Boca Raton, FL (PRWEB) June 27, 2014
Business Incentives Group, LLC today released a new whitepaper to fully educate US businesses on the Work Opportunity Tax Credit (WOTC). The new paper reveals how competitive bidding has forced WOTC processors to promise simplicity, automation and standardization--and the very expensive consequences.
The paper, available for download at the Business Incentive Group WOTC resource center, features an overview of available WOTC target groups that can be processed for credits. It then explores how many processors tend to focus only on 3 of the 13 available targeted credit groups--those that all SWAs verify--while limiting their efforts on pursuing the other 10 target groups which demand hands on attention.
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. WOTC credit values range from $1,200 to $9,600 per new hire.
“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. "Our goal is to ensure you're actively processing all target groups for maximum return. When you begin processing all 13 possible target groups with robust funding instead of just three groups on lowest winning bid, the corresponding increase in credit revenue is commensurate with the effort."
Business Incentives Group consults with accounting and business advisers to implement WOTC processing and establish 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.
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 more than 50 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.