Hello and welcome to Podiatry practice Mastery.
My name is Don. Hell toe and I have mr.
Wes Wessel here. West welcome.
Welcome to the show. Thank you.
You're welcome to be here. So today we're going to be
talking a little bit about this. This this thing I've really
never heard of and I consider myself up it's called earned
retention credit or ERC. Tell me a little bit about about
what this is. And they may recall years ago.
During the pandemic, the Congress passed the law and they
had the payroll protection plan, the PPP, which was largely
handled by Banks. They also put 400 billion
dollars aside from the employer retention credit and it's
where's aimed at small businesses for that retain their
employees during 20 and 21. So originally, it was for
companies with less than 100 people.
That had a loss of Revenue of % / 2019.
And that did not take p p p. So nobody qualified.
So then in 2021, they raise the bar to 500 employees and the
only Lord the revenue requirement by 20% and still
nobody qualified. So at the end of twenty
Twenty-One they changed the rules and said okay it took PPP
you could qualify for this and you could qualify based on
supply chain or disruption stuff.
So, how would think every Predators out there would
qualify based on a lot of the things are, elective, surgeries
and hospitals, and mandates were changing the rules and the way
they could run their practices. And the reward is for 2020, it's
5,000 per employee for one quarter and it's 7,000 per
employee in 2021 for 3/4 or a total of twenty six thousand
that was before while you could still Sure, PPP money.
When they change the rules. They allowed you to use, PPP
people are averaging about 15 thousand dollars per employee.
So a practice with 10 employees would generate about 150 to 160
thousand dollars in in tax refund and it's actually a
refund of payroll taxes and some of payroll that gets credited
back to your account. So what we do is ERC specialist
is as Specialty CPA firm that processes, these complicated tax
returns. So we have a survey that we can
send out to you. You can do the survey and simply
upload your payroll documents for those years for 2020, and
2021, your 940 ones and, and payroll report.
And this company will process the, the amended return and get
it, ready for filing and send it to you with the exact amount of
the fine. And then the each doctor or each
office can elect to either pay a fee of 15 percent when they get
the money, if they don't ever get any money, they never pay a
dime and or they can pay 10% when they file and get a, just a
third reduction on the cost of it.
And the money that comes from the IRS is not taxable except
that they have to go back and amend their 1040 return to
reflect the fact that they lost a deduction for whatever
quarter, they get the money in. So it's it's but the money is
not taxable when I first had been a financial professional
for 50-plus years. When I first saw this I thought
this is too good to be true, which most people when they hear
about it, they think it is that it is true.
We're seeing tens of millions of dollars come back.
You know, some companies, getting a million to 3 million.
Dollars coming back from this retention credit, just really
amazing. The only risk in this whole deal
is not apply because it is. If you don't apply, you probably
won't pay you for sure. You won't get any money back,
but if you do, there's a good chance.
You'll get a substantial sum of money for your credit union.
In West, I think someone would be not applying the second one
would be doing it yourself, right?
Because if you do it the wrong way, because it's kind of hard
to do it on your own, right? It is and your C specialist is
getting 20 to 50% more money back than even CPA firms.
That are not, you know, accustomed to following this.
This is a 941 Lane type deal, not a 1040 and most CPAs are in
the 1040 Lane and so they're not, you know, I've had some CPA
firms that to use us as a back office and we do all the
processing or them and the process is pretty largely
automated to. So it makes it Good.
No, explain it just kind of simplify it now so that the
doctors they have their own practice.
Do they have to, like think if they've had a reduction in x
amount of dollars to even apply for this or can just everyone
apply and you don't have to think of anything prior to
applying. How does that, how does that
work? What's what do I have to think
of love to go? Because it for me?
Okay, Don, you have to go look at your numbers, the previous
year's, did you drop so much percentage?
Is that what I have to do? Or can I just apply anyone can
apply well, try to create an example.
If surgeries were over ten percent of your practice in
2019, And then you were restricted on doing surgeries in
2020 then essentially you're going to be able to qualify for
it based on that and then the other qualification would be.
Did you have any supply chain issues in terms of getting
supplies and things that you need for your practice, you can
get lidocaine, we can get a ton of stuff in her office.
Yeah. Those are the things that would
qualify it's a really all the doctor would need to do is put a
narrative in the file of the thing.
Is that they couldn't get and keep that in case of an audit,
but the numbers part of it or not audible, because you're
going to actually submit numbers to the IRS that they already
have, because you've already filed the report that the 940
ones and paid the taxes. So they're going to see those
numbers. They're going to say, okay, we
are granting this refund to you and they literally send the
office a letter and say you overpaid your taxes.
For let's say the fourth quarter of 2012 20 and by x amount and
then the next week, they send a check out to zero out that
credit balance and believe it or not, they're paying interest on
that money. And so I edit the main thing is
people don't know about this so you have to get the word out
because is is the door. Going to be closed.
Like how what's the is there a filing date like you have to do
it within a year or two years or how long is?
It seems like the money is like raining, how long is it going to
rain if the numbers were saying the dates or till September of
2025? Although the sooner somebody
applies the better, it is. We're seeing checks come back
for companies that applied in June and July.
Why some of them in early August?
They're already getting their money's back from the IRS,
there's their advertising a longer period of time than that
for some reason. A lot of these are coming back
which makes pretty people pretty happy you know it's money that's
on the table and I just hate to see anyone leave it sitting on
the table when they could claim it and let somebody else have
ya. What's your background?
Is it like an accounting? Or is it in?
What's your background? Like how did you get into?
Is this your company or like how did the company?
It started as a company that's done this or just popped up
because of this opportunity, I'm an affiliate of URC Specialists
there. A the 40 plus year old
accounting firm that when they saw this opportunity, they
staffed up. They have several hundred
employees. Now, that in all they do is
process, the ERC they process to date that I heard this about two
weeks ago, over five and a half billion on over 35,000
companies. Any time the government does
something like this, they have to have private Partners to
carry it all for example, when the they did the PPP, the bank's
made all the loans and they distributed the money.
So now several companies have have stepped up and they're
doing the processing to do this course, epa's can do this but
we're finding probably eight out of ten.
CPAs are not doing this. It's a pretty complicated deal
though. They're staffed to do other
things and they don't want to hire new employees.
Police to do this for a year or two and then not have worked for
those people. Yeah, I and and also it's like
asking us to do. You know, we do bunion surgery
in you all of a sudden try to do a different type of surgery.
You don't know how to do it. You haven't done it, you
probably could do it, but you fumble your way through it, you
know, same thing. Yeah, well good on what I see
the website at CRC specialist.com and that's the
website, but we're going to put a special code underneath this
video and audio for people that are interested, just kind of a
direct link but thank you for Explaining and everything Wes.
I don't have any questions, it's pretty straightforward.
So thank you for your time. You're welcome and Mike will get
you the exact code that you need.
Be sure that people have that and that we were able to help
them on the back end of it if they have questions or whatever.
Great. Okay well thank you so much.
Thank you so much. Thank you.
Have a good. So let me show this website.
This is ERC specialist so just you know they didn't offer me.
Anything. I'm it's just something I
thought was interesting. I I wish I could be an affiliate
for this but I'm not it's just something I didn't know existed.
So I'm sharing with you guys. So here's our website.
So basically find out if you qualify, what is ERC one of our
specialists at an accounting firm and stuff like that and the
link, I'll give you a probably have the same thing about begin
to qualify and you'll put in your information so it pops up
another Like an app where you put in your application stuff
and they've done many many thousand things for this.
It's the employee retention credit, which we talked about.
There's so much available during this time and it's, this is a
refund, and it's like a credit versus like a loan.
You're not getting any money. So, here's our all the ones that
they've reached. There's testimony.
That you want to listen to it once again.
I would recommend what I'm going to do.
I'm going to ask my accountant. Hey, is this for real?
You want to do this or should I send this out with this be?
A good opportunity. So talks about how to qualify
and things like that. And some frequently asked
questions, do I have to repay it?
How much do you charge and things like that?
Okay, once again, hope you guys find this beneficial always
trying to help you with good information that you like that
was helpful and we're going to go from there once again, please
subscribe to Podiatry. Practice Mastery.
There's a lot of tools there. My patient presentations, are
there, everything else. So happy to help, send any
messages. Don at Rada practice Mastery.com
if you have any questions. Okay, thanks guys.
Don at Rada practice Mastery.com if you have any questions.
Okay, thanks guys.