WOTC has been used for decades by the largest 2 percent of profitable companies--yet it remains unknown and underused by more than 90 percent of eligible businesses. ~Jeff Shick, Business Incentives Group, LLC
Boca Raton, FL (PRWEB) May 20, 2014
Business Incentives Group, LLC today launched http://www.BigGrp.com --a new resource center dedicated to simplifying the benefits of the Work Opportunity Tax Credit (WOTC).
WOTC is the stealth tax credit. Why stealth tax credit? Because it has been used for decades by the largest 2 percent of profitable companies--yet it remains unknown and underused by more than 90 percent of eligible businesses.
WOTC credit values range from $1,200 to $9,600 per new hire. Veterans comprise six of fourteen targeted groupings of credit-eligible new hires. When veterans go to work for companies employing more than 5,000 people, it is almost a certain WOTC will be applied. However, when veterans go to work for smaller employers—as many will—the credit is typically missed as most small employers have not been educated that this benefit exists.
“Our position on the subject is simple: If you hire employees, it is worth thousands to millions of dollars yearly to look into processing these credits,” said Jeff Shick, WOTC consultant and a managing member of Business Incentives Group.
Business Incentives Group’s goal is to broadcast, educate and help businesses implement WOTC processing. BIG consults with accounting and business advisers regarding WOTC processing and assists in establishing self-processing systems and procedures. For companies currently processing, BIG offers analysis and credit maximization planning. When employer size permits, BIG offers professional processing, account set up or bidding agent services.
Also released today is a new whitepaper, “Employers are your taxes too high? Try this!” Produced to fully educate US businesses on WOTC, the report underlines why processing the credit is worth employers’ efforts. The paper features a short WOTC program history including perspective on the program's current status and answers to the question: "what’s in it for employers?" Additionally, the paper breaks down exactly which employees are eligible for WOTC and for what credit value. The Department of Labor’s recommendations are also included.
For more information on how Business Incentive Group can assist employers, accountants and financial planners in implementing the Work Opportunity Tax Credit, visit http://www.biggrp.com. Also, stay up to date with news and tips by connecting with us on LinkedIn.
About Business Incentives Group:
Business Incentives Group, LLC specializes in processing the Work Opportunity Tax Credit (WOTC) and can advise accountants and eligible companies hiring between 50 and 300 employees annually on how to maximize WOTC recovery efforts. For employers not currently processing WOTC, we can advise whether the process will benefit your company and provide an estimate of recovery.
Business Incentives Group assists small businesses with establishing best practices for self-processing systems to streamline implementation and maximize current WOTC processing results. For larger companies and specialty institutions, we act as an impartial advisor to help you weigh the pros and cons of WOTC strategies; evaluate costs involved; compare self-processing to third-party processing; and establish best practices for self-processing and professional processing systems. We also offer bidding agent services to help employers compare processors.