If you are a small or medium-sized business (SMB) looking for assistance in claiming the Employee Retention Credit (ERC), Innovation Refunds (IR) might be able to help you. This article provides an in-depth analysis of the tax specialist company and its services. It aims to help businesses assess their eligibility comprehend the application process and associated fees and evaluate the pros and cons of working with IR. It offers insights into the qualifications for ERC payroll tax refunds and guides applying to Innovation Refunds.
IR is a tax specialist company based in West Des Moines, Iowa, that focuses on helping SMBs claim the Employee Retention Credit (ERC) or Employee Retention Tax Credit (ERTC). The ERC was introduced as a tax incentive for businesses to retain their employees during the challenging times of the Covid-19 pandemic. Initially, the program received less attention than the Paycheck Protection Program (PPP) loans. It has now become a crucial lifeline for many struggling businesses.
What are Innovation Refunds?
IR is a tax specialist company that facilitates claiming the Employee Retention Credit (ERC) for small and medium-sized businesses (SMBs). Comprising certified public accountants (CPAs) and tax attorneys, the company brings expertise to ensure accuracy and compliance when assisting businesses in applying for the ERC. While Innovation Refunds focuses solely on helping businesses obtain the tax credit it has successfully helped thousands of companies receive over $5 billion in tax refunds.
Although IR is based in West Des Moines, Iowa, its services are available nationwide serving businesses across the United States.
Understanding the Employee Retention Credit
The Employee Retention Credit (ERC) was enacted under the CARES Act as a tax incentive for businesses to retain their employees during the COVID-19 pandemic. Initially overshadowed by the prominence of the Paycheck Protection Program (PPP) loans, the ERC gained recognition as a valuable resource for businesses affected by the pandemic.
How does Innovation Refunds work?
Applying for the Employee Retention Credit (ERC) can be complex and daunting. Determining which wages qualify and understanding the necessary documentation can be challenging for many business owners. This is where IR steps in to simplify the process.
To get started businesses complete an online form provided by Innovation Refunds which assesses their eligibility for the ERC tax credit. Once the form is submitted, IR evaluates the information provided and determines if the business qualifies for the credit.
Suppose a business is eligible for the Employee Retention Credit (ERC). Innovation Refunds offers the services of a dedicated account specialist who will guide them through the application process and assist with the preparation of the necessary documents. It is important to note that Innovation Refunds does not charge any upfront fees for their services. Businesses can benefit from a free, no-obligation ERC analysis enabling them to make an informed decision before proceeding with their application.
Innovation Refunds charges a contingency fee of 25% of the refund or tax credit, which will be deducted from the amount the business receives. While this fee may be higher compared to some of its competitors, companies benefit from the expertise of a dedicated account specialist and receive free audit support.
It is worth mentioning that IR specializes solely in ERC refunds and does not provide additional accounting or tax services such as payroll, bookkeeping, or general tax preparation and filing.
How to apply for Innovation Refunds
IR make the application process for the Employee Retention Credit (ERC) tax refund simple and convenient. Businesses can quickly assess their eligibility by filling out an online form the company provides. One of the primary benefits of working with IR. By providing information about their company and how the pandemic-related shutdowns affected their business, businesses can determine if they are eligible to work with IR.
After submitting the online form, IR account specialist will contact the business to assist them throughout the remaining application process. It is worth noting that applying through IR doesn’t involve any upfront costs or hidden fees. The company’s fee is directly deducted from the refund or tax credit so businesses don’t have to pay from their pockets.
The Cost of Innovation Refunds
When considering working with IR, it is crucial to understand the associated costs. The company charges a contingency fee of 25% of the Employee Retention Credit (ERC) refund or tax credit. IR may have a higher fee compared to some of its competitors so it’s important to consider the benefits that come with it. They offer a dedicated account specialist and free audit support. It is worth mentioning that there are no upfront costs or hidden fees. Their fee is deducted directly from the refund or tax credit, so businesses don’t have to worry about making out-of-pocket payments.
Advantages of Innovation Refunds
IR assist with several advantages for Employee Retention Credit (ERC) applications.
- Simple and streamlined application process: IR provides an online form that allows businesses to assess their eligibility for the ERC tax credit quickly. This simplifies the application process and saves businesses time and effort.
- Free ERC analysis: Businesses receive a free, no-obligation ERC analysis before committing to working with IR. This analysis provides businesses with valuable insights into their eligibility for the tax credit.
- Dedicated account specialists: IR assigns a dedicated account specialist to each business, ensuring personalized assistance throughout the application process. This specialist provides guidance, support and expertise to help companies navigate the ERC application’s complexities.
- Expertise of CPAs and tax attorneys: With a team of certified public accountants (CPAs) and tax attorneys IR brings a wealth of expertise. Businesses can trust that their application will be handled with accuracy and compliance.
- Free audit support: In the event of an audit IR provides free audit support to businesses. This support can be invaluable in ensuring that businesses successfully navigate the audit process.
Disadvantages of Innovation Refunds
Before deciding to work with IR, it’s important to consider its potential disadvantages.
- Steep fees: It is worth noting that IR levies a contingency fee of 25% of the ERC refund or tax credit, which is higher compared to some of its competitors who charge an average of 10-15%. Businesses must evaluate whether the advantages of collaborating with IR exceed the higher fee.
- Minimum employee requirement: IR only works with businesses with a minimum number of employees. Companies with up to four employees may not be eligible to work with IR.
- Limited services: IR focuses solely on ERC refunds and does not offer additional accounting, bookkeeping or tax preparation services. Businesses seeking comprehensive payroll or tax services may need to explore alternative options.
- No ERC advance: IR does not offer an ERC advance, meaning businesses may have to wait 6-12 months to receive their refund or tax credit. Companies in immediate need of funds may consider alternative options that offer quicker access to capital.
Customer Reviews and Feedback
Customer reviews and feedback are invaluable when assessing the reputation and quality of a service provider. While IR has received positive reviews it is important to consider both the positive and negative customer experiences.
Positive reviews of Innovation Refunds highlight the simplicity and efficiency of the application process. Customers appreciate the account specialists’ expertise and the company’s professionalism. Many customers mention the helpfulness, responsiveness and knowledge of the specialists assigned to their cases.
On the other hand, some negative reviews of IR mention the steep fees and the minimum employee requirement. Some customers express frustration after being told they would qualify for the ERC only to be denied due to failing to meet the minimum employee requirement. Some customers report difficulties in communication and a need for more response from the company after submitting their tax information.
Businesses must consider these reviews and weigh the pros and cons before deciding.
Conclusion
IR offers a streamlined and convenient solution for businesses seeking assistance with their Employee Retention Credit (ERC) applications. The company’s expertise, dedicated account specialists and free audit support provide valuable resources for businesses navigating the complexities of the ERC program.
Based on the available services, costs and customer feedback, IR can be a valuable resource for businesses that prioritize simplicity, expertise and personalized assistance. Companies with fewer than four employees or those needing additional accounting or tax services may need to explore alternative options.
Before making a decision, businesses should thoroughly evaluate their eligibility for the ERC, assess their specific needs and consider multiple service providers to make an informed choice.
Disclaimer: Please note that the information provided in this article is only for informational purposes, and it should not be regarded as financial or legal advice. Businesses are advised to consult with their tax professionals and legal advisors to determine their eligibility and make informed decisions regarding the Employee Retention Credit. IR LLC owns the trademark of Innovation Refunds, and its use in this article is solely for reference purposes. It does not indicate sponsorship or endorsement from Innovation Refunds LLC.
I am Charles Dickens, a strategic visionary in business management, driving growth and success through innovative strategies. As a content writer, I am known for my ability to craft compelling narratives that captivate audiences and convey complex ideas in an engaging manner.
