In this review article, we address the burning concern on everyone’s mind: “Is Innovation Refunds a Scam?” Rest assured, we’ve got you covered. Are you a small or medium-sized business struggling to navigate the complex tax codes and claim the Employee Retention Credit (ERC) amidst the COVID-19 pandemic? Then this is probably going to be interesting for you.
Innovation Refunds, is a company that is specializing in ERC claims. With a team of experienced specialists and a 100% satisfaction guarantee, Innovation Refunds aims to help businesses like yours secure the tax credits they deserve. DOes these claims apply to reality as well? Let’s delve into their services, reputation, and the ultimate verdict on their legitimacy!
Company: Innovation Refunds
Owner: Howard Makler (CEO and co-founder), Rodney Rad (President)
Who is it for: Business owners
Before we get into this review we think it´s important to mention that you should always strive for the best deal possible. Please make sure to ALWAYS do your own research and to compare different alternatives before making any decision!
Ok, with that said, let´s continue with the Innovation Refunds review!
What is Innovation Refunds?
Innovation Refunds is a trusted company dedicated to assisting small and medium-sized businesses in claiming the Employee Retention Credit (ERC), a valuable tax credit designed to support businesses during the challenging times of the COVID-19 pandemic. With Innovation Refunds by your side, you can access the financial relief you need to keep your employees on the payroll and ensure your business’s stability.
Navigating the complexities of tax codes can be overwhelming, especially during unprecedented times. However, with Innovation Refunds, the process becomes seamless. They offer comprehensive services to help you gather all the necessary documentation to file an ERC claim. From start to finish, their dedicated account specialists guide you through every step, ensuring accuracy and compliance.
How does Innovation Refunds work?
Innovation Refunds has streamlined claiming the Employee Retention Credit (ERC) to make it stress-free for businesses. When you engage in their services, the first step involves thoroughly analyzing your eligibility for the ERC. This preliminary assessment ensures your business qualifies for the credit, saving you time and effort.
Once confirmed, Innovation Refunds’ dedicated account specialists will guide you through the process. They will assist you in gathering the necessary documentation required for filing the ERC claim accurately. Their expertise in navigating complex tax codes ensures that your claim adheres to all relevant regulations, minimizing the risk of errors and potential audits.
Throughout the process, Innovation Refunds maintains transparency, keeping you informed about the progress of your claim. You can rely on their team to provide regular updates and promptly address any questions or concerns.
By understanding the ERC claim process and offering a fair fee structure with a refund guarantee, Innovation Refunds demonstrates its dedication to providing excellent service to businesses seeking tax credits. With their user-friendly approach and expertise, they aim to empower businesses like yours to claim the financial relief they deserve during these challenging times.
Services Offered by Innovation Refunds
Innovation Refunds prides itself on its expertise in handling Employee Retention Credit (ERC) claims and refunds. Their singular focus on this tax credit sets them apart from competitors, ensuring they possess in-depth knowledge of the ERC regulations and requirements.
When you pick Innovation Refunds, you get help from a skilled group of experts with a strong history of successfully handling ERC claims.
Their dedicated account specialists are well-versed in the intricacies of the ERC, allowing them to provide tailored solutions that maximize your tax savings.
Navigating the ERC process independently can be daunting, especially given the constantly evolving regulations. However, Innovation Refunds’ specialization in ERC claims ensures they stay up-to-date with the latest changes, safeguarding your claim against potential issues and audits.
Unlike some competitors, Innovation Refunds is committed solely to ERC claims and refunds. While other companies might offer a broader range of tax services, accounting, or bookkeeping, Innovation Refunds provides specialized support for ERC-related matters.
This specialized approach allows Innovation Refunds to fine-tune their services, ensuring efficiency and accuracy in handling ERC claims. By concentrating solely on ERC claims, they can allocate their resources and expertise more effectively, ultimately benefiting their clients.
Innovation Refunds Features
Innovation Refunds presents many exceptional features, streamlining your ERC claim process. With no upfront payments, dedicated account specialists, and a secure portal, their user-friendly approach guarantees a hassle-free experience. Let’s delve into these remarkable features that distinguish Innovation Refunds as a leading tax credit assistance provider.
No Upfront Payments
One of the standout features of Innovation Refunds is their commitment to client convenience. Unlike other service providers, Innovation Refunds requires no upfront payments or fees. You can confidently initiate the process, knowing that you won’t have to bear any financial burden until your ERC refund is received. This no upfront payment policy reflects their dedication to ensuring a risk-free experience for their clients, especially during challenging economic times.
Innovation Refunds offers businesses a valuable service by providing a free analysis of their Employee Retention Credit (ERC) eligibility. This initial assessment helps determine if your business qualifies for the credit before proceeding with the claim process. The free analysis empowers you to make an informed decision without any financial commitment. This transparency and upfront assessment set the tone for an honest and straightforward working relationship with Innovation Refunds.
To further enhance its client experience, Innovation Refunds has introduced a referral program. If you’re satisfied with their services and know other businesses that could benefit from ERC claims assistance, you can refer them to Innovation Refunds. In doing so, you and the referred business stand to gain, potentially receiving additional benefits or incentives. This program incentivizes client loyalty and rewards you for sharing your positive experience with others.
Understanding the significance of data privacy and security, Innovation Refunds offers a secure portal for handling all sensitive information during the claim process. This portal protects your business’s confidential documents and financial details from unauthorized access. The certain portal feature instills confidence in their commitment to safeguarding your information, making you feel more at ease when collaborating with their team.
Dedicated Account Specialists
Innovation Refunds assigns dedicated account specialists to each client, ensuring personalized attention and support throughout the ERC claim process. These specialists possess in-depth knowledge of ERC claims, allowing them to cater to your business needs effectively. Having a dedicated point of contact enhances communication. It streamlines the claim process, making getting updates and promptly addressing any questions easier.
Free Audit Support
In the event of an audit, Innovation Refunds offers free audit support. This valuable feature provides additional reassurance to businesses engaging their services. You can trust their expert team to help you with any questions or worries from the IRS while they review your taxes. This level of support demonstrates their commitment to standing by their clients even after the ERC claim is filed.
Payroll & Accounting Integrations
Recognizing the importance of seamless integration, Innovation Refunds offers payroll and accounting integrations. Integrating with your existing systems will streamline the claim process and reduce administrative burden. This integration ensures accuracy and efficiency in handling the necessary documentation, making the ERC claim process more convenient for your business.
Basic Refund Calculator
Innovation Refunds provides a basic refund calculator to help businesses estimate their potential ERC benefits. This calculator is a helpful tool for understanding the possible value of claiming credit without commitment. By offering this feature, Innovation Refunds empowers businesses to make well-informed decisions regarding their financial planning and potential tax savings.
With these user-friendly features, Innovation Refunds strives to provide a seamless and efficient experience for businesses seeking to claim Employee Retention Credit. In the next section, we will explore their customer service reputation, online reviews, and fees, further evaluating their performance. Stay tuned to decide whether Innovation Refunds is the right partner to help your business secure the tax credits it deserves.
Customer Service and Reputation
Innovation Refunds takes great pride in delivering exceptional customer service to businesses seeking assistance. Their team of experienced and friendly customer service representatives is readily available to address any inquiries, concerns, or support needed throughout the ERC claim process.
From the moment you engage their services, you’ll experience their dedication to providing a seamless and personalized experience. Their prompt responses, clear communication, and willingness to go the extra mile create a sense of trust and confidence, ensuring that you feel supported and valued throughout the journey.
Regarding reputation, Innovation Refunds shines brightly in tax credit assistance. Their online reviews paint a positive picture, reflecting the satisfaction of their clients. Innovation Refunds, with over 400 delighted customers, proudly boasts an exceptional average score of 4.9 out of 5 stars on renowned review platforms like Trustpilot and Google.
Additionally, they have received a good rating on platforms like BBB and Glassdoor, affirming the credibility of their services. The abundance of favorable reviews and testimonials speaks volumes about their commitment to excellence. It underscores their position as a reputable and trusted partner for ERC claims.
Fees Charged by Innovation Refunds
Innovation Refunds operates on a transparent fee structure, charging 25% of the refunded ERC amount for their services. This means their fee is contingent upon completing your ERC claim and receipt of the refund.
By utilizing this performance-based fee model, Innovation Refunds aligns their success with yours, creating a strong incentive to maximize your tax credit benefits. This fee structure ensures that you only pay for results, motivating their team to work diligently to secure the highest possible refund for your business.
One of the most attractive aspects of Innovation Refunds’ fee policy is the absence of upfront payments or obligations. Engaging in their services doesn’t require any financial commitment from you before completing your ERC claim. This no upfront fees policy allows you to embark on the claim process without bearing any financial risk, instilling confidence in their commitment to providing a risk-free experience for their clients. The clarity and simplicity of their fee structure reinforce their dedication to transparency and building trust with their clients.
Processing Time for ERC Claims
When filing for the Employee Retention Credit (ERC) with Innovation Refunds, businesses can typically expect an average processing time of 4 to 5 months. This duration encompasses the time from the initial filing to the final receipt of the ERC refund.
While individual processing times may vary depending on the complexity of each claim and other factors, Innovation Refunds aims to expedite the process and deliver timely results to their clients.
It is essential to note that the processing time for ERC claims can be impacted by the Internal Revenue Service (IRS) backlog. Due to various factors, including the volume of claims and other economic challenges, the IRS may experience delays in processing tax credit claims.
While Innovation Refunds endeavors to streamline the process for their clients, knowing that the IRS backlog can extend the processing time beyond the average duration is essential.
Innovation Refunds’ Refund Policy
At Innovation Refunds, client satisfaction is paramount, and they back it up with a 100% satisfaction guarantee. This means that if, for any reason, you are not entirely satisfied with their services, you have the assurance of a refund.
The company strongly emphasizes ensuring that its clients receive top-notch service and experience a seamless ERC claim process. This satisfaction guarantee reflects their commitment to building lasting relationships with their clients and instilling trust in the quality of their assistance.
Innovation Refunds makes the process simple and efficient if you request a refund under the satisfaction guarantee. You have a window of 30 days from your payment date to make a refund request.
This allows you sufficient time to assess their services and determine if they meet your expectations. Should you decide to proceed with a refund request, Innovation Refunds ensures that the process is prompt, ensuring that you receive the refund owed to you within the specified timeframe.
What is ERC?
During the COVID-19 pandemic, the Employee Retention Credit (ERC) is a tax credit that aims to help businesses keep their employees onboard. The CARES Act established it as a refundable credit, meaning companies can receive a refund even if they owe no taxes.
What are the types of ERC?
In 2020, there were two types of ERCs: One was the 2020 ERC, which businesses experiencing a considerable drop in gross receipts during that year could access. It offered a credit of 50% of the initial $10,000 in qualified wages per employee (maximum $5,000 per employee). The 2021 ERC, available for businesses facing a significant gross receipts decline in 2021, offered a credit equal to 70% of the first $10,000 in qualified wages per employee (up to $5,000 per employee).
Is Innovation Refunds a Scam?
So, is Innovation Refunds a scam or a legit company? While exploring the legitimacy of Innovation Refunds, it is essential to acknowledge that some complaints and concerns have been raised about the company. Some individuals may have expressed dissatisfaction with specific aspects of the services or encountered issues during the ERC claim process.
Such feedback highlights the importance of thoroughly evaluating any service provider before engaging in their services. However, It’s obviously crucial to consider these complaints in context and determine if they are isolated incidents or representative of broader issues.
In contrast to the complaints, Innovation Refunds has managed to maintain an impressive A+ rating with the Better Business Bureau (BBB). This reputable organization evaluates businesses’ trustworthiness and performance.
Based on over 400 reviews, the company has earned a remarkable average rating of 4.9 out of 5 stars on Trustpilot, receiving positive feedback as well. These favorable assessments indicate many satisfied clients who have had a positive experience with Innovation Refunds. The company’s consistent efforts to resolve issues and provide quality service are evident in these positive reviews and ratings.
Conducting individual research is crucial when considering any service provider, including Innovation Refunds. While online reviews and ratings provide valuable insights, they should not be the sole basis for decision-making. It’s essential to thoroughly examine a company’s offerings, policies, and reputation.
Reach out to the company directly to address any concerns or questions you may have. Seek recommendations from trusted sources, and ensure the company meets your needs and expectations. By conducting thorough research, you can decide whether Innovation Refunds is the right fit for your business’s tax credit needs.
Pros and Cons of Using Innovation Refunds
- Good Reputation: Innovation Refunds has earned a positive reputation for its outstanding customer service and dedicated approach to assisting businesses with ERC claims.
- High Customer Satisfaction: The company boasts high customer satisfaction, evident from its impressive Trustpilot rating and numerous positive reviews from satisfied clients.
- Free Analysis: The free analysis offered by Innovation Refunds allows businesses to assess their eligibility for the ERC without any financial commitment, enabling an informed decision.
- User-Friendly Features: Their no upfront payments, secure portal, and payroll integrations create a user-friendly experience, ensuring ease and convenience for their clients.
- Refund Guarantee: Innovation Refunds’ 100% satisfaction guarantee gives clients the confidence to request a refund if dissatisfied with the services within 30 days.
- Dedicated Account Specialists: The allocation of dedicated account specialists ensures personalized assistance, streamlining the claim process and fostering clear communication.
- Expensive Fees: One potential drawback of using Innovation Refunds is their fee structure, which charges 25% of the ERC refund amount. While the performance-based model aligns interests, it may be expensive for some businesses.
- No Explanation for Disqualification: Some clients have raised concerns about needing more detailed explanations when they don’t qualify for the ERC. Transparency in such cases could be improved.
Innovation Refunds Alternatives
As mentioned further up on this page, our #1 recommended ERC company is ERC Straightline, so you might want to check them out.
If you’re interested in even alternatives to Innovation Refunds for claiming the Employee Retention Credit (ERC), here are some other reputable companies that specialize in assisting businesses with tax credits as well:
ERC Specialists: ERC Specialists is another company that focuses on helping businesses claim Employee Retention Credit. They offer their services at a fee of 10-15% of the refunded ERC amount, providing a competitive pricing structure for their clients.
Harbor Compliance: Harbor Compliance is a versatile company that assists with various tax and compliance issues. They offer a free consultation to help you determine your eligibility for the ERC and discuss the best approach for claiming the credit, ensuring personalized guidance tailored to your business needs.
Patriot Tax Group: For businesses seeking expertise in tax credits and deductions, Patriot Tax Group is a specialized option. They, too, offer a free consultation to assess your eligibility for the ERC and explore the most suitable choices for claiming the credit, accommodating businesses with personalized support.
By exploring these alternatives and conducting thorough research, you can find the best fit for your business’s specific ERC claim requirements. Each company offers unique features and pricing structures, making it crucial to compare their offerings to make an informed decision.
As you search for the ideal partner to navigate the complexities of the ERC claim process, consider each company’s benefits, reputation, and customer satisfaction levels to ensure optimal results for your business.
Eligibility Requirements for the ERC
To authorize the Employee Retention Credit (ERC), your business must meet specific criteria:
Employees in 2019: Your business must have had employees during the base year 2019 to be eligible for the ERC.
Significant Decline in Gross Receipts: To qualify for the ERC, your business must have undergone a substantial decline in gross receipts during either 2020 or 2021 compared to the corresponding quarter in 2019. The decline threshold for 2020 is a 50% reduction, while for 2021, it is a 20% reduction.
Payment of Qualified Wages: During the decline in gross receipts, your business must have continued to pay qualified wages to your employees. Qualified wages include compensation and certain health plan expenses, subject to certain limits.
Steps Involved in Filing for the ERC
Claiming the ERC involves the following steps:
- Determine Eligibility: First, ascertain whether your business meets the ERC eligibility criteria based on the earlier requirements.
- Gather Necessary Documentation: Collect essential documentation, such as payroll records and tax returns, to support your ERC claim.
- File Form 8936: Submit Form 8936, also known as the Employee Retention Credit form, along with your 2020 or 2021 tax return, depending on the applicable tax year.
- Wait for IRS Processing: After filing, wait for the IRS to process your ERC claim. As mentioned previously, the processing time can vary but is typically around 4 to 5 months.
- Receive Your Refund: If your ERC claim is approved, you will receive a refund equal to the credit amount, providing your business with the financial relief it deserves.
How Much Money Can You Save by Claiming the ERC?
The potential savings from claiming the ERC depend on the number of employees in your business and their qualified wages. The ERC allows you to claim 50% of the first $10,000 in qualified wages paid to each employee. This means the maximum credit available per employee is $5,000.
For instance, if your business has ten employees, and each employee receives $10,000 in qualified wages, you could be eligible for an ERC of $50,000 (10 employees x $5,000 per employee).
Understanding the eligibility requirements, potential savings, and the process of claiming the ERC empowers businesses to navigate the application process efficiently.
By adhering to these steps and engaging with experienced tax credit assistance companies, such as Innovation Refunds or their alternatives, businesses can maximize their chances of successfully obtaining the Employee Retention Credit.
Overall, this article has provided an in-depth evaluation of Innovation Refunds. This company assists businesses with claiming Employee Retention Credit (ERC). The analysis covered various aspects, including their services, features, customer service reputation, fees, and processing times. Innovation Refunds stands out for its good reputation, high customer satisfaction, and user-friendly features like no upfront payments and dedicated account specialists.
Regarding whether Innovation Refunds is a scam, it is important to consider the counterpoint of their A+ rating with the Better Business Bureau and positive Trustpilot reviews. While some complaints exist, Innovation Refunds has demonstrated credibility and competence in helping businesses with their ERC claims.
Ultimately, whether to choose Innovation Refunds or explore alternatives like ERC Specialists, Patriot Tax Group or ERC Guaranteed depends on your business’s specific needs and preferences. Before making a decision, make sure to always conduct thorough research and assess how well a company aligns with your requirements.
As always, when dealing with financial matters, exercising caution and conducting individual research is essential. Engaging in a tax credit assistance service should be a well-informed decision based on your unique circumstances.
We encourage you to consider all the information in this article and contact the companies directly to ensure the best possible outcome for your business’s ERC claim process.
I hope you found this short review on the Innovation Refunds company to be helpful and that you now have a better understanding on what it is and that it´s not a scam. If you have used their service then please share your experience in the comment section below as it can help other business owners!
I wish you success!
Michael, founder of Gold Retired