Myths about the Payroll Tax Refund from Innovation Refunds

Nov 9, 2022 | Business, Core Bank, Kansas City, Omaha

Payroll Tax Refund

Has your business heard of the payroll tax refund? Thousands of businesses qualify for a refund. Core Bank has partnered with Innovation Refunds, an expert FinTech provider to help businesses unlock more government incentives and substantial cash refunds.

Businesses will likely qualify for up to *$26,000 per eligible employee on your payroll with the Employee Retention Credit (ERC). Your business could be owed thousands. It takes just one application to possibly get thousands back.

There are a lot of misconceptions about the program – so we’re clearing that up. That way, your business can unlock its maximum refund from the IRS.

Myth #1: “I won’t qualify because my business made a profit during the pandemic.”

False. Congress changed the rules in 2021 to include limited commerce, which affected almost every American business.

Myth #2: “ERC is a loan that I’ll have to pay back.”

False. ERC is not a loan. Once you receive the check from the U.S. Treasury, it’s for your business to use however it sees fit. What would your business do with extra cash?

Myth #3: “I can’t receive ERC because I claimed PPP.”

False. The ERC is a Payroll Tax Refund born out of the same COVID relief bill as PPP. In early 2021 Congress changed the rules so your business can now claim ERC whether it received PPP funds or not.

Myth #4: “My CPA can do this for me, or I can file myself.”

True. However, unless you’ve built considerable expertise in ERC specific law and tax code, we highly recommend utilizing our team of highly qualified ERC professionals.

We have developed a strategic alliance with Innovation Refunds to offer our customers access to their team of Refund Specialists, accountants, and tax attorneys who have significant experience with ERC. Innovation Refunds makes getting your own money back from the IRS as simple as possible.

The IRS expects 70% – 80% of small and medium businesses to qualify. Determining the proper amount that you are entitled to is a complex accounting process. One of the reasons that we chose 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 properly unlock these government incentives is Innovation Refunds’ specialty.

For Core Bank 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 a percentage of the money that you receive from the government.

The work of Innovation Refunds will be completed within 30 days of receiving your documents. You would receive refund checks from the US Treasury in 5 – 8 months depending upon backlog. The longer you wait, the longer it will take!

We all know that government-funded programs are subject to change. Time is of the essence as the program has technically expired. There is a limited window of time to claw back the money which is rightfully owed to you. The program could run out of allocated funds at anytime and is subject to the whims of congress. Don’t delay!

Apply today for a payroll tax rebate >>

From business checking accounts to complete treasury services, Core Bank is here to help simplify the day-to-day needs of every business owner. Find the services you need today.

*Subject to Tax Evaluation by Innovation Refunds. Pre-qualification is not a guarantee of approval. Core Bank is not affiliated to Innovation Refunds and makes no representation or warranty as to the quality, accuracy, or reliability of Innovation Refunds website.