WORK OPPORTUNITY TAX CREDIT
Fyke And Associates has partnered with Growth Management Group (GMG), in an effort to help our clients save up to $9,600 for every qualified employee they hire. GMG's software searches hundreds of Local, State, and Federal Tax Credits in real time... every time.
WHAT IS WOTC?
The Work Opportunity Tax Credit (WOTC) is a U.S. government program designed by the Internal Revenue Service that incentivizes companies to hire and retain individuals from target groups with significant barriers to employment. These groups include veterans, long-term unemployed individuals, disabled individuals, Supplemental Nutrition Assistance Program (SNAP) recipients, other public assistance participants, and more.
Employers claim about $1 billion in tax credits each year under the WOTC program. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit, and there are a few simple steps to follow to apply for WOTC.
WOTC credits are calculated as a percentage of qualified employees’ wages based on the hours they work (full-time or part-time), and usually range from $1,200 to $9,600 per qualified employee, with most qualified employees generating an average $2,400 in tax credits. This can add up to significant cost savings for your organization.
A strong WOTC approach begins with evaluating the applicants your organization attracts for potential credit opportunities.
Our software does this through a simple eleven-question survey thats emailed directly to your new hire candidate. These questions only take 60-90 seconds for the majority of applicants to answer, quickly and easily gathering the qualifying data needed to make a decision on WOTC eligibility.
You will also able to track each applicant’s completion status for the survey and see the estimated credits you’ll receive from qualified applicants within your WOTC software.
In Just 4 easy steps
1. Manager enters a new candidate into the system
Candidate Automatically Receives an Email Requesting They Complete the Survey. This Process Promotes Truthful Answers From the Candidate.
Get instant updates on any device
Required documents are sent directly to the State Workforce Agency
MINIMUM RETENTION PERIODS AND MAXIMUM TAX CREDIT AMOUNTS
Through the Work Opportunity Tax Credit (WOTC) Program, employers have the opportunity to earn a federal tax credit between $1200 and $9600 per employee. This tax credit is dependent upon the new employee qualifying as a member of one of the below target groups and working a minimum of 120 hours in their first year.
When you hire an employee, you have only 28 days from the hire date to submit the required forms for WOTC and your candidate must complete survey before or on hire date. A qualified employee must work 400 hours to make the employer eligible for the full credit, while at least 120 hours worked is required for a partial credit.
By utilizing our WOTC software, it manages the whole WOTC filing process for you — screening for eligible applicants, calculating earned credit value, and generating the tax packages needed to claim credits — with no need for paper forms or complex manual processes. Beyond just providing information for WOTC claims, the software also searches hundreds of local, state, and federal tax credits opportunities in real time.
Activate now and within minutes you'll be able to start screening your candidates.
Our average client experiences over $4,000 in savings, per employee. Click below to access our questionnaire and determine your eligibility. Within 24 hours, we will notify you of what programs you qualify for, as well as quantify the potential amount we can secure for you.
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