Deeper Experience. More Trust.

Deeper Experience. More Trust.

The Employee Retention Credit (ERC) is a refundable federal tax credit claimed against certain employment taxes to help businesses impacted by COVID-19. The ERC was created as part of the CARES Act and expanded in subsequent legislation to encourage businesses to retain their employees.

Eligible Employees

Employers, including tax-exempt organizations, are eligible for the credit…

  1. if they have paid wages reported on Forms 941 or
    943 and operate a trade or business and experience
  2. the full or partial suspension of the operation of their
    trade or business during any calendar quarter in 2020 or
    2021 because of governmental orders limiting commerce,
    travel, or group meetings due to COVID-19, or
  3. a significant decline in quarterly gross receipts as
    measured against the same quarter in 2019 or
    • 50% decline for 2020, measured against the same
    quarter in 2019
    • 20% decline for 2021, measured against the same
    quarter in 2019
    • For 2021, there is also an alternate reporting period
    that looks at previous quarter

For building a reputation, confidence counts. That’s why so many companies have trusted Henry & Peters for decades. Over 90 years of deep, direct experience in the field of accounting and taxation provides the real-life familiarity and practical understanding of audit, tax, and consulting services that can make Henry & Peters a trusted partner in your long-term success.

Maximum Credit Amount

For 2020, the maximum credit is 50% of qualified wages up to $10,000 per year, which is up to a $5,000 credit per employee for 2020.

For 2021, the maximum credit is 70% of qualified wages up to $10,000 per quarter, which is up to a $7,000 credit per employee per quarter.

If you qualify for the ERC for all of 2020 and 2021, the maximum credit would be $33,000 per employee.

Our Experience With ERC

As of June 18, 2021, Henry & Peters, P.C. has helped our clients claim over $4 million in Employee Retention Credits. We are continuing to help our clients evaluate whether they qualify for ERC in 2020 and 2021.

We have a dedicated team that is helping our clients with the ERC and they are keeping up with the requirements
and guidance necessary to calculate and claim the credit.

Contact us at our offices in Tyler, Longview, or Frisco.
We would be pleased to visit with you and determine if your business qualifies for the Employee Retention Credit and how we can help you get the credit.

Download our ERC PDF here.