The COVID-19 pandemic rocked small and mid-size companies to the core, causing nationwide shutdowns for many. Innovation Refunds, an industry leader in turnkey tax solutions co-owned by over 100 banks, has continued to play a critical role in helping businesses — many of whom were unsure whether they qualify — claim more than $1 billion in refunds since March 2020 through the Employee Retention Credit (ERC).
This payroll tax refund was created to incentivize businesses that kept employees on the payroll during the pandemic. Due to several changing regulations, many businesses are not even aware they qualify for the ERC; at the time, numerous companies received Payroll Protection Program loans (PPP), and if they received this loan, they no longer qualified for the ERC. Since then, the rule has changed, and they can now qualify even if they did receive PPP loans.
Qualifying for the ERC could make or break a business in today's economy. With the ERC, companies are eligible for a payroll tax refund of up to $26,000 per employee, even if they have received PPP funds. The average refund is $400,000 per qualified business, with more than 80% of businesses qualifying.
Innovation Refunds aims to prevent companies from leaving money on the table. For companies that qualify, Innovation Refunds has a team of seasoned Certified Public Accountants (CPAs) and tax lawyers who manage all required documentation for businesses to claim the credit and compile all required documents into a seamless, turnkey package with no upfront costs.
"Qualifying for the ERC can be a game changer for a company that has been significantly impacted by the pandemic," said Howard Makler, CEO of Innovation Refunds. "Our team serves as a valuable resource in helping companies take advantage of the opportunities and funds that have been provided to them through the federal government."
Innovation Refunds provides clients with real-time IRS status updates throughout the application process and leverages industry experience and knowledge to help businesses claim the funds provided by government programs.
For many small business owners that have partnered with Innovation Refunds, a significant burden has been lifted during these trying times. Through a customer testimonial, Mark Houde, owner of Carolina Sports Inc., shared, "Bringing big corporate tax refund services to those of us who normally would not have access is genius. Working with the Innovation Refunds team has been a positive experience and their dedication to customer service is impressive."
For businesses looking to easily determine their eligibility to claim the ERC, or to learn more about Innovation Refunds, visit www.innovationrefunds.com.
About Innovation Refunds
Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.
Our team is mostly comprised of "Big Five" accountants and lawyers who utilize the same methodology used for Fortune 500 companies.
Co-owned by 100+ banks, our value is derived from our extended network of enterprise partners, financial institutions, cutting-edge technology resources, and trusted advisors.
To learn more, visit www.innovationrefunds.com.
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Original Source: Innovation Refunds Helps Companies Take Advantage of Employee Retention Credit