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Tag: ERC

  • Innovation Refunds’ CEO Howard Makler Discusses How Businesses Can Protect Themselves From Bad Players in the Employee Retention Credit Industry

    Innovation Refunds’ CEO Howard Makler Discusses How Businesses Can Protect Themselves From Bad Players in the Employee Retention Credit Industry

    Many businesses are entitled to the Employee Retention Credit created under the CARES Act, and Innovation Refunds is encouraging them to learn more about the process to get the most out of their refund and avoid engaging with any bad actors in the space.

    Press Release
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    Dec 13, 2022


    DES MOINES, Iowa, December 13, 2022 (Newswire.com)
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    While Innovation Refunds and other turnkey tax solution providers have been helping thousands of businesses secure life-changing ERCs (Employee Retention Credits) over the past two years, other players within the space have emerged with less than honorable intentions. According to Innovation Refunds CEO Howard Makler, several ERC mills have been taking advantage of small, vulnerable companies by charging exorbitant fees for ERC verifications and by taking huge percentages of the credit funding upon its approval and issuing. 

    Congress launched the Employee Retention Credit (ERC) program under the CARES Act in 2020 in response to the COVID-19 outbreak in the United States. The program encourages businesses to keep employees on their payroll by providing refundable tax credits that cover 50% of wages paid by an eligible employer, up to $10,000. Certain companies have qualified for payroll tax refunds of up to $26,000 per employee, even if they have received Paycheck Protection Program (PPP) funds.

    The rules and regulations tied to ERC tax credits have been revised multiple times under the CARES Act. This has led to constant confusion among business owners regarding the program’s eligibility requirements. As a result, a litany of ERC companies have surfaced to meet the demand for specialized assistance with the verification and application processes. Often, these firms only manage ERC tax refunds and are always up to date with the latest regulations. 

    However, per Makler, there are a few key indicators that business owners can use to differentiate real ERC companies from the bad players. By arming themselves with this knowledge, business owners and executives can avoid engaging with corrupt organizations altogether. 

    Makler noted how the first red flag small businesses should be wary of is any mention of an ERC verification or qualification fee. The verification process itself should have no associated costs whatsoever. 

    “The Innovation Refunds team has conducted hundreds of verification checks since the launch of the ERC program, never once having charged a small business for said service. Innovation Refunds and other legitimate ERC companies only request payment from small businesses after they have received their tax credit returns,” said Makler. 

    Makler went on to advise small businesses to do their research when it comes to evaluating ERC-focused firms. Evaluating whether an ERC business has any partnerships in place is critical to determining its level of credibility.  

    “Testimonials and a proven track record are essential,” said Makler.” “We have helped over 60 community banks educate their clients on ERC, most of which could speak to the value we have brought them through our services and support.” 

    Ultimately, Makler and the Innovation Refunds team want small businesses to acknowledge the existence of the malicious actors within the space while still making the effort to seek the tax return credits they need and deserve. 

    “Navigating the ever-changing and confusing world of ERC can be challenging, but conducting quality research into the firms that are supposed to be helping you secure your tax return credit can be the difference between receiving critical support from the government and losing out big time,” said Makler.  

    As quarterly rollbacks begin to limit ERC claims in the coming months, the Innovation Refunds team aims to serve as a voice of education. Please visit https://www.innovationrefunds.com/ for more information. 

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    To learn more, visit www.innovationrefunds.com. 

    Source: Innovation Refunds

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  • Innovation Refunds Educates Banks on Verifying Clients for Employee Retention Credit

    Innovation Refunds Educates Banks on Verifying Clients for Employee Retention Credit

    The company aims to help banks become advisors for their clients, so they can take advantage of the payroll tax credit.

    Press Release
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    Nov 21, 2022 07:00 CST


    DES MOINES, Iowa, November 21, 2022 (Newswire.com)
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    The Employee Retention Credit (ERC) can provide a critical payroll tax refund for businesses.  Innovation Refunds, an industry leader in turnkey tax solutions, is advising banks on how they can assist their clients in qualifying for the tax credit.

    Innovation Refunds recently attended the American Bankers Association annual convention,  providing banks with guidance on how they help their clients with ERC. Just as banks educated and connected clients with the Small Business Administration’s Paycheck Protection Program (PPP) loans, they now can play a similar role with the ERC.

    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 over $400K through Innovation Refund’s bank partners. 

    Innovation Refunds, which does not charge any upfront costs when verifying businesses for ERC, has now empowered more than 60 community banks in helping their clients receive payroll refund money. The company specializes solely in ERC, which enables its team members to be experts on the most up-to-date changes in rules and regulations.

    “Banks can play a critical role by being an advisor to clients and educating them about the availability of the ERC to ensure the money gets back into the hands of small and middle-sized businesses that were impacted by the pandemic,” said Howard Makler, CEO of Innovation Refunds.

    Innovation Refunds assists banks in developing marketing campaigns around the ERC to spread awareness to banks’ small and medium-sized business clients on what they can do to apply for the ERC. This is achieved through a comprehensive strategy that includes social posts, email playbooks, direct mailers, email blasts, text messages, and other tactical channels. All of these assets are customized to each bank’s branding.

    “The ability to receive ERC funds will expire gradually by late 2024, so time is of the essence to offer this critical education,” Makler said. “Innovation Refunds wants to be the marketing engine that offers a turnkey solution to help banks send this message to their business clients and make it easy for them to spread the word.”

    The Internal Revenue Service (IRS) anticipates that 70-80% of businesses are good candidates for the ERC. Qualifying for the payroll tax refund can be a game-changer for a company that has been impacted by the pandemic, and Innovation Refunds is a valuable resource in helping them avoid leaving money on the table. 

    To partner with Innovation Refunds, email bankpartner@innovationrefunds.com. To learn more, 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. Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses. To learn more, visit www.innovationrefunds.com.

    Source: Innovation Refunds

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  • Innovation Refunds Helps Connect California Animal Feed Company with ERC Benefits and Relief

    Innovation Refunds Helps Connect California Animal Feed Company with ERC Benefits and Relief

    The ERC benefits helped Lomita Feed retain workers and cover costs amid the pandemic when fears of a feed shortage nearly put the industry into supply shock.

    Press Release
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    Sep 28, 2022


    DES MOINES, Iowa, September 28, 2022 (Newswire.com)
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    With help from Innovation Refunds, the industry leader in turnkey tax solutions, California-based Lomita Feed successfully obtained critical Employee Retention Credit (ERC) funding. The 101-year-old animal feed storefront used the ERC benefits to retain employees and cover expansion costs throughout the COVID-19 pandemic.

    Lomita Feed owner Bill Lockwood first heard about Innovation Refunds through a radio ad. With the pandemic in full swing, feed stores in the U.S. began experiencing the effects of the supply chain shortage. Lockwood, along with other feed store owners, urged buyers to minimize over-shopping as inventories reached critical levels across the country.

    By guiding Lockwood and his team through the ERC application process, Innovation Refunds connected Lomita Feed with critical ERC funding to expand the original storefront to include the Doc Gunner Saddlery. Named after one of Lockwood’s late horses, Gunner, the saddlery was launched in tandem with the Doc Gunner Foundation.

    Lockwood, driven by his passion for rescuing animals, expressed his gratitude for the Innovation Refunds team’s assistance during such a stressful period, saying, “Innovation Refunds made it very simple. Just had to get a few of my records together, submit that, and they made it as painless as possible. It allowed us to keep the amount of people that we needed.”

    Lockwood’s plans include helping underprivileged children learn to ride and take care of horses through the Doc Gunner Foundation, made possible by the increased profits from the expanded storefront. He also plans to dedicate a percentage of all sales to Hyperkalemic Periodic Paralysis (HYPP) research. “I believe that you take care of the people that take care of you,” added Lockwood. “The community has taken care of us. The employees have allowed that to occur. Because of that, I had a responsibility to take care of all of them as well.”

    “Our team is thrilled to hear about Lomita Feed’s expansion project and charitable efforts made possible through ERC relief,” said Howard Makler, CEO of Innovation Refunds. “Stories from mission-driven companies like Lomita Feed are great reminders as to why we are helping small and midsize businesses with their claims.”

    To learn more about Innovation Refunds’ mission to help small and midsize businesses secure funding through government relief programs, please 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.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    Source: Innovation Refunds

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  • Phoenix Nursing Home Received Critical ERC Benefits With Help From Innovation Refunds

    Phoenix Nursing Home Received Critical ERC Benefits With Help From Innovation Refunds

    The benefits allowed Paradise for Parents to maintain healthy resident standards while rewarding its deserving staff amid critical supply shortages.

    Press Release
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    Sep 26, 2022


    DES MOINES, Iowa, September 26, 2022 (Newswire.com)
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    Through a key partnership with Innovation Refunds, Phoenix-based nursing home Paradise for Parents was able to secure critical ERC funding, which paid for essential facility equipment and a much-deserved employee bonus. As a turnkey tax solutions firm specializing in Employee Retention Credit (ERC) and payroll tax refunds, Innovation Refunds took care of the entire ERC application process and was able to connect Paradise for Parents with the capital they needed to maintain operations.

    When Hal Cranmer, co-owner of Paradise for Parents, first heard about Innovation Refunds through a radio advertisement, he knew he needed to take immediate action. At the time, the COVID-19 pandemic was in full swing. The spread of the virus severely impacted the U.S. supply chain, and the nursing home needed capital to cover the costs of critical supplies for residents. 

    The impact on the supply chain put substantial pressure on Cranmer and his staff. He still recalls the stress, remembering when he desperately made calls to secure enough toilet paper for 50 residents in the middle of the initial supply chain shortage.

    The facility needed additional funding to secure protective gear to prevent COVID from spreading to its residents and employees and to install technology that would allow residents to see and speak with their families, who were no longer allowed to visit due to government restrictions. The Innovation Refunds team oversaw and managed the entire ERC application process for Paradise for Parents. After conducting a cross-checking analysis, the team determined that the nursing home qualified to receive employee retention credit.

    “Hal and his team had a strong desire to keep residents and staff members safe amid the most challenging moments of the pandemic,” said Innovation Refunds CEO Howard Makler. “Once we verified Paradise for Parents’ refund eligibility, our team was motivated to accelerate the application process to supply the home with the funding they needed as fast as possible.” 

    Upon receiving the ERC benefits, Cranmer decided to dedicate a portion of the funds to support his employees directly in the form of a bonus. 

    “Several employees called me, saying they thought I paid too much,” said Cranmer. “I would tell them, ‘No, I didn’t. We got this refund because of you, so you deserve it.’ I felt it was essential to recognize and compensate our staff members who worked and persevered through such difficult times.”

    Cranmer also utilized some ERC funding to hire an immigration lawyer to help bring some of the caregivers’ families to America to reunite them during the pandemic.

    To learn more about Innovation Refunds and its Employee Retention Credit and payroll tax refund services, please 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.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    Source: Innovation Refunds

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  • Innovation Refunds Launches Refer & Earn Program

    Innovation Refunds Launches Refer & Earn Program

    The new program is a win-win for small businesses; referring businesses can win $1,000 when referred claimants receive approval for their Employee Retention Credit (ERC) claim.

    Press Release
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    Aug 29, 2022


    DES MOINES, Iowa, August 29, 2022 (Newswire.com)
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    In an effort to help more businesses secure Employee Retention Credit (ERC) claim approvals, turnkey tax solutions industry leader Innovation Refunds has launched its Refer & Earn program. Through the program, Individuals can refer small and medium-sized businesses to Innovation Refunds and receive a $1,000 referral bonus for each business that has its ERC claim approved.

    The Refer & Earn program provides participating businesses with a unique referral link and a custom code that can be used for promotion on social media. Businesses can leverage the code to refer partners and friends whose businesses could benefit from the ERC program. Users also gain access to their own dashboard, where they can keep track of past referrals and claim status. 

    “The pandemic presented a litany of challenges for small businesses. As they look to bounce back in the years following 2020, it is critical for business owners to participate and take advantage of relief opportunities such as the ERC program,” said Howard Makler, CEO of Innovation Refunds. 

    In response to the COVID-19 pandemic, Congress launched the Employee Retention Credit (ERC) program under the CARES Act. The program encourages businesses to keep employees on their payroll by providing refundable tax credits that cover 50% of wages paid by an eligible employer, up to $10,000. Certain companies have qualified for payroll tax refunds of up to $26,000 per employee, even if they have received Paycheck Protection Program (PPP) funds.

    “The Refer & Earn program connects businesses in need to professionals that can provide them with the help they need,” adds Makler. “It’s an initiative in which businesses are actively helping businesses, and Innovation Refunds is proud to be at the center of it.”

    During Innovation Refunds’ soft launch of Refer & Earn, over 150 signups were recorded in the first 24 hours. To sign up or learn more about the program, please visit https://www.innovationrefunds.com for more information.

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    To learn more, visit www.innovationrefunds.com. 

    Contact Information

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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  • Innovation Refunds Helps Companies Take Advantage of Employee Retention Credit

    Innovation Refunds Helps Companies Take Advantage of Employee Retention Credit

    Benefits offered through the Employee Retention Credit can be beneficial to small and mid-size companies; however, many don’t even realize they qualify.

    Press Release
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    Aug 16, 2022


    DES MOINES, Iowa, August 16, 2022 (Newswire.com)
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    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. 

    Media Contact

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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  • Innovation Refunds Emerges as Industry Leader With Turnkey Solutions That Result in Tax Credits and Refunds

    Innovation Refunds Emerges as Industry Leader With Turnkey Solutions That Result in Tax Credits and Refunds

    The team of CPAs has helped 10,000 businesses claim over $1 billion in refunds.

    Press Release
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    Jul 26, 2022


    WEST DES MOINES, Iowa, July 26, 2022 (Newswire.com)
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    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.

    Media Contact

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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