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Tag: Employee Retention

  • Employers Should Fear The Truth Behind Quiet Quitting. Here’s Why.

    Employers Should Fear The Truth Behind Quiet Quitting. Here’s Why.

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    Opinions expressed by Entrepreneur contributors are their own.

    Quiet quitting seems like odd terminology since it has nothing to do with actually ditching your job for greener pastures. Many argue that there’s no such thing as quiet quitting because it simply refers to workers doing their assigned job during their typical workday. What they’re not doing is taking on any extra duties, or participating in extracurriculars at . It’s about rejecting the idea that work has to take over your life.

    And, while the buzzy phrase has been seemingly replaced by fast quitting (for now), what we must not ignore is the real reason why these terms were coined in the first place.

    As a leadership consultant and executive coach, I’ve had many clients struggling with how to establish boundaries between work and home before feeling like it’s all too much. They’re not sure when or how to say “no” to phone calls, emails and messages after they are officially off the clock. They are overworked, overwhelmed, stressed out, burnt out and fed up with the work-to-exhaustion-to-survive culture. While many of them may appear to be moving towards the quiet quitting trend, what they are really doing is saying no to burnout. As their consultant and coach, I completely get behind their decisions to do exactly that.

    Related: Quiet Quitting Is Dividing the Workforce. Here’s How to Bring Everyone Back Together.

    Addressing the root cause of so-called “quiet quitting”

    Rather than trying to keep up to speed with the latest workplace trends sweeping across social media, perhaps leaders should stop to ask why these trends began in the first place. Why is it considered unacceptable for employees to reject extra, often undesirable tasks outside of their job description? Have we placed too high a value on employees working long, high- days with little time off or time with family, only stopping when they are burnt out?

    Or are we ignoring a growing pool of people becoming increasingly disengaged at work and getting little joy out of it because they are burnt out? According to Gallup, the number of engaged employees dropped from 36% in 2020 to 32% by early 2022.

    Related: 5 Burnout Warning Signs (and How to Respond)

    Why are workers done with working themselves to exhaustion?

    The research is clear: Burnout and stress levels have increased significantly since the Covid-19 pandemic began. In fact, by January 2022, the American Psychological Association (APA) said “Burnout and stress are at an all-time high across professions.”

    “From longer work hours to increased demands at home, the Covid-19 pandemic introduced new stressors to nearly every domain of life,” the APA said. “As the world heads into the 3rd year of the pandemic, these stressors have become persistent and indefinite, heightening everyone’s risk of burnout.”

    If the pandemic has pushed many workers into a state of burnout, it makes sense that they are trying to resist the daily grind by doing only what they’re required to do. They no longer see their workplace as a place to thrive and instead feel unmotivated and disengaged.

    This may partly be linked to the switch to a work-from-home culture, which has contributed to many employees working significantly longer hours, having difficulty switching off and experiencing a lack of boundaries between work and home life. So many employees sit in front of their computers for more than 8 hours daily with little more than a 15-minute break to make lunch (then eat in front of the computer), if they even take lunch at all. They are exhausted.

    Interestingly, this increase in burnout is noticeably higher among the younger generations. Indeed’s research into burnout in 2021 found that while 53% of millennials already felt burnt out pre-pandemic, it jumped to 59% in 2021. Gen Z had a similar increase.

    Together, these generations consistently like to throw out the old rulebook of how things were done in the past in favor of building a better future. They’ve been campaigning to protect our environment, improve equality and justice and better living and work conditions. They generally don’t agree that all work and no play is a recipe for a life of thriving. This generation wants to do meaningful work, but enjoying life outside work is also essential to them.

    The World Health Organization states burnout is a syndrome resulting from workplace stress that has “not been successfully managed.” Three factors define it, they say: feelings of depleted energy, increased mental distance from a job and reduced professional efficacy.

    Related: 8 Fireproof Tips for Avoiding Business Burnout

    Those in must transform work culture so their employees feel engaged, included and connected to their work. Having disengaged or burnt-out employees on your team will disrupt team cohesion and negatively impact everyone. When someone is barely working, and others are working flat out, it quickly becomes apparent and affects the team’s dynamics. That’s why investing in improving the culture for everyone is so important.

    How to begin

    There are three main components that you can work on to improve that will ultimately benefit your company and team: value, wellbeing and communication.

    1. Ensure your staff feels valued

    Ensure your employees know their presence, skills and work are needed and valued. Recognizing them goes a long way to achieving this. Companies that make employee recognition a priority have workers who are 56% less likely to look for a new job, a recent Gallup-Workhuman survey found. It could be as simple as acknowledging milestones in their lives, such as work anniversaries and birthdays, and celebrating achieved goals or completed projects.

    Perhaps it’s looking at progression and promotion opportunities for team members or doing an end-of-week round-up recognizing the achievements of the week and the team members who made it happen.

    Or, if budget allows, perhaps an organized event: A monthly staff get-together where everyone finishes work a few hours early and have a late lunch or dinner together.

    Related: The Simple Trick This CEO Uses to Prevent Burnout

    2. Invest in the wellbeing of your employees

    It’s no secret that employee wellbeing and engagement work well together. Gallup found engagement and wellbeing are reciprocal, “where each influences the future state of the other.”

    What can you do to show that the company is prioritizing its employees’ wellbeing and is committed to improving it?

    There are practical things you can do. Your company may offer an employee assistance program that members can refer to if they require support or are struggling. You could also include wellbeing benefits:

    • A weekly massage.
    • A meditation class in the office on a lunch break.
    • The option to work flexible hours

    On a more long-term note, having designated wellbeing leaders is an excellent way to keep track of what’s being done in the office to improve people’s mental health — they could even send a monthly update on the changes. Very simply, encourage workers to leave on time and take regular breaks.

    3. Focus on connecting people to their work

    Recognizing and valuing your employees’ input is an important and powerful way to increase their ownership of their work. Create an open forum where staff can share ideas about the status of their work and projects, discuss innovative ideas that would excite them going forward or perhaps even creatively find solutions for processes that aren’t working.

    Hear what your employees are saying and listen to their ideas. Not only will it make them feel valued, but it’ll make them feel more connected to their work. Encourage involvement and participation as much as possible.

    Engaged employees and healthy workplaces are a by-product of exceptional leaders who create an environment for growth without the expectation that their team will work to exhaustion.

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    Dr. Samantha Madhosingh

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  • 3 Ways to Keep Your Outsourced Teams Engaged and Motivated

    3 Ways to Keep Your Outsourced Teams Engaged and Motivated

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    Opinions expressed by Entrepreneur contributors are their own.

    As your organization grows, you’ll have to make decisions about building different types of teams around the world. You might consider options like opening new offices, hiring remote teams or bringing on agencies.

    Given the current economic climate, outsourcing teams might seem like the most appealing option. Many people think it saves money and time and allows managers to offload the hiring, and managing processes to a third party. This strategy has a range of benefits, especially for customer success, which can require around-the-clock availability.

    However, it actually takes a surprising amount of effort and investment to make this strategic decision pay off in the long run. Plus, outsourced teams are not as different from your in-house as you might think. Here are a few tips on how to successfully manage outsourced teams in a way that truly pays off in the long run:

    Related: What Not to Do When Outsourcing

    1. Keep them engaged

    Just because your outsourced teams are out of sight doesn’t mean that they can be out of mind. Similar to your in-house team, disengaged employees will have a higher turnover rate, which will require you to spend even more time and effort on hiring and building strong teams.

    For this reason, the in-house manager still needs to oversee the hiring, onboarding and process to make sure the outsourced teams share similar culture and values. Here are a few ways to keep your outsourced teams engaged:

    • Hiring: It might be tempting to fully pass off hiring responsibilities since you won’t have to do the heavy lifting. But it’s important to stay involved by onboarding the people responsible for hiring so they fully understand your company culture and expectations.

    • Setting structures: Put the right structures into place that will support training and . This means implementing training and knowledge programs that mirror your in-house programs and could even include sending over your in-house educator to implement their high-quality, engaging learning plan.

    • Planning events: Run employee engagement activities similar to the ones you run for your in-house teams. Deck the events out in the company branding to make the outsourced teams feel like an equal part of the company.

    • Creating a flight plan: Create a flight plan to strengthen relationships and create a unified team. Send your in-house teams and outsourced teams to visit one another’s offices.

    • Survey: Distribute surveys about employee satisfaction so you can continually improve the ways you engage with the outsourced teams and make them feel valued.

    Related: Pros and Cons of Outsourcing and Hiring In-house Staff

    2. Help them grow

    Again, similar to your in-house team, without room for growth, your outsourced teams will lose motivation quickly, which will create high turnover and low retention. To attract and retain the best talent, you need to treat them as such.

    Consider creating a growth path in which exceptional work results in opportunities for upward mobility, expanding or deepening industry knowledge. While it might seem more costly up front, it will be more cost-effective to retain your talent than constantly hiring and training new talent.

    Offer a high level of visibility into your organization’s work, progress and plans. This will help them understand their contribution to short- and long-term goals. Compounding on that, celebrate milestones and achievements for the teams and the organization on-site. Then elevate these successes in larger forums so everyone gets the recognition they deserve, despite the distance.

    Related: 7 Ways to Make Outsourcing a Success Time After Time

    3. Set high standards

    The final piece of the puzzle is setting the right KPIs for your outsourced teams. Unfortunately, outsourced teams are sometimes thought of as a trade-off: a cheaper solution with mediocre results, but this should not be the case.

    Your outsourced teams should have similar KPIs to your in-house teams. Lowering your KPIs for outsourced teams means you’re inherently sacrificing quality for cost, which lowers your organization’s overall efficiency. Outsourced teams are equally as professional and talented as your in-house teams — they’re simply located in another region.

    There’s no doubt that outsourcing has plenty of benefits and can seem like a simple and attractive solution for scaling. But don’t lose sight of your goal: building a team that will produce high-quality work to better the organization. Invest time and resources to support every team member, and the value will be undeniable for everyone.

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    Hila Levy-Loya

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  • Avoid This Surefire Way to Disengage Your Workforce

    Avoid This Surefire Way to Disengage Your Workforce

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    Opinions expressed by Entrepreneur contributors are their own.

    It happens — companies hire jerks. Maybe you’ve even hired someone who turned out to be a thorn in your team. Unfortunately, companies often keep and promote top performers, despite poor behavior. At least, that’s how it’s always been.

    Working for toxic bosses, feeling unappreciated and missing out on life have given rise to the latest Gen Z workplace trend, “quiet quitting” — the idea of showing up and doing the bare minimum to maintain . This has been exacerbated by virtual environments with minimal oversight. Employees are waking up to the idea that they don’t need to produce their best at work to get paid.

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    Elyssa Seidman

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  • 5 Things Great Leaders Do to Create Inspired Teams That Deliver

    5 Things Great Leaders Do to Create Inspired Teams That Deliver

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    Opinions expressed by Entrepreneur contributors are their own.

    Did you know that almost 50% of employees consider leaving their companies due to bad bosses? We are suffering from a lack of good leaders today, causing a negative ripple effect throughout companies. Good managers are key to deriving employee engagement which impacts , customer satisfaction, and, most importantly, profits.

    So how do great leaders inspire teams to improve productivity? Here are five things you can do to inspire your workforce.

    1. Build on your employees’ strengths

    A leader’s most important job is to identify every individual worker’s strengths and weaknesses. That helps them assign tasks and responsibilities to the right employee.

    For that, leaders must pay close attention to their employees, especially if they are new to the . Observe how each one collaborates on projects or interacts in meetings. You can also invite employees to submit new ideas and tips through presentations. If you run a large organization, assign this task to your senior .

    Related: 9 Ways to Become a Better Leader

    2. Empower your team

    When does team happen? You empower your employees when you give them the authority and responsibility to make decisions. An empowered team organizes itself around a leader instead of waiting for instructions. Empowered employees don’t need to wait for approvals to implement a decision.

    Granting this authority gives a new voice to your employees. They start owning their opinions as well as becoming accountable for their actions.

    However, that can only happen when you empower the right employees after assessing their strengths and weaknesses. Otherwise, this strategy can backfire.

    3. Walk the talk

    There is only one way to walk the talk: Be the change you want to see in your team. In simple words, before you communicate any changes to the team, first implement them in your own work life.

    Every leader’s personal core of ethics must align with the company’s values. If it doesn’t, you will have trouble enforcing it on others. On the other hand, when leaders consistently follow company rules, even in turbulent times, employees follow suit.

    If a leader fails to walk the talk, employees are less likely to follow the leader’s decisions. So, as you try to lead a business unit or an organization, remember that even the most minor actions can create huge ripples in camaraderie and trust.

    Related: How to Become a More Effective Leader and Manager

    4. Communicate wisely

    Another important thing is to keep your employees in the loop. That way, everyone stays on the same page and remains focused. Use your persuasion powers to impart the right messages at the right time. When sending an official email, ask yourself before you hit the send button:

    Is this the right time to make this statement? Would it sound better if said in person?

    The tone and timing of your message can make all the difference. Harsh words and an aggressive tone can harm your employees’ productivity. When your objective is to motivate and inspire, reflect on the timing and medium of your communication.

    5. Offer employee incentives

    Do you know many of today’s most successful leaders rarely take credit for their successes? Instead, they commend their employees or colleagues who made it all possible. Humility is a trademark attribute of successful leaders.

    Don’t forget to create a weekly or a monthly honor roll or paste names/pictures of the most productive employees in your office. Pay homage to an employee who performed well in front of your entire team for motivating them to deliver the same results.

    Organizing quarterly dinners/lunches is another fabulous way to reward a team after finishing a project. But what is the best way to acknowledge your team’s efforts? Rewards and incentives.

    Offering monetary rewards to the most productive employees is one of the best ways to acknowledge your team’s efforts. While sending an email or a personal note is a grand gesture to thank your employees, incentives and rewards can infuse gratitude and confidence in your team.

    But another important question arises: How to track employee productivity?

    Use for setting up a transparent performance tracking system. Gamification means turning work into games so projects become fun and engaging. Designing games with strategies and embedded corporate goals is the best way to monitor your employees’ performance.

    According to a recent survey, almost 90% of employees believe that gamification makes them more productive at work. That’s because managers and leaders can check every employee’s points and offer rewards fairly. So, naturally, it boosts the employee’s morale.

    Related: Gamification Can Solve the Great Resignation. Here’s Why.

    End the era of bad leaders

    Gone are the days when draconian and authoritative leadership strategies worked to make employees more productive. Today, the best ways to inspire teams are to value your employees, create an agile work environment and foster open communication. Define your expectations clearly and communicate work goals to inspire and motivate your team.

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    Gordon Tredgold

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  • Innovation Refunds Helps Connect California Animal Feed Company with ERC Benefits and Relief

    Innovation Refunds Helps Connect California Animal Feed Company with ERC Benefits and Relief

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    The ERC benefits helped Lomita Feed retain workers and cover costs amid the pandemic when fears of a feed shortage nearly put the industry into supply shock.

    Press Release


    Sep 28, 2022

    With help from Innovation Refunds, the industry leader in turnkey tax solutions, California-based Lomita Feed successfully obtained critical Employee Retention Credit (ERC) funding. The 101-year-old animal feed storefront used the ERC benefits to retain employees and cover expansion costs throughout the COVID-19 pandemic.

    Lomita Feed owner Bill Lockwood first heard about Innovation Refunds through a radio ad. With the pandemic in full swing, feed stores in the U.S. began experiencing the effects of the supply chain shortage. Lockwood, along with other feed store owners, urged buyers to minimize over-shopping as inventories reached critical levels across the country.

    By guiding Lockwood and his team through the ERC application process, Innovation Refunds connected Lomita Feed with critical ERC funding to expand the original storefront to include the Doc Gunner Saddlery. Named after one of Lockwood’s late horses, Gunner, the saddlery was launched in tandem with the Doc Gunner Foundation.

    Lockwood, driven by his passion for rescuing animals, expressed his gratitude for the Innovation Refunds team’s assistance during such a stressful period, saying, “Innovation Refunds made it very simple. Just had to get a few of my records together, submit that, and they made it as painless as possible. It allowed us to keep the amount of people that we needed.”

    Lockwood’s plans include helping underprivileged children learn to ride and take care of horses through the Doc Gunner Foundation, made possible by the increased profits from the expanded storefront. He also plans to dedicate a percentage of all sales to Hyperkalemic Periodic Paralysis (HYPP) research. “I believe that you take care of the people that take care of you,” added Lockwood. “The community has taken care of us. The employees have allowed that to occur. Because of that, I had a responsibility to take care of all of them as well.”

    “Our team is thrilled to hear about Lomita Feed’s expansion project and charitable efforts made possible through ERC relief,” said Howard Makler, CEO of Innovation Refunds. “Stories from mission-driven companies like Lomita Feed are great reminders as to why we are helping small and midsize businesses with their claims.”

    To learn more about Innovation Refunds’ mission to help small and midsize businesses secure funding through government relief programs, please visit www.innovationrefunds.com.

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    Source: Innovation Refunds

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  • Phoenix Nursing Home Received Critical ERC Benefits With Help From Innovation Refunds

    Phoenix Nursing Home Received Critical ERC Benefits With Help From Innovation Refunds

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    The benefits allowed Paradise for Parents to maintain healthy resident standards while rewarding its deserving staff amid critical supply shortages.

    Press Release


    Sep 26, 2022

    Through a key partnership with Innovation Refunds, Phoenix-based nursing home Paradise for Parents was able to secure critical ERC funding, which paid for essential facility equipment and a much-deserved employee bonus. As a turnkey tax solutions firm specializing in Employee Retention Credit (ERC) and payroll tax refunds, Innovation Refunds took care of the entire ERC application process and was able to connect Paradise for Parents with the capital they needed to maintain operations.

    When Hal Cranmer, co-owner of Paradise for Parents, first heard about Innovation Refunds through a radio advertisement, he knew he needed to take immediate action. At the time, the COVID-19 pandemic was in full swing. The spread of the virus severely impacted the U.S. supply chain, and the nursing home needed capital to cover the costs of critical supplies for residents. 

    The impact on the supply chain put substantial pressure on Cranmer and his staff. He still recalls the stress, remembering when he desperately made calls to secure enough toilet paper for 50 residents in the middle of the initial supply chain shortage.

    The facility needed additional funding to secure protective gear to prevent COVID from spreading to its residents and employees and to install technology that would allow residents to see and speak with their families, who were no longer allowed to visit due to government restrictions. The Innovation Refunds team oversaw and managed the entire ERC application process for Paradise for Parents. After conducting a cross-checking analysis, the team determined that the nursing home qualified to receive employee retention credit.

    “Hal and his team had a strong desire to keep residents and staff members safe amid the most challenging moments of the pandemic,” said Innovation Refunds CEO Howard Makler. “Once we verified Paradise for Parents’ refund eligibility, our team was motivated to accelerate the application process to supply the home with the funding they needed as fast as possible.” 

    Upon receiving the ERC benefits, Cranmer decided to dedicate a portion of the funds to support his employees directly in the form of a bonus. 

    “Several employees called me, saying they thought I paid too much,” said Cranmer. “I would tell them, ‘No, I didn’t. We got this refund because of you, so you deserve it.’ I felt it was essential to recognize and compensate our staff members who worked and persevered through such difficult times.”

    Cranmer also utilized some ERC funding to hire an immigration lawyer to help bring some of the caregivers’ families to America to reunite them during the pandemic.

    To learn more about Innovation Refunds and its Employee Retention Credit and payroll tax refund services, please visit www.innovationrefunds.com

    About Innovation Refunds
    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    Source: Innovation Refunds

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  • Innovation Refunds Launches Refer & Earn Program

    Innovation Refunds Launches Refer & Earn Program

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    The new program is a win-win for small businesses; referring businesses can win $1,000 when referred claimants receive approval for their Employee Retention Credit (ERC) claim.

    Press Release


    Aug 29, 2022

    In an effort to help more businesses secure Employee Retention Credit (ERC) claim approvals, turnkey tax solutions industry leader Innovation Refunds has launched its Refer & Earn program. Through the program, Individuals can refer small and medium-sized businesses to Innovation Refunds and receive a $1,000 referral bonus for each business that has its ERC claim approved.

    The Refer & Earn program provides participating businesses with a unique referral link and a custom code that can be used for promotion on social media. Businesses can leverage the code to refer partners and friends whose businesses could benefit from the ERC program. Users also gain access to their own dashboard, where they can keep track of past referrals and claim status. 

    “The pandemic presented a litany of challenges for small businesses. As they look to bounce back in the years following 2020, it is critical for business owners to participate and take advantage of relief opportunities such as the ERC program,” said Howard Makler, CEO of Innovation Refunds. 

    In response to the COVID-19 pandemic, Congress launched the Employee Retention Credit (ERC) program under the CARES Act. The program encourages businesses to keep employees on their payroll by providing refundable tax credits that cover 50% of wages paid by an eligible employer, up to $10,000. Certain companies have qualified for payroll tax refunds of up to $26,000 per employee, even if they have received Paycheck Protection Program (PPP) funds.

    “The Refer & Earn program connects businesses in need to professionals that can provide them with the help they need,” adds Makler. “It’s an initiative in which businesses are actively helping businesses, and Innovation Refunds is proud to be at the center of it.”

    During Innovation Refunds’ soft launch of Refer & Earn, over 150 signups were recorded in the first 24 hours. To sign up or learn more about the program, please visit https://www.innovationrefunds.com for more information.

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.

    To learn more, visit www.innovationrefunds.com

    Contact Information

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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  • Innovation Refunds Helps Companies Take Advantage of Employee Retention Credit

    Innovation Refunds Helps Companies Take Advantage of Employee Retention Credit

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    Benefits offered through the Employee Retention Credit can be beneficial to small and mid-size companies; however, many don’t even realize they qualify.

    Press Release


    Aug 16, 2022

    The COVID-19 pandemic rocked small and mid-size companies to the core, causing nationwide shutdowns for many. Innovation Refunds, an industry leader in turnkey tax solutions co-owned by over 100 banks, has continued to play a critical role in helping businesses — many of whom were unsure whether they qualify — claim more than $1 billion in refunds since March 2020 through the Employee Retention Credit (ERC).

    This payroll tax refund was created to incentivize businesses that kept employees on the payroll during the pandemic. Due to several changing regulations, many businesses are not even aware they qualify for the ERC; at the time, numerous companies received Payroll Protection Program loans (PPP), and if they received this loan, they no longer qualified for the ERC. Since then, the rule has changed, and they can now qualify even if they did receive PPP loans.

    Qualifying for the ERC could make or break a business in today’s economy. With the ERC, companies are eligible for a payroll tax refund of up to $26,000 per employee, even if they have received PPP funds. The average refund is $400,000 per qualified business, with more than 80% of businesses qualifying.

    Innovation Refunds aims to prevent companies from leaving money on the table. For companies that qualify, Innovation Refunds has a team of seasoned Certified Public Accountants (CPAs) and tax lawyers who manage all required documentation for businesses to claim the credit and compile all required documents into a seamless, turnkey package with no upfront costs.

    “Qualifying for the ERC can be a game changer for a company that has been significantly impacted by the pandemic,” said Howard Makler, CEO of Innovation Refunds. “Our team serves as a valuable resource in helping companies take advantage of the opportunities and funds that have been provided to them through the federal government.”

    Innovation Refunds provides clients with real-time IRS status updates throughout the application process and leverages industry experience and knowledge to help businesses claim the funds provided by government programs. 

    For many small business owners that have partnered with Innovation Refunds, a significant burden has been lifted during these trying times. Through a customer testimonial, Mark Houde, owner of Carolina Sports Inc., shared, “Bringing big corporate tax refund services to those of us who normally would not have access is genius. Working with the Innovation Refunds team has been a positive experience and their dedication to customer service is impressive.”

    For businesses looking to easily determine their eligibility to claim the ERC, or to learn more about Innovation Refunds, visit www.innovationrefunds.com.

    About Innovation Refunds

    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Our team is mostly comprised of “Big Five” accountants and lawyers who utilize the same methodology used for Fortune 500 companies.

    Co-owned by 100+ banks, our value is derived from our extended network of enterprise partners, financial institutions, cutting-edge technology resources, and trusted advisors.

    To learn more, visit www.innovationrefunds.com

    Media Contact

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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  • Innovation Refunds Emerges as Industry Leader With Turnkey Solutions That Result in Tax Credits and Refunds

    Innovation Refunds Emerges as Industry Leader With Turnkey Solutions That Result in Tax Credits and Refunds

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    The team of CPAs has helped 10,000 businesses claim over $1 billion in refunds.

    Press Release


    Jul 26, 2022

    Backed by BankTech Ventures and co-owned by over 100 banks, Innovation Refunds has emerged as an industry leader, specializing in the Employee Retention Credit (ERC) and payroll tax refunds. In just one year, the Innovation Refunds team has helped over 10,000 businesses claim over $1 billion in refunds since the CARES Act was signed into law in March 2020.

    Since the beginning of the COVID-19 pandemic, Congress has issued a variety of programs to assist American businesses. Among them is The Employee Retention Credit (ERC) under the CARES Act. According to the Internal Revenue Service (IRS), “The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.”

    Companies are eligible for a payroll tax refund of up to $26,000 per employee, even if they’ve received Paycheck Protection Program (PPP) funds. The average refund is $400,000 per qualified business and over 80% of businesses qualify.

    Innovation Refunds was launched to help prevent companies from leaving money on the table. For companies that qualify, Innovation Refunds has a team of seasoned Certified Public Accountants (CPAs) and tax lawyers who manage all required documentation for businesses to claim the credit, and compile all required documents into a seamless, turnkey package with no upfront costs. 

    “Even through the worst of it, many businesses were unaware of the benefits available to them,” said Howard Makler, CEO of Innovation Refunds. “In today’s economy, these amounts could very well make or break a business. Organizations must leverage the expertise of tax professionals like ourselves to ensure they take advantage of the opportunities afforded to them by the Federal Government.” 

    Innovation Refunds’ value is derived from its extended network of enterprise partners, financial institutions, cutting-edge technology, expansive resources, and trusted advisors. The team provides its clients with real-time IRS status updates throughout the application process, leveraging industry experience and knowledge to help businesses claim the funds provided by government programs.

    For businesses looking to easily determine their eligibility to claim the Employee Retention Credit, or to learn more about Innovation Refunds, visit https://www.innovationrefunds.com.

    About Innovation Refunds
    Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.

    Our team is mostly comprised of “Big Five” accountants and lawyers who utilize the same methodology used for Fortune 500 companies.

    Co-owned by 100+ banks, our value is derived from our extended network of enterprise partners, financial institutions, cutting-edge technology resources, and trusted advisors.

    Media Contact

    Maria Penaloza
    maria.penaloza@newswire.com 

    Source: Innovation Refunds

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