Identify eligible employees for Employee Retention Credit
2
Determine qualifying wages for each eligible employee
3
Calculate the credit amount for each eligible employee
4
Prepare necessary documentation supporting eligibility of employees
5
Prepare necessary documentation supporting calculations of credit amounts
6
Audit records for completeness and accuracy
7
Approval: Audit results
8
Submit Employee Retention Credit claim to IRS
9
Track status of Employee Retention Credit claim
10
Assess financial impact of Employee Retention Credit on the organization
11
Approval: Finance Director
12
Communicate Employee Retention Credit claim status to stakeholders
13
Update payroll system to reflect Employee Retention Credit claim
14
Ensure Employee Retention Credit is documented in the general ledger
15
Review updated payroll system for accuracy
16
Approval: Payroll Specialist
17
Prepare report on Employee Retention Credit claim process for management review
18
Approval: Senior Management
19
Archive all Employee Retention Credit claim documents for future reference
Identify eligible employees for Employee Retention Credit
This task involves identifying employees who are eligible for the Employee Retention Credit. The credit is available to employers who have experienced a significant decline in gross receipts or were fully or partially suspended due to government orders related to COVID-19. The task requires reviewing employee records, analyzing the impact of the pandemic on the organization's operations, and determining the eligibility criteria set by the IRS. The desired result is to identify all eligible employees for the credit.
1
John Smith
2
Mary Johnson
3
Robert Brown
Determine qualifying wages for each eligible employee
In this task, you will calculate the qualifying wages for each eligible employee. Qualifying wages include the amount of wages paid to an eligible employee during a specific period. It is important to accurately calculate qualifying wages to determine the credit amount for each employee. Consider any additional factors, such as changes to employee hours or rates during the eligibility period, that may impact the calculation. The desired result is to have the qualifying wages for each eligible employee.
Calculate the credit amount for each eligible employee
This task involves calculating the credit amount for each eligible employee. The credit is equal to a percentage of the qualifying wages paid to the employee during the eligibility period. Use the predefined calculation formula provided by the IRS to determine the credit amount. The desired result is to have the credit amount calculated for each eligible employee.
Prepare necessary documentation supporting eligibility of employees
In this task, you will gather and prepare the necessary documentation to support the eligibility of employees for the Employee Retention Credit. This may include employment records, payroll records, and any other relevant documentation. Ensure that all documentation is complete, accurate, and organized for future reference or potential audits. The desired result is to have all necessary documentation prepared and ready for submission.
Prepare necessary documentation supporting calculations of credit amounts
This task involves preparing the necessary documentation to support the calculations of credit amounts for eligible employees. The documentation should include details of the qualifying wages, credit percentages, and credit amounts for each employee. Organize the documentation and ensure its accuracy to facilitate the claim process. The desired result is to have all necessary documentation prepared and ready for submission.
Audit records for completeness and accuracy
In this task, you will conduct an audit of the records related to the Employee Retention Credit. This includes reviewing the eligibility documentation, calculations, and any other relevant records. Check for completeness, accuracy, and consistency to ensure compliance with IRS regulations. Address any discrepancies or issues found during the audit process. The desired result is to have audited records that are complete and accurate.
Approval: Audit results
Will be submitted for approval:
Audit records for completeness and accuracy
Will be submitted
Submit Employee Retention Credit claim to IRS
This task involves submitting the Employee Retention Credit claim to the IRS. Follow the designated submission process, which may include online filing or mailing the claim. Ensure all required forms and documentation are included in the submission. Keep a record of the submission for future reference. The desired result is to have the claim submitted to the IRS.
Track status of Employee Retention Credit claim
In this task, you will track the status of the Employee Retention Credit claim. Monitor updates from the IRS regarding the processing and approval of the claim. Keep a record of any communication received from the IRS and any actions required on your part. The desired result is to have an up-to-date status of the credit claim.
Assess financial impact of Employee Retention Credit on the organization
This task involves assessing the financial impact of the Employee Retention Credit on the organization. Analyze the credit amount received and its effect on the organization's financial statements, cash flow, and overall financial position. Consider any tax implications or adjustments that may arise from claiming the credit. The desired result is to have a comprehensive assessment of the credit's financial impact.
Approval: Finance Director
Will be submitted for approval:
Assess financial impact of Employee Retention Credit on the organization
Will be submitted
Communicate Employee Retention Credit claim status to stakeholders
In this task, you will communicate the status of the Employee Retention Credit claim to relevant stakeholders. This may include management, finance teams, or other departments impacted by the credit claim. Provide updates on the progress, approval, or any issues related to the claim. Maintain open and clear communication channels to ensure stakeholders are informed. The desired result is to have stakeholders informed about the credit claim status.
Update payroll system to reflect Employee Retention Credit claim
This task involves updating the payroll system to reflect the Employee Retention Credit claim. Make necessary adjustments to accurately reflect the credit amount for eligible employees. Ensure that the payroll system calculations align with the documentation and calculations prepared for the credit claim. The desired result is to have the payroll system updated with the credit claim information.
Ensure Employee Retention Credit is documented in the general ledger
In this task, you will ensure that the Employee Retention Credit is properly documented in the general ledger. Record the credit amount as a credit entry in the appropriate ledger accounts. Maintain accurate records and make any necessary adjustments to reflect the credit claim. The desired result is to have the Employee Retention Credit documented in the general ledger.
Review updated payroll system for accuracy
This task involves reviewing the updated payroll system for accuracy. Verify that the payroll system accurately reflects the Employee Retention Credit claim information and that all calculations are correct. Address any discrepancies or errors found during the review process. The desired result is to have an accurate and error-free payroll system reflecting the credit claim.
Approval: Payroll Specialist
Will be submitted for approval:
Update payroll system to reflect Employee Retention Credit claim
Will be submitted
Prepare report on Employee Retention Credit claim process for management review
In this task, you will prepare a report on the Employee Retention Credit claim process for management review. Summarize the key steps, challenges, and outcomes of the credit claim process. Include any recommendations or insights that can help improve future credit claims. The desired result is to have a comprehensive report ready for management review.
Approval: Senior Management
Will be submitted for approval:
Prepare report on Employee Retention Credit claim process for management review
Will be submitted
Archive all Employee Retention Credit claim documents for future reference
This task involves archiving all the Employee Retention Credit claim documents for future reference. Ensure that all supporting documentation, correspondence with the IRS, and any other relevant records are properly organized and stored. Consider implementing a systematic filing or digital archiving system for easy retrieval. The desired result is to have all claim documents archived and easily accessible.
