only scam artists use it as their way to trick you into paying a contingency fee.
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TAX & CPE SEMINARS BY JJ THE CPA
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DIRECT SIGN UP TO TAX & CPE SEMINARS
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The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees in 2020; 70 percent in 2021. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before October 1, 2021 (exception to the Recover Start Up Business which gets until December 31, 2021). For 2020, the maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. For 2021, the maximum amount of qualified wages taken into account with respect to each employee for EACH of the first three calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $7,000 per the first three quarters (with exception to the Recover Start Up Business).
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021; 70% after 12/31/20 through September 30, 2021.
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COMMENTS ARE NOT REVIEWED. PLEASE DO NOT EXPECT AN ANSWER TO YOUR QUESTIONS.
PLEASE REVIEW FULL DISCLAIMER
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I AM A CPA, BUT I AM NOT YOUR CPA. YOU MUST CONSULT WITH YOUR OWN TAX, FINANCIAL & LEGAL ADVISER. ANY INFORMATION ON THIS CHANNEL IS INTENDED FOR INFORMATIONAL PURPOSES AND FOR GENERAL GUIDANCE ONLY.
#jjthecpa #ERTC #ERC #ERTCCREDIT2021 #PAYROLLPROCESSING #PAYROLL #STIMULUS #SMALLBUSINESS
