ERC Road Ready Flash Cards

Question 1

What does LB&I stand for? What is the requirement for review by LB&I?

Answer 1

LB&I = Large Business and International.

LB&I Division is responsible for tax administration activities for domestic and foreign businesses with a United States tax reporting requirement and assets equal to or exceeding $10 million as well as the Global High Wealth and International Individual Compliance programs.

Question 2

What does SB/SE stand for? What is the requirement for review by SB/SE?

Answer 2

SB/SE = small business/self employed.

SB/SE operating division serves small business owners and self-employed taxpayers with business interests having less than $10 million of assets.

Question 3

What is the 280C election with respect to ERC?

Answer 3

Section IRC 280C(a) generally disallows a deduction for the portion of wages or salaries paid or incurred equal to the sum of certain credits determined for the taxable year.

ERC is not taxed, but you do have to amend your tax return by reducing the reported amount of salaries and wages by the amount of ERC claimed that year. Line X — “salaries and wages (less any employment credits”

Question 4

What statutes and notices pertain to ERC and what is their general significance?

Answer 4

Employee Retention Credit is provided under Section 2301of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by Section 206 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), which was enacted as Division EE of the Consolidated Appropriations Act 2021.

Section 2301 of the CARES Act allows ERC for eligible employers, including tax-exempt organizations, that pay qualified wages, including certain health plan expenses, to some or all employees after March 12, 2020 and before January 1, 2021.

Section 206 of the Relief Act adopts amendments and technical changes to Section 2301 of the CARES Act. Section 207 of the Relief Act amends Section 2301 to extend the application of the ERC to qualified wages paid after December 31, 2020 and before July 1, 2021, and to modify the calculation of the credit amount for qualified wages paid during that time.

Notice 2021-20: IRS posted FAQs to aid taxpayers in calculating and claiming the ERC. Only provides guidance for section 2301 of the CARES Act and the amendments made by Section 206 of the Relief Act.

Notice 2021-23: Amplifies Notice 2021-20 by providing guidance with respect to the amendments made to section 2301 of the CARES Act by section 207 of the Relief Act, which are effective beginning January 1, 2021.

Section 9651 of the American Rescue Plan Act of 2021, provides an ERC for wages paid after June 30, 2021, and before January 1, 2022.

Notice 2021-49: Amplifies both Notice 2021-20 and Notice 2021-23 by providing additional guidance on the ERC, applicable to the third and fourth quarters of 2021.

Infrastructure Act retroactively limited eligibility for the ERC for the fourth quarter of 2021 to employers that qualify as recovery startup businesses.

Question 5

What is the statute of limitations for claiming ERC? What statute governs the SOL?

Answer 5

The deadline for amending Form 941 with a 941-X to claim 2020 ERC is April 15, 2024; and for 2021 ERC is April 15, 2025. The American Rescue Plan of 2021 extended the statute of limitations for ERC claimed in the third and fourth quarters of 2021 from the normal three years (for payroll tax) to five years–extending the time for the IRS to make adjustments until April 15, 2027 for legitimate claims.

Question 6

Identify the following form and its purpose: 2848.

Answer 6

Form 2848 is a Power of Attorney and Declaration of Representative. It authorizes an individual to represent the taxpayer before the IRS.

Question 7

Identify the following forms and their purpose: 941 & 941-X.

Answer 7

Form 941 is used by employers to report income taxes, social security taxes, or Medicare taxes withheld from employee paychecks. And to pay the employer’s portion of Social Security of Medicare tax. Form 941 also allows employers to claim certain tax credits or adjustments.

Form 941-X is used to correct errors on a Form 941 that was previously filed.

Question 8

Identify the following form and its purpose: 4564.

Answer 8

The IRS uses Form 4564 to request information from taxpayer in an audit. The Form is called an Information Document Request (IDR).

Question 9

Identify the following form and its purpose: 5701.

Answer 9

Form 5701 is called the Notice of Proposed Adjustment (NOPA). It is issued after the revenue agent has completed their field examination. In the Form, each potential issue the Agent has found will be presented, the legal authorities under which the action is proceeding, the IRS rational for the proposed adjustment and the taxpayer’s position. It gives the taxpayer three choices: 1) agree with the proposed adjustment; 2) disagree with the proposed adjustment; and 3) present additional information that might help resolve the issue.

Question 10

R&D Tax Credit:

Answer 10

Is a government-sponsored tax incentive that may be claimed by taxpaying businesses that develop, design, or improve products, processes, formulas, invention, software, or technology (PPFIST). Permitted purposes include improving performance, function, quality, or reliability.

It is calculated based on the wages of the employees performing the qualifying work and can be claimed at the federal and state levels.

Question 11

179D Tax Deduction:

Answer 11

(Energy Efficient Commercial Building Deduction). Allows building owners (or designers) to claim a deduction for energy-efficient buildings or installing systems to that effect.

Interior lighting, HVAC and hot water, and building envelopes (roof, windows, walls).

To qualify, newly constructed or renovated buildings must meet or exceed some key energy reduction requirements and ASHRAE standards. Section 179D is meant to stimulate the economy by rewarding architecture, engineering, and design-build contractor businesses for their work on government-owned buildings.

Question 12

alliantNational:

Answer 12

alliantgroup’s National Tax Office. Assists CPAs and U.S. businesses when faced with threats from the IRS and state tax officials as well as with tax planning issues, both domestic and international. Their office is in D.C. and consists of attorneys, former IRS commissioners, and congressional councilmen. Broad range of TCS and Audit defense.

Question 13

Two of the most common types of controlled groups, and provide the rules used to conduct a CG analysis for the two types listed:

Answer 13

1. Parent-Subsidiary:
   In one or more chains of corporations where a) there is a common parent corporation; and b) the common parent corporation owns more than 50% of the total: combined voting power of all classes of stock entitled to vote of at least one of the other corporations, or value of shares of all classes of stock of at least one of the other corporations.

If these requirements are satisfied, the parent-subsidiary controlled group will also include any corporation that is owned more than 50% by any other corporation that is a member of the group.

2. Brother-Sister:
   Controlled group of two or more corporations where both of the following requirements are satisfied.
   a) 80 PERCENT OWNERSHIP: five or fewer persons who are individuals, estates, or trusts own at least 80% of: the total combined voting power of all classes of stock entitled to vote of each corporation or the total value of shares of all classes of each stock of each corporation; and
   b) IDENTICAL OWNERSHIP: the same five or fewer persons, taking into account ownership only to the extent that it is identical with respect to each corporation, owns more than 50 percent of the total: combined voting power of all classes of stock entitled to vote of each corporation, taking into account the stock ownership of each person, or value of shares of all classes of stock of each corporation, taking into account the stock ownership of each person.

Question 14

Requirements for a Taxpayer to be eligible for the ERC under the gross receipts test?

Answer 14

For 2020, the period during which there is a significant decline in gross receipts is determined by identifying the first calendar quarter in 2020 in which an employer’s gross receipts are less than 50% of its gross receipts for the same calendar quarter in 2019. Period ends in January 2021 or the quarter following the first quarter in which an employer’s 2020 quarterly gross receipts are greater than 80% of its gross receipts for the same calendar quarter in 2019.

For 2021, an employer is an eligible employer with respect to any calendar quarter for which its gross receipts for the calendar quarter are less than 80% of its gross receipts for the same calendar quarter in 2019 (20% drop).

Question 15

Requirements for a Taxpayer to be eligible for the ERC under the more than nominal test?

Answer 15

An employer is considered to have a partial or full suspension of operations if, under the facts and circumstances, a more than nominal portion of its business operations are suspended by a governmental order. A portion of an employer’s business operations will be deemed to constitute more than a nominal portion of its business operations if either (1) the gross receipts from that portion of the business operations is not less than 10 percent of the total gross receipts (determined using the gross receipts of the same calendar quarter in 2019), or (2) the hours of service performed by employees in that portion of the business is not less than 10 percent of the total number of hours of service performed by all employees in the employer’s business (determined by using the number of hours of service performed by employees in the same calendar quarter in 2019).

Question 16

What is a governmental order? [FAQ 10]

Answer 16

Orders, proclamations, or decrees from the federal government or any state or local government if they limit “commerce, travel, or group meetings due to COVID-19” and relate to the suspension of an employer’s operation of its trade or business. Statements made to the media or declarations that do not limit commerce, travel, or group meetings or does without relating to the suspension of an employer’s operation of its trade or business does not rise to the level of a governmental order.

Government orders include:
1. An order from the city’s mayor stating that all non-essential businesses must close for a specified period.
2. A State’s emergency proclamation that residents must stay at home, other than residents who are employed by an essential business.
3. An order from a local official imposing a curfew on residents that impacts the operating hours of a trade or business for a specified period;
4. An order from a local health department mandating a workplace closure for cleaning and disinfecting.

Question 17

Recovery Startup:

Answer 17

An employer that 1) began carrying on any trade or business after February 15, 2020; 2) for which the average annual gross receipts of the employer does not exceed $1,000,000; and 3) that is not otherwise an eligible employer due to a full or partial suspension of operations or a decline in gross receipts. The amount of credit allowed for each of the third and fourth quarters of 2021 cannot exceed $50,000.

Question 18

The determination of when an employer began carrying on a trade or business:

Answer 18

A taxpayer has not begun carrying on a trade or business until such time as the business has begun to function as a going concern and performed those activities for which it was organized (Richmond Television Corp v. U.S.; NCNB Corporation v. U.S.). Includes any activity carried on for the production of income from selling goods or performing services–also intent to produce profit. Facts and circumstances used include:
1. regularity of the activities;
2. regularity of the transactions;
3. production of income; and
4. ongoing efforts to further the interests of your business.

Question 19

Government Instrumentality? [FAQ 2]

Answer 19

Six Factors–none determinative:
1. whether an organization is used for a governmental purpose and performs governmental functions;
2. whether performance of the organization’s function is on behalf of one or more States of political subdivisions;
3. whether there are any private interests involved, or whether the states or political subdivisions involved have the powers and interests of an owner;
4. whether control and supervision of the organization is vested in a public authority or authorities;
5. if express or implied statutory or other authority is necessary for the creation and/or use of such an instrumentality, and whether such authority exists; and
6. the degree of financial autonomy and the source of its operating expenses.

Question 20

What is the general impact of the aggregation rules that treat certain entities as a single employer?

Answer 20

All entities that are members of a controlled group, members of an affiliated service group, or otherwise aggregated are treated as a single employer.

Specifically when:

*determining whether the employer has a trade or business operation that was fully or partially suspended due to orders related to COVID-19 from an appropriate governmental authority.
*determining whether the employer experiences a significant decline in gross receipts.
*determining whether the employer averaged more than 100/500 full-time employees.
*determining the maximum credit amount per employee.

Aggregation rules can be found under section 52(a) or (b) of the Code, or section 414(m) or (o) of the code [26 U.S. Code Section 52; 26 U.S. Code Section 414]. Control group has the meaning by section 1563(a) except that more than 50% shall be substituted for at least 80 percent each place it appears in section 1563(a)(1).

Question 21

If a governmental order causes the suppliers to a business to suspend their operations, is the business considered to have a suspension of operations due to a governmental order? [FAQ 12]

Substantiation?

Answer 21

Yes, if the facts and circumstances indicate that the business’s operations are fully or partially suspended as a result of the inability to obtain critical goods or materials from its suppliers because they were required to suspend operations, then the business would be considered an eligible employer for calendar quarters for which its operations are fully or partially suspended.

Domestic: inventory reports in 2019, 2020, and 2021; correspondences with suppliers; suppliers internal COVID policies

International: Bill of Ladings specifying port of entry

Question 22

If a governmental order causes the customers of a business to stay at home, or otherwise causes a reduction in demand for its products or services, and the business responds to the lack of demand by suspending some or all of its operations, is the business considered to have a suspension of operations due to governmental order?

Answer 22

No. An employer that suspends some or all of its operations because its customers are subject to a governmental order requiring them to stay at home or otherwise causing a reduction in demand for its products or services is not considered to have a full or partial suspension of its operations due to a governmental order.

If an employer’s operations are not suspended due to a governmental order but the employer experiences a reduction in demand–the employer may be considered an eligible employer if it experiences a significant decline in gross receipts.

Question 23

if an employer voluntarily suspends operation of a trade or business or voluntarily reduces hours due to COVID-19, but the suspension or reduction in hours is not due to a governmental order, may the employer qualify as an eligible employer solely on the basis of the voluntary suspension or reduction in hours?

Answer 23

No. An employer that voluntarily suspends operation of a trade or business or voluntarily reduces hours due to COVID-19 is not eligible for the employee retention credit on the basis of a full or partial suspension of its operations.

Question 24

What factors should be considered in determining if an employer is able to continue operations comparable to its operations prior to closure such that the employer’s operations are not considered to have been fully or partially suspended due to a governmental order?

Answer 24

1. Employer’s telework capabilities. Determine whether an employer has adequate support such that operations can continue via work from another location.
2. Portability of employees’ work. Determine the amount of portable work, or work otherwise adaptable to be performed from a remote location, within an employer’s trade or business operations.
3. Need for presence in employee’s physical work space. Physical work space is so critical to its trade or business operations that tasks central to the trade or business operations are unable to be performed remotely.
4. Transitioning to telework operations. If an employer can conduct comparable operations via telework, but the employer’s operations did not previously allow for work, or allowed for only minimum telework, then some adjustment period is expected and the employer’s operations are not considered partially suspended during that period. However, if an employer incurs a significant delay (beyond 2 weeks) in moving operations to comparable telework, then the trade or business operations may be deemed subject to a partial suspension during that transition period.

Question 25

Factors in determining whether a modification required by a governmental order has more than a nominal effect on business operations?

Answer 25

Modifications contemplated are those required by a governmental order as a condition of reopening a physical space for business or service to the public. Examples of modifications include:

1. limiting occupancy to provide for social distancing
2. requiring services to be performed only on an appointment basis (for a business that previously offered walk-in service)
3. changing the format of service

The mere fact that an employer must make a modification does not result in a partial suspension unless the modification has a more than nominal effect on the employer’s business operations.

Question 26

Different ways a Taxpayer experiences a more than nominal impact due to government orders.

Answer 26

A governmental order that results in a reduction in an employer’s ability to provide goods or services in the normal course of the employer’s business of not less than 10 percent will be deemed to have more than a nominal effect on the employer’s business operations.

Ex) occupancy restrictions at a restaurant –> reduction of the restaurants ability to service customers; occupancy restrictions at a retailer with sufficient physical space to accommodate its customers will likely not result in an actual, and more than nominal, reduction of the retailer’s ability to provide goods to its customers.

Modifications altering behavior will not result in a more than a nominal effect on the business operations.

Question 27

Is an employer that operates a trade or business in multiple locations and is subject to governmental orders requiring full or partial suspension of its operations in some jurisdictions, but not in others, considered to have a partial suspension of operations?

Answer 27

Yes.

Also, employers that operate a trade or business on a national or regional basis may be subject to governmental orders requiring closure of their locations in certain jurisdictions, but may not be subject to a governmental order in other jurisdictions–to operate in a consistent manner in all jurisdictions, these employer’s may establish a policy that complies with the local governmental orders, as well as the CDC and DHS guidance. As a result = partial suspension. Whether or not they take a national policy.

Question 28

If an employer is subject to a governmental order to fully or partially suspend its business operations and the order is subsequently lifted in the middle of a calendar quarter, is the employer an eligible employer for the entire calendar quarter?

Answer 28

Yes. An employer with business operations that are fully or partially due to a governmental order during a portion of a calendar quarter is an eligible employer for the entire calendar quarter. However, only wages paid with respect to the period during which the employer is fully or partially suspended due to a governmental order may be considered qualified wages.

Question 29

Gross receipts for an employer other than a tax-exempt organization?

Answer 29

Gross receipts means gross receipts of the taxable year and generally includes total sales (net of returns and allowances) and all amounts received for services. Also includes any income from investments, and from incidental or outside sources (for example: gross receipts include interest, dividends, rents, royalties, and annuities–regardless of whether those amounts are derived in the ordinary course of the taxpayer’s trade or business). Gross receipts do not include the repayment of a loan, or amounts received with respect to sales tax if the tax is legally imposed and the taxpayer merely collects and remits the sales tax to the taxing authority.

Definition of gross receipts can be found under section 448(c) of the Code.

Q/A 61: An employer receiving tax credit for qualified wages, including allocable qualified health plan expenses, does not include the credit in gross income for federal income tax purposes. Neither the portion of the credit that reduces the employer’s applicable employment taxes, nor the refundable portion of the credit, is included in the employer’s gross income.

Question 30

How does an employer that started its business in 2019 determine whether it experienced a significant decline in gross receipts for purposes of the employee retention credit?

Answer 30

An employer should use the quarter in 2019 they started in as the base for all the quarters in 2020 until they catch up.

If an employer started in the middle of a quarter in 2019, the employer should estimate the gross receipts it would have had for the entire quarter based on the gross receipts for that portion of the quarter that the business was in operation.

Question 31

How does an employer that acquires a trade or business during the 2020 calendar year determine if the employer experienced a significant decline in gross receipts?

Answer 31

When an employer compares its gross receipts for a 2020 calendar quarter when it owns an acquired business to its gross receipts of the same calendar quarter in 2019, the employer may, to the extent the information is available, include the gross receipts of the acquired business in its gross receipts for the 2019 calendar quarter.

An employer that acquires a trade or business in the middle of a calendar quarter in 2020 and that chooses to use this safe harbor approach must estimate the gross receipts it would have had from that acquired business for the entire quarter based on the gross receipts for the portion of the quarter that it owned and operated the acquired business. If an employer chooses not to use this safe harbor approach, they are required to include only the gross receipts from the acquired business for the portion of the quarter that it owned and operated the acquired business.

Question 32

Maximum amount of ERC:

Answer 32

2020: 50% of the qualified wages. Limit in the amount of qualified wages is $10,000 per employee per year.
2021: 70% of the qualified wages. Limit in the amount of qualified wages is $10,000 per employee per quarter.

Question 33

FTE Rules

Answer 33

2020: Average number of full-time employees must be a 100 or less in 2019. For employees with more than 100 employees, qualified wages are only paid to employees for the time they were not providing services due to either a full or partial suspension due to a governmental order or the business was experiencing a significant decline in gross receipts.
2021: Average number of full-time employees must be 500 or less in 2019. “”

Question 34

How does an eligible employer identify the average number of fulltime employees employed during 2019?

Answer 34

Full-time employee = an average of at least 30 hours of service per week or 130 hours of service in the month. As determined in accordance with section 4980H of the Code.

An employer that operated its business for the entire 2019 calendar year determines the number of its full-time employees by taking the sum of the number of full-time employees in each calendar month in 2019 and dividing by 12.

An employer that started its business operations in 2019 determines the number of its full-time employees by taking the sum of the number of full-time employees in each full calendar month in 2019 in which the employer operated its business and dividing that by the number of full calendar months in 2019 in which the employer operated its business. Same for any business that started in 2020.

Question 35

Do qualified health plan expenses include both the portion of the cost paid by the eligible employer and the portion of the cost paid by the employee?

Answer 35

Yes. But the amounts that the employee paid for with after-tax contributions are not considered qualified health plan expenses. The amount of qualified health plan expenses generally includes both the portion of the cost paid by the eligible employer and the portion of the cost paid by the employee with pre-tax salary reduction contributions.

Question 36

May a small eligible employer treat its health plan expenses as qualified wages for purposes of the employee retention credit?

Answer 36

Yes. Small eligible employers may treat health plan expenses allocable to the applicable periods as qualified wages even if the employees are not working and the eligible employer does not pay the employees any wages for the time they are not working.

Ex) Reduces hours and pays less or furloughs and pays nothing–but still covers healthcare fully–expenses count as qualified wages for purposes of ERC.

Question 37

May an employer that received a PPP loan be eligible for the employee retention credit?

Answer 37

Yes. An employer that received a PPP loan may claim the ERC for any qualified wages paid to employees if the employer is an eligible employer. But qualified wages for which the employer claims the ERC are excluded from payroll costs paid during the covered period that qualify for forgiveness under the PPP. No double dipping.

If the loan amount is not forgiven, those qualified wages may then be taken into account for purposes of the ERC. If an eligible employer obtains forgiveness of only a portion of the PPP, the

Question 38

What records should an eligible employer maintain to substantiate eligibility for the employee retention credit?

Answer 38

1. Documentation to show how the employer determined it was an eligible employer that paid qualified wages, including:
   *government orders suspending business operations;
   *any records the employer relied upon to determine whether more than a nominal portion of its operations were suspended/more than a nominal effect on its business operations
   *any records the employer used to determine it had experienced a significant decline in gross receipts
   *any records of which employees received qualified wages and in what amounts; and
   *in the case of a large eligible employer, work records and documentation showing that wages were paid for time an employee was not providing services
2. Documentation to show how the employer determined the amount of allocable qualified health plan expenses.
3. Documentation related to the determination of whether the employer is a member of an aggregated group treated as a single employer–and how aggregation affects the determination.
4. Copies of any completed Forms 7200 that the employer submitted to the IRS.
5. Copies of the completed federal employment tax returns that the employer submitted to the IRS.

Question 39

May wages paid to an employee who owns more than 50 percent of the value of a corporation be treated as qualified wages? Also, may wages paid to a spouse of a majority owner be treated as qualified wages?

Answer 39

Notice 2021-49.

Wages are not taken into account with respect to an individual who bears any of the following relationships:
1. the taxpayer
2. if the taxpayer is a corporation, to an individual who owns, directly or indirectly more than 50% in value of the outstanding stock of the corporation
3. if the taxpayer is an entity other than a corporation, to any individual who owns, directly or indirectly, more than 50% of the capital and profits interests in the entity.

A spouse of a majority owner is a related individual for purposes of the ERC, whose wages are not qualified wages, if the majority owner has a family member who is a brother or sister, ancestor, or lineal descent and the spouse is a family member.

Wages paid to employees with the following relationships to a majority owner of a corporation or of a partnership or other entity are not qualified wages:
* children, grandchildren, in-laws, steps, aunts and uncles, domestic partners….etc.

Majority owner with no relatives or lineal descendants whether on the payroll or not–can take theirs and their spouse’s qualified wages into account for ERC.

Question 40

What are the different ways to measure Raving Fans?

Answer 40

1. Follow Ups
2. Referrals
3. Testimonials

Question 41

How are “wages” defined in terms of the ERC in the CARES Act?

Answer 41

Section 2301(c)(5)(A) of the CARES Act provides that the term “wages” generally means wages as defined in section 3121(a) of the Code and compensation as defined in section 3231(e) of the Code. Section 2301(c)(5)(B) of the CARES Act provides that “wages” include amounts paid by an eligible employer to provide and maintain a group health plan, but only to the extent that the amounts are excluded from the gross income of employees.

Question 42

What is the significance of the average number of full-time employees an employer has?

Answer 42

For large eligible employers, section 2301(c)(3)(B) of the CARES Act limits qualified wages that may be taken into account to the amount that the employee would have been paid for working an equivalent duration the 30 days immediately preceding the period in which the qualified wages are paid or incurred.

For small eligible employers, qualified wages are those wages paid by the eligible employer with respect to an employee during any period qualifying for the ERC.

Question 43

Affiliated Service Group (26 US Code Section 414 (m)(2))

Answer 43

A group of companies that are connected via a commonly owned service-oriented company and that provides services to one another.

Service organization which:
- is a shareholder or partner in the first organization, and
- regularly performs services for the first organization or is regularly associated with the first organization in performing services for third persons.

and

Any other organization if:
- a significant portion of the business of such organizations is the performance of services of a type historically performed in such service field by employees, and
- 10 percent or more of the interests in such organization is held by persons who are highly compensated employees of the first organization.

Question 44

How does the ERC impact an employer’s income tax return?

Answer 44

Businesses that receive the ERC must reduce their payroll expense deduction by the amount of the credit. No double dipping.

Question 45

Are self-employed individuals eligible for the ERC? (Q/A 5)

Answer 45

No–not with respect to their own self-employment earnings. However, a self-employed individual who employs other individuals in the self-employed individual’s trade or business and who otherwise meets the requirements to qualify may be eligible for the ERC with respect to qualified wages the self-employed individual pays to the employees.

Question 46

Lines on a 941-X

Answer 46

18a is the nonrefundable portion;

26a is the refundable portion;

27 is the total ERC;

30 is qualified wages;

31a is qualified health plan expenses.

For Q1 2020–qualified wages are reported on 33a and qualified health plan expenses are reported on 36.

Question 47

AG Core Values

Answer 47

Investment: invests time and resources into their own work product, practice area, and professional development of team members.

Raving Fans: Committed to creating raving fans with all interactions. Treats every interaction as an opportunity to provide superior client experience.

Energy & Passion: Demonstrates high level of energy in the carrying out of day-to-day activities.

Active not Passive: Proactively drives resolution to issues and problems. Actively pursues solutions through collaboration with management and peers.

Collaboration

High Performance: Consistently delivers results exceeding expectations in quantifiable metrics specific to the position held.

Urgency: demonstrates a high level or urgency in execution of day-to-day activities. Is responsive to correspondence (both internal and external), assignments, and corresponding results (both positive and negative).

Transparency: demonstrates transparency in all activities. Communicates openly with project team, BD, and client relations teams to effectively provide updates on project status, personnel, and other issues.

Gratitude

Feedback

Question 48

Vision for TCS

Answer 48

biggest TCS provider in the company - fixing other providers errors – ZMF engagements. stand behind our work–audit defense and other IRS state matters. experienced attorneys stand by you if you are chosen for audit.

Question 49

3123(a)

Answer 49

The term wages means all remuneration for employment including the cash value of all remuneration (including benefits) paid in any medium other than cash–with exceptions.

Question 50

Three avenues of qualification (3134(c)(2)(A))

Answer 50

1. the operation of the trade or business is fully or partially suspended during the calendar quarter due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings due to COVID-19.
2. The gross receipts–within the meaning of section 448(c)) of such employer for such calendar quarter are less than 50% of the gross receipts of such employer for the same calendar quarter in 2019 (for 2020)….less than 80% of the gross receipts of such employer for the same calendar quarter in 2019 (for 2021).
3. Recovery Startup (defined in (c)(5)):
   - any employer which began carrying on any trade or business after February 15, 2020; and
   - for which the average annual gross receipts of such employer (as determined under the rules similar to the rules under section 448(c)(3)) for the 3-taxable-year period ending with the taxable year which precedes the calendar quarter for which the credit is determined under subsection (a) does not exceed 1,000,000; and
   - that is not otherwise an eligible employer due to a full or partial suspension of operations or a decline in gross receipts.

Question 51

Coordination with Other Programs

Answer 51

Qualified wages paid by an eligible employer may not be taken into account as payroll costs in connection with:
- a covered loan under section 7(a)(37) or 7A of the SBA;
- a grant under section 324 of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, or;
- A restaurant revitalization grant under section 5003 of the American Rescue Plan Act of 2021.