COVID Employee Retention Tax Credit is possible for many cannabis operators, allowing companies to qualify for a cash refund of up to $33,000 per employee.
DENVER | August 26, 2021,09:00 AM Eastern Daylight Time -- Würk, the first Human Capital Management (HCM) company for the cannabis industry, announced today that it has partnered with ETaxBreaks, a leading provider of financial, tax credits, and incentives services for business growth, to expand its suite of offerings by providing clients with access to tax credit opportunities.
Through the partnership, Würk will provide its clients access to ETaxBreaks' suite of services, enabling hard-working cannabis operators to access tax credits such as the COVID Employee Retention Tax Credit (CERTC) and local and state opportunities. ETaxBreaks will work closely with any Würk client that wishes to take advantage of these credits and ensure they receive the maximum amount of tax credit available. To date, ETaxBreaks has secured more than $100,000,000 in COVID Employee Retention Tax Credits for businesses that qualify in 2020 and 2021.
“Cannabis operators are one of the highest-taxed industries and the majority of companies in the space are not aware that they qualify for certain tax credits, let alone know where to go to claim them,” said Scott Kenyon, CEO of Würk. “We can solve the issue of inaccessibility to these resources through our partnership with ETaxBreaks. This partnership is an extension of our commitment to providing clients with the same opportunities and services available to traditional industries.”
According to ETaxBreaks, while cannabis companies generally do not qualify for credits that pertain to income tax, the COVID Employee Retention Tax Credit pertains to payroll tax. Because CERTC is strictly a payroll tax credit and is issued as a refund on an employer's Form 941, many cannabis operators and their companies will qualify for this credit for up to a cash refund of $33,000 per employee.
Chris Wright, President of ETaxBreaks said, “The partners at ETaxBreaks have spent more than 100 combined years in the tax credit and payroll space. We have always kept tabs on industries that have historically had a difficult time getting access to these credits - the cannabis industry being one of the most overlooked. As soon as we determined that the CERTC applied to this industry, we reached out to Würk to determine how we could work together. Given the complementary relationship between tax credits and payroll, this partnership was an easy fit.”
For more information or to get started please visit www.etaxbreaks.com/wurk.
Würk allows cannabis companies to manage payroll, human resources, timekeeping, scheduling, and tax compliance and minimizes compliance risks in the ever-changing cannabis regulatory environment. The company uses its expertise and trusted partnerships to provide guidance on 280E tax law, accounting, and compliant banking. Its platform is designed to scale nationally with the growth of the industry while incorporating the local laws and regulations unique to individual states. Würk is the first payroll provider, and only the third company in the cannabis technology industry, to complete a System and Organization Controls (SOC) 1 Type 2 Audit of systematic controls by a third-party CPA firm. For more information on Würk, please contact www.enjoywurk.com.
For over 20 years, ETaxBreaks has been delivering technologies that effectively provide tax credits and incentives that maximize the benefits to companies. Launched by the former founder and CEO of TaxBreak, ETaxBreaks was built with the same proficiency, integrity, and industry expertise that enabled TaxBreaks to become an industry leader. The company’s value proposition remains the same in that it only prospers when it has secured credits and incentives that work for the clients. For more information on ETaxBreaks, please visit www.etaxbreaks.com
North 6th Agency for Würk