Lacey,United States – March 21, 2022 —
A new YouTube channel recently began showcasing a series of educational videos that address the most common questions and misconceptions about the Employee Retention Credit payroll tax refund program for small and mid-size businesses and nonprofit organizations with W2 employees.
More information and updates can be found on the channel here: https://youtu.be/6ApZJjMaLXQ
This announcement is particularly relevant in 2022 because, according to an article recently published in Forbes, the IRS anticipated that more than 70-80% of SMBs and charities would be good candidates for the ERTC, but to date, only a small percentage of the eligible organizations have actually applied for it so far. That said, when factoring in the current backlog, it could be prudent to start the amendment process sooner rather than later.
It’s also not uncommon for many small business owners to question the legitimacy of this program the first time they hear about it. Many believe it sounds “too good to be true,” which has stopped them from pursuing it further. To help with that, the following video gives some historical context to the program and explains many of the legislative changes that happened over the past two years: https://youtu.be/0st3zfDj6_8
Additionally, a number of other essential topics and FAQs have been addressed as well, including the current eligibility requirements, as well as upcoming legislative changes that are still being determined, like the ERTC Reinstatement Act.
Another common question is based on the disappearance of Form 7200 which was previously used to request advance payments for the ERTC. While the form is no longer available and the deadline to file it has passed, the video series provides an alternative solution for receiving a refund sooner: https://youtu.be/8VOtCNk3dJE
The goal of the video series is to generate more awareness about the Employee Retention Credit, explain some of the nuances of the program that have historically been misunderstood or misinterpreted, and provide a variety of specialist resources that businesses and nonprofit organizations can contact for more information.
For example, many employers may benefit from requesting personalized advice based on the events and environmental conditions that took place in their organization between 2020 and 2021 to determine if it would qualify as being at least partially or fully suspended by government mandate (and whether or not they’re eligible for a refund now).
For more information, explainer videos, frequently asked questions, case studies, and a database of specialized resources, please visit the organization’s YouTube channel and FAQ website using the links above and below.
Release ID: 89071551