WORK OPPORTUNITY TAX CREDIT
Federal tax credit available to employers who hire individuals from eligible target groups with significant barriers to employment. Each year, employers claim over $1 billion in tax credits under the WOTC program. The success and growth of this income tax credit for business is beneficial for all who participate, while increasing America’s economic growth and productivity.
WHO IS ELIGIBLE?
- TANF Recipients
- SNAP (food stamp) Recipients
- Designated Community Residents
- Vocational Rehabilitation Referral
- Supplemental Security Income Recipients
- Summer Youth Employees
WOTC FEATURES & BENEFITS
- WOTC reduces an employer’s cost of doing business, requires little paperwork, and applying for WOTC is simple.
- WOTC can reduce an employer’s federal income tax liability by as much as $9,600 per employee hired.
- There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit.
- Certain tax-exempt organizations can take advantage of WOTC by hiring eligible veterans and receiving a credit against the employer’s share of Social Security taxes.
HOW DOES EFFICIENT WOTC SCREENING & PROCESSING HELP YOU ACHIEVE MAXIMUM CREDITS?
The WOTC Processing module ensures your candidates and hires are screened 100% of the time. Completely integrated into the application and/or Onboarding process, every candidate and employee will complete the WOTC questionnaire. We automatically determine eligibility for each candidate eliminating paperwork for ineligible candidates and generating the appropriate logic based questions for eligible candidates.
Our processing team picks up the process after the paperwork is approved according to your workflow. Paperwork is submitted on your behalf to the appropriate state. Through the use of real time dashboards and reports see the progress of each submission from start to finish. You supply the wages and hours – we do the rest.
Use our reports generator to track all submissions and eligible employees from start to finish. Upload hours and earnings through our interactive reports module. At the end of your year we will generate a credits report that you can use to use to file your taxes.