The Work Opportunity Tax Credit (WOTC) is a federal tax credit program available to employers who hire candidates from target groups that face challenges in finding employment, such as veterans and SNAP (food stamp) recipients.
This program allows an employer to receive a reduction in their income tax liability of up to $9,600 per approved employee.
The WOTC tax credit is a one-time tax credit for each qualified new hire – and there is no limit to the number of new hires who can qualify an employer for this tax credit.
Any industry with significant employment and/or a high turnover can benefit from the WOTC credit. Companies in the following industries are more likely to benefit: manufacturing, retail and distribution, restaurants, hospitality and fast food, trucking, transportation and logistics.
Claiming the WOTC credit is about more than processing paperwork. An advisor with deep knowledge across HR, finance, payroll, and tax can help provide seamless integration. Our holistic solutions, customized approach, and close client relationships differentiates the service we provide.
To claim the WOTC credit, forms must be completed prior to offering a candidate the position, and the paperwork must be submitted within 28 days of the employee's start date. Boos & Associates can help make this application process easier and more streamlined. We'll work closely with your hiring team to help ensure you get the maximum tax benefit for your company.
Not sure if you qualify? No problem. A complimentary WOTC Review is designed to help answer these questions. We'll identify how much money you could potentially be leaving on the table. Contact a member of our team below to find out how much your company is eligible to receive.
Howard Francis, CEO (650) 449-6888 Howard@CPAddc.com
Victor Mojica, President (408) 314-3017 Victor@CPAddc.com
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