Employee Retention Credit Update

As we begin filing payroll taxes for the Third Quarter, it would be good to review one of the options still available to many.
The Employee Retention Credit has not been in the news recently, but it’s still out there. If you have received a PPP Loan, then you cannot apply for this credit. But if you have received any other aid such as the EIDL Loan, then this is possible.
This is a 50% credit on up to $10,000 in payroll. That means that you can receive up to $5,000 per qualified employee.
Payroll has become difficult. all of a sudden, there are options. If you have filed for unemployment, then we will need to file zero’s. If you received the PPP Loan, then we will need to do a normal payroll. If you would like to receive the credit, then we will need to handle it differently.
You need to let us know what option you would prefer.
We had some difficulty processing these last quarter. We received letters from the service on three of the ERC’s that were claimed. In every instance, we had done nothing wrong. The returns were processed and sent properly.
But let’s remember that this is brand new tax law and new returns that the service processes by machine. As such, they are going to make even more mistakes than usual. We have written letters showing the service their mistakes, and await positive responses.
Most of the time, the system worked as advertised, with clients receiving their credits as promised, but there may be difficulties that need to be overcome.
Please let us know what your choice is for this quarter.
Let me leave you with this one thought.
Is it just me, or do you feel like you’re under siege, once again?
We got the grand jury decision on the Breonna Taylor case earlier this week, and the Governor had the presence of mind to put the National Guard on alert given the potential for violence and renewed looting. Thank God our neighborhoods aren’t on fire again, and that nothing of substance occurred.
We now await the President’s announcement for a Supreme Court justice to replace Justice Ginsburg this Saturday. How many of you think that things will continue to remain calm?
I’m tired of all of this. Tired of the election. Tired of the violence. Tired of worrying about my mother, my daughter, and their safety.
I don’t even know if it’s safe for me to go down to the dock for a quick sail this weekend, or if I’m going to need to stay close to home worrying about looters. If you had asked me five short years ago, whether or not it was even possible for me to have these thoughts, I would have laughed in your face.
Yet here we are. Thank God I still have use of my faculties.
I read a statistic a couple of days ago stating that over 25% of Chicagoans are now suffering from varying degrees of depression. Whether it’s a siege mentality, not being able to leave your home, or just not feeling safe, this pandemic has taken its toll.
If you couple that with the difficulties and uncertainties of operating most businesses, it’s a recipe for disaster.
If you need help, get it. There are too many people counting on you to be able to perform. There is no shame in admitting you have a problem. Seek help today.
We all need to find some way in these ridiculous times to relax. I know that it’s an almost impossible thing to ask, but we all know it is necessary. Make some time for yourself. Read a book, do a puzzle, exercise, whatever it takes. Then spend some time with your spouse or your significant other. If you’re going through this, they probably are feeling the same way. Don’t forget you kids or other loved ones. Those who have the least control in these situations, are the ones who need you the most.
Be the calm in the storm. that ever-confidant, omniscient captain at the helm, making everyone feel safe and secure.
But do so knowing that you are not alone.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
Accounting Solutions Ltd.
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