Accelerate Tax

• Specialized Service
• Refund Speed
• Average Return
• Program Benefits/Details

Specialized   Service

Traditional tax relief companies provide a wide range of tax relief and preparation services. That is not what Accelerate Tax does for businesses. Instead, the firm provides a specialized service dedicated to servicing small businesses that had to operate during the challenging years of 2020-2021, or when COVID-19 mandates were in effect. 

The CPAs at Accelerate Tax help businesses access the Employee Retention Tax Credit. This is a federal program that helped both small and medium sized businesses get relief from the strains of the pandemic and subsequent shutdowns. To date, most qualified businesses have yet to claim their ERC refunds which is why Accelerate Tax is helping business owners navigate the program. 

Refund Speed

Businesses that have applied for the tax credit have experienced long wait times as it pertains to actually receiving the funds. Even businesses that have worked with their long time accountants have waited anywhere from several months and even up to an entire year to receive their check.

With Accelerate Tax, the wait time is drastically reduced. The average refund speed of Accelerate Tax clients is a few business days as opposed to the months of waiting other businesses have experienced. 

Average Return

The actual dollar amount that a business will qualify for will vary based on a number of factors. However, knowing the ins and outs of the tax code associated with the program will only help businesses qualify for more as there is a better understanding of the program items. Traditional tax professionals and accountants simply cannot replicate this detailed understanding.

The team at Accelerate Tax knows the key details and codes that define this particular tax program and know how to maximize the return. As a result, Accelerate Tax clients saw an increased return, with most businesses receiving around $130,000.

Program Benefits/Details

Businesses still on the fence about what Accelerate Tax can offer through the Employee Retention Credit program should be aware of the beneficial details. These program specifics include:

• Businesses qualified even if they had previously been a part of the Paycheck Protection Program
• Refund of up to $26,000 per employee
• Filing window rapidly coming to a close
• Businesses qualify if revenue declined or the shutdowns/mandates had any impact
• No refund limit in terms of maximum dollars
• Size of the refund/credit could potentially exceed the tax bill

As a specialized service provider, Accelerate Tax is uniquely qualified to help businesses receive these benefits, and receive them faster than other accountants can provide. 

• Not a Traditional Tax Relief Firm
• Paycheck Protection Program

Not a Traditional Tax Relief Firm

Despite offering a tax related service, as businesses will have access to a specialized tax credit or refund, Accelerate Tax does not provide any traditional tax relief services. The entire business platform centers around helping businesses access the Employee Retention Tax Credit - and that’s it. 

Businesses looking for traditional tax relief services should consider alternative providers. Accelerate Tax does not provide:

• IRS tax relief
• State tax relief
• Tax settlement negotiation
• Account monitoring
• Tax audit representation
• Individual tax prep
• Small business tax prep

Businesses in need of the listed services to solicit the help of a more traditional tax relief company/service. 

Paycheck Protection Program

While not necessarily a negative, it should be noted that Accelerate Tax does not help businesses with the Paycheck Protection Program (PPP). The PPP and the ERC are separate programs and businesses can access both if they qualify, but Accelerate Tax solely offers ERC related services. 

The Paycheck Protection Program is a loan service through the federal government whereas the ERC is a refundable tax credit that is paid out by the IRS. It does not need to be paid back.