Small Business Thread - Advice for Navigating Covid-19

Discussion in 'The Mainboard' started by dallasdawg, Mar 18, 2020.

  1. Nandor the Relentless

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    That would be perfect actually. In the role of marketing, PR, and social media, I wouldn't actually have to know how to get girls, I would just have to properly communicate that's what the business can do.
     
  2. NoNatty

    NoNatty Keyboard Cowboy
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    did the same. Highly recommend.
     
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  3. Corky Bucek

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    What’s your business so we can come up with a pun off of your username here?
     
  4. Daddy Rabbit

    Daddy Rabbit But the second mouse gets the cheese
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    Did you use a Wordpress? Do you have anything complicated on your website like sales, calendar bookings, etc.?
     
  5. Daddy Rabbit

    Daddy Rabbit But the second mouse gets the cheese
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    Manufacturing this new truck box for rabbit hunters to haul their beagles. Its lighter than aluminum, plus we are able to provide a better insulation. Any upland bird dog, duck hunters, whatever. But our niche is the size for guys that run smaller beagles to really get in the thicket. 12" dogs.
     
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  6. Corky Bucek

    Corky Bucek Placeholder for a Custom Title
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    Good luck with that, I’m only familiar with dogs under 6”
     
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  7. Boo MFer!

    Boo MFer! Have you ever knowingly bought a haunted item?
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    Squarespace has a ton of templates, so it’s like using Wordpress. Very intuitive. I don’t have bookings functionality on my site but I’m sure you could add it. I do have a form that works well for what I need.
     
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  8. colonel_forbin

    colonel_forbin Well-Known Member
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    Calling all CPAs, people who have dealt with the Employee Retention Tax Credit ("ERTC"), and Oranjello

    Say an employee's salary is $60,000 in 2021 -- or $15,000 per quarter. The employer's pays $4,590 for the year, or $1,147.50 per quarter, in payroll taxes on that employee's $60,000 salary. Assuming the employer qualifies for the ERTC for each quarter (I know it's for wages paid before October 1, 2021, but I'm just using the whole year to make it easy), what does the employer get back?

    I'm seeing some people say the employer would get a $7,000 refund for each quarter for that employee, or a $28,000 total refund. But that can't be right because the employer only paid $4,590 in total payroll taxes for the whole year. I mean, the IRS isn't handing out an extra $23k that was never paid, right?

    Or is it that the employer gets a credit of $7,000 against that $15,000 so that the employer is only paying payroll taxes on $8,000, and the difference is refundable?
     
  9. Oranjello

    Oranjello Well-Known Member
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    I haven’t worked with the ERTC but it is a refundable tax credit, so yes the IRS would give the employer cash for the excess of credits claimed over taxes paid.
     
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  10. colonel_forbin

    colonel_forbin Well-Known Member
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    That's what my buddy at Warren Averett just said. He's seen some of them in the millions. It's wild
     
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  11. NYGator

    NYGator Well-Known Member
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    If you qualified, it was a $7K refund to the company per employee per quarter for the first three quarters of this past year and a $5k one time refund in Q4 of 2020 if you qualified based on revised rules for 2020. We received almost $350K per quarter every quarter. If you qualify for one quarter then you also automatically qualified for the next regardless of results for that quarter.

    There are also some caveats here which are that you can't overlap period with PPP, meaning if you can't claim identical week pay periods towards that for PPP and ERTC. so for example...

    In Q1 if you had an employee who makes 20K, you just need to make sure the period (weeks you count) you are counting for forgiveness doesn't overlap the same weeks for ERTC claims. It is a lot easier if you have highly compensated employees to make sure that periods don't overlap.
     
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