Many business owners still need to be made aware that they can take advantage of a special program that can help them file for an Employee Retention Tax Credit if their business is affected by the COVID-19 pandemic. This program can provide small or mid-range businesses with $26000 per employee for the wages that were paid between 2020 to 2021.
If you, being a business owner, are still waiting to learn about the program or if you want to know whether you are eligible to claim the credit, then get in contact with the Innovation Refunds. They have designed a team to help businesses that meet their ‘minimum number of employees’ criteria.
However, they might not be a perfect partner for small businesses due to the heavy charge and not offering ERC advance.
So, let’s get to the details and unlock what Innovation Refunds is all about and how you can get the benefits based on your business’s size.
Table of Contents
What is Employee Retention Credit (ERC)?
Employee Retention Credit (ERC) tax credits come under the CARES Act. Now, this is basically a tax incentive given to businesses to retain their employees at the time of crisis (here, during the COVID-19 period). However, due to the PPP loans being in the spotlight, this program has yet to be discovered, and the businesses that have received PPP loans are eligible for the ERC tax rate to apply for it.
What are Innovation Refunds?
Innovation Refunds is a tax specialist company that can help a business organization claim Employee Retention Credit (ERC). They have tax attorneys and CPAs who have the accuracy to help the business file for the ERC. It has, at present, helped thousands of companies to receive tax refunds of over $5 billion and is the only service in helping Small and Medium-sized Businesses (SMBs).
Innovation Refunds is based in West Des Moines, Lowa, but according to the Smart Data Recovery team’s research, it has established itself such that the services are available nationwide. So, when you apply for Employee Retention Credit (ERC), then it has many conditions that you need to qualify for, which are quite challenging to understand.
A business has to file an amended Form 941, along with other documentation that contains over 170 pages. This is where Innovation Refunds simplify the process, and there is just an online form you have to fill out to get the information on whether you are eligible or not.
The company has a team of tax professionals who work with you throughout the tax credit application process, including collecting, preparing, and producing the necessary documents. You do not need to pay any upfront payments, and if required, you can also ask for a no-obligation Employee Retention Credit (ERC) analysis completely for free.
You need to pay a 25% fee for your refund or tax credit to Innovation Refunds if you qualify for the Employee Retention Credit (ERC), and it is quite a good deal as you get a constant dedicated specialist to support you along with free audit. Moreover, there are no additional accounting or tax services, such as bookkeeping, payroll, general tax preparation, filing for clients, etc.
Who Can Qualify For An Employee Retention Credit (ERC) Tax Refund?
The qualification depends on the time when the qualified wages were paid during the COVID-19 situation.
From the Time Range of March 13, 2020, to December 31, 2020
● The company or business must have carried on services or trade during the phase or have been an exempted tax organization.
● The company must have been ordered to partially or fully shut down by any form of government authority.
● It has experienced a decline of 50% or more in gross receipts due to the pandemic or Covid-19, during this period.
From The Time Range of January 1, 2021, to September 30, 2021
● If any government authority orders to partially or fully shut down the business operation.
● There is a decline of 80% in gross receipts due to Covid-19 related situation.
What is The Process For Applying For Innovation Refunds?
Innovation Refunds have a very simple and streamlined process to get a quick online form that can help you determine whether you are eligible or not. You need to share the details of your company, including the shutdown period during the pandemic, and they will determine whether you are eligible or not. Soon, an account specialist will contact you about the process of applying for Employee Retention Credit (ERC).
What Does it Cost You?
The Innovation Refunds charges 25% of the refund, which is their fee. The charges might appear to be higher when compared with its competitors, but they do not overcharge and you get constant specialists in the form of an accountant or auditors. There are also no hidden fees or upfront fees. Moreover, you do not have to pay from your pocket as they take the fees directly from the refund.
What Are The Advantages of Innovation Refunds?
The advantage of Innovation Refunds service is simple, stress-free, and the process is streamlined. There are no upfront fees or prices, and you do not have to pay any advanced cash. It also removes the burden of applying for credit. There is no fee for completing the online form and no other obligations for analysis of the ERC. The team of tax attorneys focuses only on the ERC refund, and you get a dedicated accountant specialist to assist you.
What is the Drawback of Innovation Refunds?
The only drawback that some can notice is the 25% of the ERC refund. Also, they do not offer any ECR advance. So, you have to wait for around 6 to 12 months for your refund or tax credit.
Is Innovation Refunds Legit?
Yes, Innovation Refunds is a legitimate business, and many websites and companies have also verified it. It also has multiple positive online reviews. So, it’s all based on your preferences whether you would like to join them or not.
