Snap Financial ERC Certification Exam – Snap Financial ERC Certification Exam

Welcome to your Snap Financial ERC Certification Exam

Answer all the questions correctly to receive a certificate for the Snap Financial ERC program.

MAKE SURE YOUR FIRST AND LAST NAME IS FILLED OUT COMPLETELY AND CORRECTLY IN THE ACCOUNT SETTINGS TAB TO ENSURE YOU RECEIVE THE RIGHT CERTIFICATE.

1.) PPP and ERC were introduced by:

The Consolidated Appropriations Act

The Infrastructure Bill

The $2.1 Trillion Dollar CARES Act

The Small Business Stimulus Bill

2.) When first Introduced companies were not allowed to utilize PPP and ERC together. They had to choose one program or the other:

TRUE

FALSE

3.) This December 2020 legislation amended the rule that companies could only utilize either PPP or ERC and made it possible to take advantage of both programs:

The Consolidated Appropriations Act

The Infrastructure Bill

The $2.1 Trillion Dollar CARES Act

The Inflation Reduction Act

4.) ERC can be worth up to:

$5,000 Per W2 Employee

$7,000 Per W2 Employee

$26,000 Per W2 Employee

ERC is limited to the amount of payroll taxes paid.

5.) Many businesses and even their CPAs believe incorrectly that a company won't qualify due to their overall revenue increasing.

TRUE

FALSE

6.) The three tests to determine if a company will qualify for the ERC Program even if they only pass one of the 3 tests are:

1) Significant Decline in Gross Profits Test. 2) Full Shut Down. 3) Partial Shutdown.

1) Significant Decline in Gross Receipts Test. 2) Full Shut Down. 3) Partial Shutdown.

1) Partial Decline in Gross Receipts Test. 2) Full Shut Down. 3) Partial Shutdown.

1) Significant Decline in Net Receipts Test. 2) Full Shut Down. 3) Partial Shutdown.

7.) A Partial Shutdown can entail: A more than nominal effect to a more than nominal portion of the operation due to local, state, or Federal governmental orders.

TRUE

FALSE

8.) Governmental Orders can directly partially shutdown or indirectly partially shutdown business operations.

TRUE

FALSE

9.) Lawful governmental orders level of enforcement is reviewed by the IRS to determine if an order actually had an impact on business operations.

TRUE

FALSE

10.) If a client wants to move forward with Jorns they should:

Sign the Engagement Agreement

Pay the $2,600 Fully Refundable Deposit

Submit the requested Documents

All of the above

11.) The 20% contingency fee is not due until:

Jorns runs the calculations for the ERC amounts

The client reviews and signs off on the 941-X forms.

The client receives their check from the U.S. Treasury

The Infrastructure Bill

12.) With 87,000 new IRS agents coming over the next few years it is a good idea to have a specialty CPA firm like Jorns & Associates handle the ERC filing for a business.

TRUE

FALSE

13.) Jorns has hundreds on staff to assist clients through the filing process and a Jorns filing CPA will always be the last signature on the filing before it is mailed to the IRS.

TRUE

FALSE

14.) It is almost always worth moving forward with the process to have a specialty CPA firm like Jorns & Associates dig in to see if a company qualifies for the ERC Program.

TRUE

FALSE