WORK OPPORTUNITY TAX CREDIT (WOTC)
If an organization is hiring 100 new employees or more each year, then they may benefit from having a CORE WOTC Study performed. Originally designed to assist our Military Veterans in finding work when they returned home from overseas, the Working Opportunity Tax Credit (WOTC) is a dollar-for-dollar tax credit that provides $3,000 –$9,000 per employee hired.
The Work Opportunity Tax Credit (WOTC) is open to any tax paying company in the 50 United States, U.S. Virgin Islands and Puerto Rico, and specifically, it is a federal program that provides tax incentives to employers for hiring and retaining individuals from targeted groups. To claim the credit, an employer must identify a potential hire as an eligible member of one of the targeted groups on or before the day of the job offer.
CORE assists businesses in obtaining the maximum amount of credits including:
- VETERAN CREDITS
- STATE AND LOCAL CREDITS (SALT)
- LOCATION CREDITS
Our advanced platforms make the process both simple and efficient. After identifying a new hire as potentially eligible through a screening process that is fully-integrated within a company’s applicant tracking system or on-boarding process, the information is then populated onto the required Form 8850 and can then be electronically signed. The documentation is then submitted to the state workforce agency and diligently followed-up on the certification status.
REAL DATA IN REAL-TIME
The CORE platforms provide HR professionals with real-time data to make important decisions. Additionally, the system dashboard is mobile friendly, now giving HR and Financial executives the power to pull reports from anywhere and view important data in seconds CORE’s dynamic solutions give companies the ability to make real-time decisions while simultaneously tracking their tax credits.
|Targeted Groups||Maximum Credit Available|
|SNAP (Food Stamp) Recipients||$2,400|
|Long-Term Family Assistance Recipients (LTFAR)||$9,000|
|Long-Term Unemployed (LTU)||$2,400|
|Vocational Rehabilitation Agency Referral||$2,400|
|Designated Community Residents||$2,400|
|Supplemental Security Income Recipients||$2,400|