Easily Replace Phone Field from the Retention Agreement

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How to Replace Phone Field from the Retention Agreement

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good morning everyone its shawna the tax goddess now i this this kind of breaks my heart a little bit okay i have now seen at least three instances where a client has come to us or a prospect has come call tax got us and said hey you know i really want to file for that e-r-c-e-r-t-c the the the credit where i get a bunch of money back um what whats breaking my heart here is that not everyone is eligible for the erc the ertc i see both of those names and this stands for the employee retention tax credit okay and really what this is is during coved there were certain time periods that if you maintained your staff you had people actually on w-2 w-2 payroll not 10.99 guys w-2 payroll and they were not your family and they met there were three or four other qualifications that you as a business owner could get a credit you could get free cash of course its taxable but free cash from the government for maintaining your staff during covet now thats great that program is fantastic right it

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Can you get out of a retention agreement?

Releases or waivers of claims have no place in retention agreements. The essential requirements are (i) you agree to stay, and if you do (ii) they pay you a specified sum of money.

Can you negotiate a retention agreement?

Yes, employees can negotiate their retention bonus. In addition to negotiating the payoff amount of the retention bonus, employees should discuss the term of the agreement to ensure they are comfortable with the date of the payment and the expectation of what the employee will do during the retention bonus period.

What is a typical retention payment?

The average retention bonus is between 10% to 15% of an employees base income, but the amount can go up to 25%. Employers must consider why they are giving the retention bonus to determine the amount given.

How do you negotiate a retention offer?

Negotiating for a shorter retention period Thank you very much for the generous bonus offer. I believe the amount is appropriate, though I would like to discuss the retention period. I would be more comfortable with an 18-month retention period instead of a 24-month period.

Should I negotiate a retention agreement?

Yes, employees can negotiate their retention bonus. In addition to negotiating the payoff amount of the retention bonus, employees should discuss the term of the agreement to ensure they are comfortable with the date of the payment and the expectation of what the employee will do during the retention bonus period.

How do you respond to a retention bonus offer?

Thank you very much for your offer. It has certainly given me a lot to consider as I decide where to take my career. I would be happy to accept if we could increase the current offer by X.

What is a typical retention bonus amount?

Typical retention bonuses can be anywhere from 10% to 25% of the base salary, depending on the industry. Your employer might also choose to pay a flat rate, such as $5000. A retention bonus is commonly paid as a lump sum amount, but some employers may break it down to ensure their benefits in case youre dismissed.

What is the average retention bonus after acquisition?

Typical retention bonuses can be anywhere from 10% to 25% of the base salary, depending on the industry. Your employer might also choose to pay a flat rate, such as $5000. A retention bonus is commonly paid as a lump sum amount, but some employers may break it down to ensure their benefits in case youre dismissed.

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Replace Phone Field from the Retention Agreement