Tax Intelligence – Maximizing WOTC ROI
As the Work Opportunity Tax Credit (WOTC) is currently in hiatus status, it is more important than ever for companies that hire to ensure that their WOTC capture program is as effective as it can be to ensure maximum credit value generation once the program is renewed. Recall that even when WOTC is in hiatus, the 28 day screening and form submission rules are in force. That is to say that all applicants/new hires must be screened for eligibility on or before the day of the job offer, and all WOTC forms (8850 and 9061) must be submitted to the State Workforce Agency (SWA) within 28 days of the person’s first day of work.
There are many direct costs to implementing and managing an effective tax credit capture program including personnel training, file/payroll transfer and management, implementation, and oversight. While these costs can be significant, companies can take steps to mitigate these costs and increase credit realization.
Read our latest Tax Intelligence Bulletin to see the specific steps your company can take to maximize WOTC credit value and ensure effective ROI.
In addition, check out our on-demand webinar with retailer Meijer to see how they increased their WOTC screening compliance to more than 99%.
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