Month: February 2021

[On Demand] Essential Steps to Starting Your Business

[On Demand] Essential Steps to Starting Your Business

Webinar Description

Taking the first step to starting your business can be difficult! There are many questions that must be answered as a business owner when opening a new business and you want to be sure you are following ALL rules and regulations. This workshop will be a realistic starting  point for all budding entrepreneurs. The two-hour workshop will be PACKED and FAST PACED. We will investigate many questions and cover best practices for topics, such as:

  •  What are the organizational and licensing requirements?
  •  What resources should I explore?
  •  Who should I market to and who is my competition?
  •  Do I have the right amount of capital to start this business?

At the end, you will have a good feel for the level of effort and commitment it will take to make your business successful. If you’re serious about starting a business, you don’t want to miss this workshop!  

Mike O’Connell

Fee: $20

IMPORTANT! For On-Demand Registrants: After you register, you will be sent to a new page that will have a link to the video.

Thank You to Our Sponsors!

Are You Eligible for The Employee Retention Tax Credit?

Are You Eligible for The Employee Retention Tax Credit?

    Written by Paul Mueller

The Employee Retention Tax Credit (ERTC) was enacted by The CARES Act in March 2020. Under the original rules, the ERTC was not available to PPP Loan borrowers.

As a result, it didn’t attract a lot of attention until recently.

As part of the Covid Relief Bill signed into law on December 27, 2020, Congress made two big changes to the ERTC:

  • First, the ineligibility to PPP Loan borrowers was retroactively eliminated. That means PPP Loan borrowers can now go back and amend their payroll tax filings for 2020 to claim refunds to the extent they qualified for the ERTC during 2020. As explained below, these refunds could be as much as $5,000 per employee.
  • Second, Congress extended the ERTC through June 30, 2021 and significantly increased the benefit to as much as $14,000 per employee.

How Can I Tell If I’m eligible for the ERTC?

For 2020, Employers were eligible to claim the ERTC if either of these two things happened:

  1. Your operations were fully or partially suspended due to a COVID-19-related governmental order, or
  2. You experienced a more than 50% reduction in gross receipts for one or more calendar quarters of 2020, as compared to 2019.

For 2021, Employers are eligible for the first half of 2021 if any one of these three things happened: 

  1. Your operations were fully or partially suspended due to a COVID-19-related governmental order; or
  2. 1st or 2nd quarter 2021 gross receipts fall by more than 20% compared to the same quarter of 2019; or 
  3. 4th quarter 2020 gross receipts fell by more than 20% compared to the 4th quarter of 2019. This test, though, only qualifies an employer for the ERTC for the 1st quarter of 2021.

If I’m eligible, how much is the ERTC?

For 2020, the maximum ERTC is 50% of qualified wages up to $10,000 for a maximum credit of $5,000 per employee. 

For 2021, the maximum ERTC is 70% of qualified wages up to $10,000 per employee, per quarter, for a total maximum ERTC of $14,000 per employee. 

How do I claim the ERTC?

For 2020, the IRS recently announced employers can amend their quarterly payroll tax filings (Form 941) to claim the ERTC. This is particularly relevant to PPP Loan borrowers who were thought to be ineligible up until the retroactive law change on December 27, 2020. ·

However, an employer that received a PPP loan may not use the same wages reported on their PPP forgiveness application in computing the ERTC.

For 2021, the ERTC is claimed as a holdback against the employer’s required payroll tax deposits. As an alternative, an employer can request the credit in advance, which will then be reconciled on the next quarterly payroll tax filing (Form 941). For employers participating in the second round of PPP Loans, the anti-duplication rule for wages (described in the preceding paragraph) will continue to apply.

The ERTC seems awfully complicated!

Yes, it is, particularly the retroactive eligibility applicable now for PPP Loan borrowers in 2020.

Because these are payroll tax credits, be sure to contact and work with your payroll provider to see how they can help you claim the tax credits you are entitled to.

Based on the per employee amounts, the ERTC can add up to real money fast!

[On Demand] Essential Steps to Starting Your Business

[On Demand] Essential Steps to Starting Your Business

Webinar Description

Taking the first step to starting your business can be difficult! There are many questions that must be answered as a business owner when opening a new business and you want to be sure you are following ALL rules and regulations. This workshop will be a realistic starting  point for all budding entrepreneurs. The two-hour workshop will be PACKED and FAST PACED. We will investigate many questions and cover best practices for topics, such as:

  •  What are the organizational and licensing requirements?
  •  What resources should I explore?
  •  Who should I market to and who is my competition?
  •  Do I have the right amount of capital to start this business?

At the end, you will have a good feel for the level of effort and commitment it will take to make your business successful. If you’re serious about starting a business, you don’t want to miss this workshop!  

Mike O’Connell
Larimer SBDC Senior Director

Fee: $20

IMPORTANT! For On-Demand Registrants: After you register, you will be sent to a new page that will have a link to the video.

Thank You to Our Sponsors!

[On Demand] HR 101

[On Demand] HR 101

Understanding the employment rules and regulations that can impact your business can be difficult. In this training, we will go over some of the key areas that are essential steps for businesses that have 1 to 100 or more employees.

During this fast-paced session, we will highlight HR topics such as: Employee vs Contractor

  • Salary-Exempt vs Non-Exempt
  • Common HR mistakes
  • Unemployment
  • Record-keeping
  • What processes you should have in place to protect your business.

This session is great for business owners, managers, and individuals in human resource roles within their organization.

Tina Todd

President and Co-founder of simplyHR

Tina Todd, PHR-CA, SHRM-CP is a trainer, consultant, and co-founder of simplyHR and Define the Line. Her work has ranged from non-profit organizations to large corporations as an HR generalist to advisor and consultant. As a trainer and speaker, she has helped individuals and teams understand what it means to speak up and define the line for themselves and others. The Define the Line team’s work has been featured in media outlets such as NPR, SHRM, HR Dive, HR Bartender, and Workforce Magazine.  

 

Fee: $20

IMPORTANT! For On-Demand Registrants: After you register, you will be sent to a new page that will have a link to the video

Thank You to Our Sponsors!

[On Demand] Make It Official

[On Demand] Make It Official

Are you thinking about forming an LLC? Planning to create a corporation? Not sure how to register your business with the Secretary of State or Internal Revenue Service? Wondering what an EIN is and what it means to your business?

This two-hour workshop is facilitated by a business attorney and an accountant who examine the pros and cons of entity types, explain how to register your business including with the necessary forms and processes, and discuss other tips on how to avoid pitfalls before you start your new venture.

Fee: $30

IMPORTANT! For On-Demand Registrants: After you register, you will be sent to a new page that will have a link to the video.

Thank You to Our Sponsors!

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