Employee Retention Credit

Discussion in 'Trucker Taxes and Truck Financing' started by Oxbow, Aug 13, 2022.

  1. Oxbow

    Oxbow Road Train Member

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    I don't do our taxes anymore, and stuff like this is the reason why I suppose - just can't afford the time or potential errors.

    Anyway, we just received a letter from our CPA, and here is the jist of it:

    I believe I mentioned during the preparation of your 2021 tax returns that xxxxx was eligible for the employee retention credit for Quarters 2 & 3 of 2021 and that I would be working on preparing the forms this summer. I have finally completed Forms 941-X for both of those quarters requesting a refund (employee retention credit) of $4,594.98 for Q2 2021 and $10,576.83 for Q3 2021.

    No flipping wonder the government runs a deficit. Anyway, for those that have employees I thought I would mention it.
     
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  3. Catmando

    Catmando Road Train Member

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    Don't feel guilty about taking it .. it's probably my money that I had to pay in .. much rather see you use it to buy new golf clubs or something .. than see Nancy and Uncle Joe use it to give cell phs to illegal aliens
    It has to do with covid and if you were able to keep your employees when everything was shut down
    You know when the CDC and Dr lair F .face had the 1st set of guidelines.. you know the guidelines that the CDC just did a complete 180° turn on this week
     
    Last edited: Aug 13, 2022
  4. Oxbow

    Oxbow Road Train Member

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    I didn't know anything about it. We didn't go for any of the PPP loans or the like, but we'll all end up paying for it.

    Just imagine though, they're giving a piss-ant little company like ours $15 grand back. I can only imagine how much the big corporations take in.

    Speaking of Covid, my better half (now that Olivia is gone) had a bout with it this week. She had the headache/cough/fever and is just now starting to get over it. She dutifully got vaccinated and boosted and all, and maybe it made the symptons better. I don't want to start that whole debate again, but I do stand by my decision not to get vaccinated. Maybe I'm just lucky.
     
  5. Catmando

    Catmando Road Train Member

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    I heard them talking about the employee refund couple days ago on the radio .. that's how I knew .. I have a friend that has 5 or 6 employees and he was bragging to me last spring about getting something like 7600 per employee.. he watches that stuff like a hawk .. cause he is always trying to get something for nothing .. I had forgotten about it till I heard it again the other day
    I didn't take the needle either
    Hope she is doing good @Oxbow !
     
  6. REO6205

    REO6205 Trucker Forum STAFF Staff Member

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    We're dealing with that, too. When tax time comes I just ask the lady how much, write the check, sign the returns and then go kick rocks in the parking lot.
     
  7. Accidental Trucker

    Accidental Trucker Road Train Member

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    We just asked our CPA to fill out the forms for us. I follow the rules in operating a DOT business the best I can, and I'm not concerned about following the rules on the tax side, either. If I owe, I pay; if I'm owed, I collect.
     
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