Leading Tax Incentive Technology Platform Reveals New Insights from Survey of 500 Small and Mid-Sized Businesses
COLUMBUS, Ohio, Nov. 28, 2023 /PRNewswire-PRWeb/ -- This year has been a turbulent time for business owners, with inflation, rising interest rates and a volatile economy. To combat losses and help support growth, more small and mid-sized businesses (SMBs) participated in federal and state incentive programs this year, according to a new study from Arvo Tech, the leading technology platform that helps businesses unlock the full value of employment tax credit programs. The survey of 500 SMB business decision makers was conducted by Zogby Analytics and found that 59 percent of U.S. SMBs participated in federal and state incentive programs in 2022, an increase of 14 percent year-over-year.
"Arvo recognizes the power of incentive programs for supporting SMBs, particularly during challenging times, and we're encouraged that more businesses are leveraging the federal and state dollars that are earmarked to help them," said Terracina Maxwell, president & co-founder of Arvo Tech. "Arvo is committed to making it even easier to navigate the complexities of the process so that every company can take full advantage."
Almost three-quarters of businesses reported that tax incentive programs have impacted the health of their businesses in 2022 - with more than one-third saying the impact has been substantial. The Work Opportunity Tax Credit remains the most popular incentive program for SMBs with 66% of respondents saying they applied for it - an increase of nearly 12% year-over-year. More than six in 10 businesses leveraged the Employee Retention Tax Credit - up 44% since last year.
According to the survey, half of the businesses that did not use incentive programs in 2022 said it was because they weren't sure if their companies qualified. Nearly every SMB polled (91%) say they want to work with accountant-backed solutions, while another 20 percent are interested in automated platforms for managing incentive programs.
Arvo Tech is backed by a team of tax experts with a collective 150+ years of experience in the industry who combine expertise with industry-leading support and tax credit technology that monitors state and federal programs, streamlines eligibility and simplifies the application process. Arvo has helped businesses claim over $575 million in tax credits and continues to focus on innovating its platform and expanding reach to even more companies nationwide.
For deeper insights into the Arvo Tech study, visit https://arvotech.com/arvo-tech-study-finds-6-in-10-smbs-took-advantage-of-tax-incentive-programs-in-2022-up-14-percent-yoy/
About the Survey
Zogby Analytics was commissioned by Arvo Tech to conduct an online survey of 505
business decision makers. Using internal and trusted interactive partner resources, thousands of adults were randomly invited to participate in this interactive survey. Each invitation was password coded and secure so that one respondent could only access the survey one time. Based on a confidence interval of 95%, the margin of error for 505 is ±4.4 percentage points. This means that all other things being equal, if the identical survey were repeated.
About Arvo Tech
Arvo Tech helps employers transform their cash flow by simplifying access to employment tax credit opportunities. Founded by tax experts, Arvo Tech believes in the power of tax credits for improving business financials and built its cloud-based platform to help more businesses unlock the full value of federal and state incentive programs. Backed by a proprietary technology platform and unparalleled client service, Arvo Tech collaborates with companies to deliver actionable insights for leveraging programs that impact hiring decisions and fundamentally improve the economics of their business. To learn more about Arvo Tech, visit https://arvotech.com/.
Media Contact
Kerriann Becker, Superior PR, 631-235-7796, [email protected]
SOURCE Arvo Tech
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