[Interview] with Wes Wessel on Employee Retention Credit (ERC)

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.