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.
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.
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Original Source: Innovation Refunds Educates Banks on Verifying Clients for Employee Retention Credit