Innovation Refunds Review

Innovation Refunds Ratings at a Glance

At its core, Innovation Refunds is an ERC tax consultancy or specialist. To understand what that means, you must understand how ERC comes about.  

The COVID-19 pandemic profoundly impacted small and mid-sized companies, resulting in widespread closures and disruptions. To address the resulting economic hardships, Congress enacted the CARES Act, which includes a specific provision known as the ERC. The ERC is a refundable payroll tax credit that serves to incentivize businesses that retained their employee on the payroll during the pandemic. Specifically throughout 2020 and the first three quarters of 2021. 

Eligible businesses can access up to $26,000 worth of refundable tax credits per employee — about $5,000 per employee for the entire year of 2020 and up to $7,000 per employee for each quarter in the first three quarters of 2021. Qualifying for the ERC can significantly impact a company's financial situation, especially given the current economy. The ERC is accessible to employers of all sizes, including tax-exempt organizations, and it may also apply to tribes engaged in business operations. 

To qualify, you must meet the government definition of small business, experienced a significant decline in your gross receipts (over 20% decline in the 2021 calendar quarter compared to the same quarter in 2019, and a 50% decline in the 2020 calendar) and had your operations affected by government orders related to COVID-19, resulting in limitations on commerce, travel or meetings. The ERC remains largely underutilized because many businesses are unaware of their eligibility. Initially, if a company received a PPP loan, they were disqualified from the ERC, but the rules have since changed, allowing businesses to qualify for the ERC even if they received PPP loans.

Innovation Refunds offers comprehensive support and expertise in helping businesses understand and leverage the ERC. It assists in determining eligibility, calculating the credit amount, and navigating the complex application process. The platform's streamlined end-to-end filing process makes the complex claims process more straightforward, and businesses are provided full support throughout the journey, from determining eligibility to filing and receiving funds.

By partnering with Innovation Refunds, you can optimize your ERC claims and access the available funds to support your operations, retain employees and sustain growth. The company's dedicated team of expert CPAs, tax attorneys and tax professionals ensures you receive the maximum benefit from the ERC program, helping you overcome financial hurdles and thrive in uncertain times. Benzinga rates Innovation Refunds 5 out of 5 on service offerings. 

Innovation Refunds provides several customer service channels, including online form, email and phone support. Clients can also get answers to common questions regarding the ERC on the FAQ page. The company's blog provides insightful, resource-rich content on the ERC, and the newsroom keeps clients updated on ERC-related news. The company also maintains an active presence on social media platforms, including Facebook, Twitter, LinkedIn and Instagram, which can serve as an alternative means of contact. 

The company provides professional and friendly dedicated account specialists for clients who have expressed satisfaction with the service they receive from these specialists, highlighting their expertise and proactive updates. This effort has further reinforced the company's public reputation, as evidenced by numerous positive reviews from current and past customers across independent platforms. 

The company has a rating of 4.9/5 (based on a 370+ rating) on Trustpilot, 4.9/5 (based on a 190+ rating) on Google and 4.85/5 (based on a 110+ rating) rating on BBB, where it is accredited with A rating. Clients highlighted the company's appealing qualities, including easy and time-saving processing, responsive and helpful specialists, fast approvals and filing and timely updates. The only negative feedback was related to the cost. Benzinga rates Innovation Refunds 5/5 on customer service.

Innovation Refunds offers a no-obligation prequalification analysis. There are no upfront fees, setup charges, or hidden costs. You only pay 25% of the refund amount or tax credit. You're not required to pay out of pocket, as the fee is deducted from the refund check. However, this fee is steep compared to other platforms offering similar services, as most ERC companies charge between 10% and 15%.

The fee covers the preparation of claims by experienced CPAs or tax attorneys specializing in qualifying, substantiating, calculating and claiming ERC refunds. You get comprehensive ERC auditing support, which is highly valuable. Benzinga rates Innovative Refunds 4.5/5 on pricing.

As a core player in the ERC process and laws, Innovation Refunds streamlines and accelerates the process of claiming the ERC. You can complete the initial analysis on the company's website by providing your personal and business information. The process takes little or no time (about 8 minutes), and there are no prequalification charges. Once you receive the estimate, you can securely submit your documents via the portal if you choose to proceed. 

The company handles further filing processes while keeping you updated on the status of your claim. Once all the forms are filed, you'll subsequently wait for the IRS to process your claim and issue your refund check, which can take 4 to 7 months. While Innovation Refunds doesn't provide a specific average claim filing time, user reviews suggest the process is generally fast and efficient. Benzinga rates Innovation Refunds 5 stars on user experience.

Innovation Refunds vs. Competitors

Innovation Refunds has a few competitors, including ERC Specialists, ERCPros and Lendio. Innovation Refunds charges a fee of 25% compared to the 10% to 15% charged by ERC Specialists, which is among its closest competitors. Also, the company may not be ideal if your business is very small — fewer than four employees. Innovation Refunds remains a top choice for handling your ERC claims. Free prequalification analysis, dedicated account specialists, highly-efficient customer support and comprehensive audit support are vital qualities that differentiate it from its competitors.

Innovation Refunds stands out for its streamlined and efficient handling of ERC claims. The company offers a secure and expedited claim process, relieving the burden on business owners. Accuracy and efficiency are ensured with a network of experienced CPAs and tax attorneys. Innovation Refunds prides itself on excellent customer service, providing knowledgeable and responsive support throughout the claim process. The company has built a positive reputation among its clients, who appreciate its professionalism, attention to detail and expertise. Benzinga rates Innovation Refunds 5 stars.

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