WOTC is a win-win. These Tax Credits help employers increase their bottom line profits, and also saves the federal and state governments billions in entitlement spending.
NEW YORK (PRWEB) February 04, 2018
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act which President Trump signed into law, confirming that "WOTC remains active and will continue to stay”.
This is excellent news for companies nationwide, especially those with a substantial amount of new hires. It helps offset the large costs associated with hiring new employees, while enabling job seekers to achieve gainful employment.
What is WOTC?
WOTC (Work Opportunity Tax Credit) is available to eligible employers who hire and retain people from certain target groups who have historically been viewed as facing certain barriers to employment. These include people that have been unemployed, people that collect government benefits, veterans, summer youths, and more. Businesses can claim tax credits, up to a maximum of $9,600 per eligible employee, depending on the target group eligibility of the person hired and the number of hours worked at the new employer.
The WOTC program began on October 1, 1996 and has endured the test of time through several expirations and renewals by Congress. Most recently, the program expired on December 31, 2014, but was renewed via legislation passed in December 2015. The legislation extended the WOTC program retroactively from January 1, 2015 through the end of 2019 – only the second time in the program’s history that it has enjoyed a 5-year renewal.
WOTC is a win-win. Historically, WOTC has not only saved employers money on their bottom line, but it has also saved federal and state governments billions in entitlement spending. It has also been viewed as an excellent tool to help get historically unemployed and underemployed Americans off of federal aid programs and into productive private sector jobs.
TC Services USA has supported employers with WOTC Tax Credit Administration for over 15 years. "Their high level of expertise has enabled many Staffing Firms to claim the WOTC Credits they deserve," says Amy Buterbaugh from Healthcare Research LLC. "TC Services USA has their own WOTC.com technology in place to capture the maximum WOTC Certifications for companies nationwide."
For more information about our Work Opportunity Tax Credit services, please click here or call us at 212-635-9500.
WATCH HERE: WOTC Tax Credit Media