ERTC Tax Credit 2022: What ALL Small Business Owners Need to Know

Episode 159

Have you applied for the Employee Retention Tax Credit? Maybe you received the PPP and weren’t eligible for both at the time. If you are ready to learn about the beneficial changes made to the ERTC tax credit since 2020, you’re in luck!

Pat Mancuso is a highly recognized thought leader, entrepreneur, coach, and consultant. He has an ability that few possess, and that is to help business owners and leaders grow themselves and, therefore, their businesses.

Here are five reasons why you should listen to the complete episode:

1. You will learn what the ERTC tax credit is.
2. Pat gives insight into the eight changes to the ERTC program since 2020.
3. You’ll learn who qualifies for the employee retention tax credit.
4. The ERTC deadline and why you should act now
5. Discover how to apply for ERTC.
   
   

Episode Highlights

Who is Pat Mancuso

• • Pat Mancuso is a highly recognized thought leader, entrepreneur, coach, and consultant.
  • He helps business owners and leaders grow themselves and their businesses.

What is the Employee Retention Tax Credit?

• • The Employee Retention Tax Credit was part of the CARES Act that passed in 2020.
  • Initially, you couldn’t get the employee retention tax credit and PPP. However, subsequently, there’s been eight changes to the program. And one of the changes is if you did get PPP, you could now get ERTC.
  •  ERTC was designed as a tax incentive, a tax credit back to business owners to keep their W2 wage employees on their payroll during COVID.

Who Qualifies for ERTC?

• • To qualify: A business that has W2 wage employees that were on their company payroll during 2020 and 21.
  • Anyone who experienced business interruptions, supply chain issues, shutdowns, mandates, and limited capacity.

How to Apply for ERTC?

• • Pat offers a survey that takes less than 10 minutes to complete.
  • In the survey, a business owner provides essential details on how many employees they had on 20 and 21, their gross wages paid out on 20 and 21, and their PPP.
  • Pat’s team can have an estimate back within a couple of hours.
  • Pat also interviews the owner and goes through 14 business interruption categories, how they were impacted, what changes they made, what limitations, and how that interrupted their ability to do commerce.

What is the ERTC deadline and recovery period

• • The first quarter of eligibility will expire at the beginning of 2023.
  • The bill has changed eight times, updating qualifications.
  • You want to get your claim in because the IRS takes about four to five months to process returns and checks.
  • Time is of the essence. The sooner you take the process on, the sooner you get your claim off to the IRS, and the sooner you potentially have that money back.

The benefits of taking the time to apply

• • For the companies who qualify, the average return is about $300,000.
  • Qualifications have changed, and you may be eligible now. 
    
    

3 Powerful Quotes from this Episode

10:17 – “The sooner you take the process on, the sooner you get your claim off to the IRS, and the sooner you potentially have that money back on your balance sheet.“

12:26 – ”Their projected recovery is over $200,000. To a small business, that’s a significant amount of money.“

16:28 – “If we feel you’re eligible, you’re qualified, and we can build the case, we’re going to stand behind it.”

To see if you qualify and get your ERTC estimate, visit: https://www.darrellevans.net/ertc

About Pat Mancuso

As an entrepreneur, Pat has launched multiple businesses that have achieved high levels of success, including a Real Estate Brokerage firm that grew to over 800 agents and nearly one billion dollars in sales volume in less than 4 years. Pat understands what it takes to scale a business from the ground up while creating a solid foundation for future growth.

Pat has consulted and coached top entrepreneurs and business owners across North America. He has facilitated over 30,000 one-on-one coaching/consulting conversations where the #1 goal is business and life transformation. As a coach, time on task matters!

Over the last 11 years, Pat has been a part of one of the most successful training and coaching events. Having worked with over 12,000 students in live classroom settings and a 41,000-person digital event, Pat has genuinely taken his ability to impact people’s lives and businesses to a new level.

As the CEO of Mancuso Consulting Group, Pat utilizes a proprietary system called RSTMM®- Recruit, Select, Train, Manage, and Motivate.

RSTMM® is a highly effective tool to help organizations grow their leadership capabilities and performance by selecting the right people for the right seats and leading them to their highest potential.

Connect with Pat and discuss ERTC

Website

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Thanks for listening,

Darrell