ERC Consulting Services
ERC Consulting Services
Tax credits are among the most complex areas of the tax code and have gone through significant updates since the start of the pandemic. Adding to the risk and complexity of filing for tax credits is a recent IRS circular raising concerns about promoters attempting to mislead ineligible business owners to file for an Employee Retention Credit (ERC) refund. InterLutions launched a strategic partnership with Innovation Refunds, a proven leader and Fintech in the ERC field, to help credit unions and their business members better understand the complexities of qualifying and filing for ERC.
Benefits You Will Love
With a network of independent tax attorneys, CPAs, and tax professionals, our strategic partner, Innovation Refunds, can help eligible businesses claim the ERC. With our ERC Consulting Services, you can enjoy the benefits of:
What is ERC?
The ERC is a refundable tax credit that provides eligible small and medium-sized employers with a significant refund. One of the most popular ERC service providers, Innovation Refunds, has helped thousands of eligible businesses claim a payroll tax refund.
Credit unions and their business members now have additional resources from independent advisors who are not incentivized to push employers to qualify and file for tax credits.
Ready to Check Your Business' Eligibility?
The period to apply for the ERC is scheduled to end.
Frequently Asked Questions
What is Employee Retention Credit?
Employee Retention Credit (ERC) is a payroll tax refund born out of the same COVID relief bill as PPP which incentivized businesses that kept employees on payroll during the pandemic. Originally, companies were limited in their ability to claim either PPP or ERC but not both. In early 2021 the rules changed and now your business can claim ERC even if you received PPP funds. That’s great news.
How is Employee Retention Credit different from PPP?
PPP was a forgivable loan. Employee Retention Credit (ERC) returns to the business payroll taxes they already paid. Once you receive the ERC funds from the US Treasury no further action is required on your part.
How do you know if you qualify?
The IRS expects 70% - 80% of small and medium businesses to qualify. If your business experienced disruptions to commerce, travel, or group meetings, you qualify! This includes supply chain disruptions, price increases, staffing shortages, difficulty hiring, reduced hours, reduction in goods or services offered, were unable to travel, or attend conventions. Talk to one of our bankers to find out more.
How is the refund calculated?
Determining the proper amount that you’re entitled to is a complex accounting process that requires an expert analogous to an Orthopedic Surgeon or Cardiologist. One of the reasons that we choose Innovation Refunds is that their expert CPAs and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive. Helping businesses to properly unlock these government incentives is Innovation Refunds’ specialty.
Is there a cost?
For InterLutions customers, there is no upfront cost to determine if your business qualifies and if so, to receive what amount of money. Innovation Refunds on average invests 14 hours of expert CPA/Attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to move forward Innovation Refunds merely shares in a percentage of the money that you actually receive from the government.
How much time do you have?
We all know that government funded programs are subject to change. Time is of the essence. As of today, you can obtain these funds but for how long remains uncertain. PPP, Restaurant Revitalization, and other funds ran out without notice. Don’t delay; be sure to claim your spot in line and receive the funds rightfully owed to you.