WEST DES MOINES, Iowa, July 26, 2022 (GLOBE NEWSWIRE) -- Backed by BankTech Ventures and co-owned by over 100 banks, Innovation Refunds has emerged as an industry leader, specializing in the Employee Retention Credit (ERC) and payroll tax refunds. In just one year, the Innovation Refunds team has helped over 10,000 businesses claim over $1 billion in refunds since the CARES Act was signed into law in March 2020.
Since the beginning of the COVID-19 pandemic, Congress has issued a variety of programs to assist American businesses. Among them is The Employee Retention Credit (ERC) under the CARES Act. According to the Internal Revenue Service (IRS), "The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19."
Companies are eligible for a payroll tax refund of up to $26,000 per employee, even if they've received Paycheck Protection Program (PPP) funds. The average refund is $400,000 per qualified business and over 80% of businesses qualify.
Innovation Refunds was launched to help 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.
"Even through the worst of it, many businesses were unaware of the benefits available to them," said Howard Makler, CEO of Innovation Refunds. "In today's economy, these amounts could very well make or break a business. Organizations must leverage the expertise of tax professionals like ourselves to ensure they take advantage of the opportunities afforded to them by the Federal Government."
Innovation Refunds' value is derived from its extended network of enterprise partners, financial institutions, cutting-edge technology, expansive resources, and trusted advisors. The team provides its clients with real-time IRS status updates throughout the application process, leveraging industry experience and knowledge to help businesses claim the funds provided by government programs.
For businesses looking to easily determine their eligibility to claim the Employee Retention Credit, or to learn more about Innovation Refunds, visit https://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.
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Maria Penaloza
maria.penaloza@newswire.com
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