MILWAUKEE, WI – July 6, 2023 – 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, a credit union service organization (CUSO) delivering collaborative business services to credit unions, 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.
“It is critical for credit unions and their business members to find a trusted professional in the ERC space who acts with integrity and discipline,” stated Jesse Kohl, President of InterLutions. “With so much misinformation surrounding ERC, our CUSO believed it was necessary to partner with an entity that has amassed a network of independent tax attorneys to navigate the tax code and help employers accurately submit fully compliant claims and refunds.”
Through the new partnership, the CUSO explained how both credit unions and their business members will now have additional resources from independent advisors who are not incentivized to push employers to qualify and file for tax credits. “If we determine that a credit union does not qualify for ERC, or if a credit union has already previously filed for ERC, they can still deliver a valuable and turn-key ERC consulting solution to their business members that need help with the qualification and filing process,” Kohl explained.
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.
“We are excited to partner with InterLutions to help their member credit unions and small businesses unlock capital through our ERC services,” said Howard Makler, CEO and founder of Innovation Refunds. “InterLutions truly understands the needs of their members and their members’ clients.”
“An objective ERC analysis with no up-front fees is the right approach for our industry,” Kohl added.
For more information about qualifying for ERC or delivering ERC assistance to your business members, credit unions are welcome to join a free introductory webinar on Tuesday, July 18 at 11:00 a.m. CT by registering here.