ERTC: Retroactive Tax Credits for Your Business - Expert Insights and Deadlines

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.