The Newest Employee Retention Credit Twist
One of the problems inherent in Employee Retention Credit Processing is the time it takes for the IRS to process an amendment. The IRS won’t accept an electronically filed 941 amendment. It has to be filed on paper.
They work just as well as an electronically filed 941, but the problem is that it’s taking four to five months for the service to process these payments.
In order to speed things up, we’re asking our clients who don’t process their payroll through our payroll service to contact their payroll providers and have them electronically file everything except the Federal 941. If they can print out a copy of the form and forward it to us, we can recomplete the form claiming the credit.
We can then electronically file the 941, fax in the 7200, and the ERC payment should come in four to five weeks saving our clients three to four months of waiting.
That being said, many are having difficulties getting their payroll services to comply with this wish. Payroll services like ADP and Paychex are saying that it’s all automatic, already in the works, and can’t be done.
It’s not like I don’t know anything about payroll services given the fact that I happen to own one called Salary Solutions LLC. In mine, all I would need to do would be to click a button in the software changing that particular return from being electronically filed to manual. I can’t imagine it would be that much different on any other software package.
It’s not that big of a deal, but that would require the people at a payroll service to do two things. They would have to think and they would have to work. That’s two things they aren’t used to being forced to do.
Most payroll providers don’t do much of anything. They’re in highly programmed environments where computers are expected to do all of the work. Clients normally discover this when they have a problem and need someone’s help.
They make a call and get answers like, “It’s all automatic, already in the works, and can’t be done.”
If you’re having any difficulties with your payroll service, then please click the payroll button below and fill out the sign up now page. It’s the beginning of a quarter and would be a great time to switch.
Let me leave you with this.
We recently spent a week and a half in Egypt. We flew to Cairo and toured the pyramids. Then on to Luxor where we took a Nile Cruise down to the Aswan Dam stopping at half a dozen temples and the valley of the kings.
The airfare was $825 round trip and the tour was half price. All in it cost about what it would be to go to the Caribbean. Egypt is one of the few countries that didn’t close during the pandemic and since we had all been vaccinated a couple of months ago, we figured why not?
But the grandeur of the Sphynx, the perfection of Luxor, and the beauty of Abu Simbel was nothing in comparison to what I saw at a small farming village on an island in the Nile named Bassawa. They docked the boat and we were met by a farmer named Syed and his five year old son that he simply called Difficult.
We walked around the island, saw how they irrigated their crops from the Nile, and sat down in front of Syed’s home with his family. They brought out some mango juice from the freshly picked fruit of their farm and we got to know each other.
There were three generations of his family there. They had owned this farm for the last sixty years, so I asked him whether or not he wanted his children to continue in the family tradition of farming. His answer broke my heart.
With Difficult bouncing on his lap, he said, “I certainly hope not. I work hard every day, so that my kids can have a better life. I hope one day to go to America.”
Egypt is a strange place. It’s a primarily Muslim county that loves America. Walking through Cairo all you see is American fashion. You can’t go anywhere without seeing Levi’s, Ralph Lauren, and every t-shirt in English advertising this or saying that.
When you talk to the average Egyptian and tell them you’re an American they talk about all of the problem they have in Egypt and how lucky we are to be Americans. About the second or third time it happens, you begin to realize just how lucky we really are.
They want what we’ve had for the past 245 years. They want a better life for their children and they want to be free. When I got back from the trip and landed at O’Hare, I wanted to kiss the ground.
This weekend we celebrate the birth of our nation. We have problems. Nothing’s perfect, but I want you to imagine living in a place where it’s almost impossible to have what we’ve all enjoyed for our entire lives. Imagine living in a place that’s so dangerous they have security checkpoints throughout the city just to make sure your not a terrorist trying to walk a bomb into a grammar school.
They don’t enjoy the same freedoms we have. These people live in a country where 4500 years ago, when our ancestors were living in caves, their Pharaohs were building the pyramids, and they all just want to have what we take for granted.
Take a moment on July 4th and think about that.
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
President
Accounting Solutions Ltd.
773-267-7500
www.AccountingSolutionsLtd.com
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