Larry Gray, CPA breaks down IRS FAQ number five concerning the Employee Retention Credit. Listen carefully as to if and why your business does or does not qualify for the credit. Larry is very concerned that tens of thousands of businesses received the credit that did not qualify and will have to pay the money back to the IRS including interest and a penalty.
Link to IRS FAQ:
https://www.irs.gov/coronavirus/frequ...
Timestamp:
0:00 Intro
1:08 Two Ways to Qualify
3:36 Was There a Mandate?
6:58 Eligibility Explained
11:41 The Bottom Line
12:34 Supply Chain Criterion
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