WOTC is not new and it’s extremely underutilized by the majority of employers who qualify. 90% of eligible businesses are leaving money on the table. ~Jeff Shick, Business Incentives Group, LLC
Palm Bay, FL (PRWEB) March 25, 2014
With US tax season underway, Business Incentives Group today announced an aggressive public education campaign to raise awareness of a long-existing and largely underutilized tax credits available to employers. The Work Opportunity Tax Credit (WOTC) can reduce employers’ tax payments—yet due to widespread lack of awareness of the program, 90 percent of eligible businesses aren’t taking advantage.
WOTC is a 36-year-old federal tax credit providing up to $9,600 per employee for businesses that hire targeted individuals who face barriers to employment including: US veterans, TANF recipients, summer youth employees, SSI recipients and more. WOTC assists these targeted workers to move from economic dependency to self-sufficiency as they earn a steady income and become contributing taxpayers; it rewards participating employers by reducing their income tax liability.
Despite these clear benefits and the eligibility of millions of employers, there remains a complete void in businesses even knowing the credit exists—and as a result, small numbers who take advantage. And with just over a dozen processors of WOTC nationwide, visibility and education surrounding the credit has been minimal, ineffective and almost non-existent.
“We are well aware that the mention of ‘new’ ways to lower taxes can come across as an automatic red flag to business. And for good reason. However, WOTC is not new and it’s extremely underutilized by the majority of employers who qualify. 90% of eligible businesses are leaving money on the table,” said financial consultant Jeff Shick, managing member of Business Incentives Group, LLC and 22-year small business owner. “The Federal government does not advertise tax credits. We want to change that.”
Shick, who has contracted and trained dozens of independent WOTC business consultants and advised more than 1,200 clients in insurance, financial and estate planning and business planning, advises that by not tapping into the credit, millions of businesses nationwide are missing out on reduced tax payments and significant federal tax credits for qualified new hires.
Business Incentives Group, LLC specializes in processing the WOTC and can advise accountants and eligible companies employing between 50 and 300 employees annually on whether the process is worth the effort and provide an estimate of recovery. WOTC is currently pending reauthorization and permanent approval as part of the Invest in US Act introduced in the House this month in a push by lawmakers to end the uncertainty surrounding the credit for employers and potential hires.
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. For detailed information on the Work Opportunity Tax Credit from the USS Department of Labor, click here.
About Business Incentives Group:
Business Incentives Group, LLC specializes in processing the Work Opportunity Tax Credit (WOTC) and can advise accountants and eligible companies employing between 50 and 300 employees annually currently processing WOTC on how to maximize 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.