Monday, October 11, 2010
Work Opportunities Tax Credit (WOTC)
Especially in a time when cash flow is critical, finding areas to save money is key. The government has many programs available to foster certain activities and provide benefit to those engaging in such activities. The WOTC is a federal tax credit meant to incentivize employers to hire and retain individuals from targeted groups whom the government is looking to foster employment and promote economic self-sufficiency. When an employer hires from these groups, they are eligible to receive tax credits ranging from $1,200 to $9,000 per qualifying employee. This program has been extended through August 31, 2011.
One key point to note is that the credit must be applied for using the appropriate forms within 28 days of the new hire’s start date.
If you would like to learn more about this program please contact me and I’ll provide you with any additional information you need. Of course we can help you process the applications and train you or your HR department to incorporate this analysis as part of your normal on-boarding process.