Employee Retention Credit ERTC Help Do This, but DON'T Do That

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Video Transcript:
Hey there, thanks for stoppin' by the channel. My name is Shawn and this is the Shawn Show. Today I'll be talking about the Employee Retention Credit (ERC, ERTC, and Employee Retention Tax Credit). More specifically, if you're looking to get it, the way you should go about doing it vs what you definitely DON'T want to do.

With that said, let's just dive in. A quick disclaimer. I'm not a CPA.

However, I am an independent agent for David Allen Capital (DAC for short). DAC specializes in getting funding for businesses (business funding), particularly for businesses that the big banks just don't want to help. Frankly, that's about 80% of the businesses out there.

So, the CEO of DAC, thought, "you know what, we should partner with someone that really specializes in getting the ERC because A) if you try to go-it alone you could potentially miss out on some fund. You could potentially get money you're not really entitled to....land it's very complex and it's been ever changing compared to when it first started vs right now (November 2022).

Now, what is the employee retention credit? It is a credit that business owners can potentially get if they have w2 employees that they kept on or they kept a portion of them on during the 2020 and 2021 COVID pandemic.

You can get up to $26,000 per employee that you kept on. And there's really just 3 basic things that need to happen (actually, one of the following three things) for you to potentially be eligible:
1. If you had a reduction in revenue because of the pandemic
2. If your business was impacted by a government mandate
3. If you started your business after Feb. 15, 2020 (don't quote me, might be 2019).

If any of these 3 apply, you MAY be eligible for ERC/ERTC / Employee Retention Credit / Employee Retention Tax Credit.

There are alot of firms out there that can help you get the ERC. Some are great. Some are not. What you want to do:
1. You should hire someone to help you (a specialist). For example, DAC partnered with this particular firm that ended up getting $1,400,000 (legitimately) for a company that was perviously told "no" by their CPA. Now, it could mean that this CPA just didn't specialize in this...just was unaware of it.....or just didn't have the insight that this particular firm has because they specialize in it. They've done thousands of them so far. It could be because of changes in the rules. For example, in the beginning, you could not get an ERC if you took a PPP loan. Well, that's not the case anymore so if you got a PPP loan you were previously told you could not get an ERC. Now if you did get a PPP loan, you can MAYBE get an ERC / ERTC.

2. These laws are complex, so you definitely want to use a professional,
BUT what you DO NOT WANT to do is (you don't want to do it on your own, we already talked about that) you DO NOT WANT to do is PAY ANY up front fees....because there are alot of companies out there that DO specialize in the ERC, but many are asking for money up front. You do NOT want to do that because there's no guaranties.

Now, the company that DAC partnered with specializes in this, and again, they've done thousands of them, BUT they do not take an up front fee.

Of course they have a fee for their services and more than likely they will get more money legitimately than you would if you did it on your own. You just don't want to pay an up front retainer.

Work with a company like who we (DAC) partnered with that will get you the money and not accept money from you until you actually have something in hand.

That's about it for now. I'm going to go ahead and sign out. I wish you a great day, a great night, and a great weekend ahead.

Please drop a quick like and subscribe.

If you want to check out the firm DAC partnered with, there's a link in the description below.

#ertcHelp #ErcHelp #EmployeeRetentionCredit

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