Concept HR has partnered with Whirks to assess eligibility and administer the Employee Retention Tax Credits for eligible employers in both 2020 & 2021. You could have tax credits back as early as your next payroll process!

     

    First off... what is the Employee Retention Tax Credit (ERTC)?

    The Employee Retention Tax Credit (ERTC) is a newly expanded refundable tax credit given to employers who are keeping their employees on payroll despite COVID-19 related challenges and losses. New legislation was passed in late December 2020 that made many businesses eligible for the credit for all quarters of 2021, who were not previously eligible in 2020.

    The credit is equal to 70% of your employee’s wages that you pay out from January 1 through December 31st, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter. The maximum ERTC amount available is $7,000 per employee per quarter for a total of $28,000 in refundable tax credits for 2021 and potentially up to $5,000 per employee for 2020. 

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    Do you qualify for the ERTC?

    Here are a few examples of businesses that qualify: 

    • Restaurants + Bars 
    • Hairstylists 
    • Nail Salons 
    • Gym Owners
    • Veterinarians 
    • Hospitality Groups 
    • Medical Spas
    • Churches
    • Dentists
    • Optometrists 
    • Distribution Centers
    • Supply Chain Facilities 

    Awesome! So how do I get started?

    1

    Sign our ERTC Engagement Letter.

    Our Employee Retention Tax Credit Service engagement covers assessing your eligibility for 2020 & 2021 eligible periods, determination of those wages, consultation towards the maximum available credits, and preparation of Form 7200 and Form 941 for applicable quarters.

    Our engagement also includes audit representation to the appellate level should your tax credit claim be subject to examination by the IRS or your state authority.

    2

    Gather your Financials 

    We will need 2020 & 2021 period financial statements or accountant-level access to your Quickbooks instance (that way we can pull those financials ourselves) instructions on how to do so (link to QBO pdf.)

    We will also need view-access login to your payroll solution.

    Send that information securely by clicking here. (Subject Line: Concept HR ERC).

    3

    Schedule your ERTC Kick-off Call

    This is a 30 minute consultation where we will explain the program, advise on the total credit we can capture for you, and the earliest you can receive the credit.

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    Download our Employee Retention Tax Credit FAQs! 

     

    Want more info? Our free PDF answers some commonly asked questions about the ERTC, and provides great resources for learning more!

     
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