ERTC: Retroactive Tax Credits for Your Business - Expert Insights and Deadlines
THRIVE, a Paychex Business Podcast
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Show Notes
Join host Gene Marks in this insightful episode as he discusses the Employee Retention Tax Credit (ERTC) with Erin Lierheimer, Senior Technical Product Manager, and Ken Bersani, Manager of Operating Risk, both from Paychex. Learn how businesses can claim retroactive credits for pandemic-related losses. Discover the ERTC qualifications, eligibility, timeline, and how Paychex can assist in the process. Don't miss out on valuable information about the ERTC benefits and deadlines for claiming retroactive credits.
00:00 – Introduction
00:15 – Financing trends for 2023
01:01 – What is the ERTC?
03:15 – Guest introduction
03:51 – Meet Erin Lierheimer
05:39 – Meet Ken Bersani
06:14 – Using a professional for ERTC
07:25 – Can you still obtain the ERTC credit?
07:43 – Retroactive amendments to ERTC
08:09 – How long does it take to get refunds?
08:33 – ERTC timeline and leaving yourself time
11:38 – How Paychex helps with the process
12:09 – ERTC with other loans and credits
15:41 – Qualifications and eligibility for ERTC
15:51 – Full or partial shutdown
19:45 – Decline in gross receipts
22:47 – Recovery startup businesses
25:02 – Key dates
26:07 – Auditing by the IRS
30:51 – Wrap up
Discover more about the benefits of the ERTC at www.paychex.com/worx/guide/ertc-resource.
Find out more about the deadlines to retroactively claim the ERTC www.paychex.com/articles/compliance/employee-retention-credit.
Learn more about the ERTC and how Paychex can help at www.paychex.com/tax-services/employee-retention-tax-credit-services.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.