In the early days of the COVID-19 pandemic, Congress created a number of programs to help provide financial relief for struggling small businesses. The most widely-publicized program was the Paycheck Protection Program (PPP), a government-backed loan that helped businesses continue to pay their employees despite losses in revenue. But another program, the Employee Retention Tax Credit (ERTC), didn’t get as much attention—and it can help small business owners dramatically reduce their federal tax burden.
John Sanchez, CPA and founder of John A. Sanchez & Company, recently joined Telemus Financial Life Advisor Trever Helmstead, CFA, CFP® to discuss the key information you should know about the ERTC. Specifically, they covered:
- What is the ERTC and how does it work?
- Who is eligible and what do you need to qualify for the ERTC?
- What you need to know about fraudulent ERC solicitors
- What conversations should you be having with your tax professional?
Trever Helmstead, CFA, CFP® is a Financial Life Advisor at Telemus, where he helps affluent and emerging wealth families achieve their financial goals and make a smooth transition to retirement. Trever most recently worked in Ann Arbor as a Vice President and Portfolio Manager where he managed high net-worth and institutional relationships as the lead investment professional. Previously working at Comerica Bank his focus was managing fixed income portfolios in a sell-side role.
He is actively involved in the community serving on the Junior Achievement of SE Michigan RAAB Board. Volunteering to inspire young people gain the skills they need to own their economic success, plan for their future, and succeed in the global economy. Trever graduated from the University of Michigan where he received his MBA, MS in Finance, and AB in Economics. He currently holds the Chartered Financial Analyst designation and is a CFP® professional. Trever loves spending his free time with his family and getting outside for a spirited bike ride.
ABOUT THE PRESENTER —John Sanchez, CPA
John Sanchez, CPA is the founder of John A. Sanchez & Company. As a CPA with 20+ years of experience in the field, John has helped countless companies understand the numbers behind their business. In the process, he has had the privilege of working with clients from a wide variety of industries, and from dental practices to construction firms, every successful company brings something unique and interesting to the table.
One glaring exception, John noticed, was often the accounting industry itself. There is significant demand for tax preparation assistance, tax filing, and general accounting. For most CPAs, that is the extent of the services offered. John felt that businesses deserved more. In 2010, he left behind the corporate accounting world and branched out on his own to form John A. Sanchez and Company, a people-first accounting firm where navigating the complexities of tax season is just scratching the surface.
Through advisory coaching, consultations, and cutting-edge financial tech tools, John wants to help businesses understand whether these solutions are being properly utilized in the first place.
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