The Federal Government is currently offering an unprecedented level of incentives for employers who hire disadvantaged and struggling Americans.
These tax credits often go unclaimed. Employers are unaware of these programs or think the administrative burden would outweigh the benefits of participation.
As a result, businesses are passing up hundreds of thousands of dollars in free money every year.
Tax Credits - Are You Missing Out On Free Government Money?
1. Tax Credits WOTC 8850 Free Money HIRE Act W11 Hiring Incentives Workforce Growth Are You Missing Out On Free Government Money?
2. Unused Tax Credits = Wasted Opportunities The Federal Government is currently offering an unprecedented level of incentives for employers who hire disadvantaged and struggling Americans. These tax credits often go unclaimed. Employers are unaware of these programs or think the administrative burden would outweigh the benefits of participation. As a result, businesses are passing up hundreds of thousands of dollars in free money every year. Are You Missing Out On Free Government Money?
14. Maximum WOTC Rewards Per Employee $2400 per Adult New Hire $1200 per Summer Youth New Hire $4800 per Disabled Veteran New Hire $9000 per Long Term Welfare Recipient New Hire THERE IS NO CAP ON THE NUMBER OF ELIGIBLE INDIVIDUALS YOU CAN HIRE! Are You Missing Out On Free Government Money?
15. Certifying that a New Hire is Eligible Page 1 of IRS Form 8850 must be filled out no later than the date the job offer is made. Page 2 and ETA form 9061 (or 9062) are completed after hire. The IRS and ETA form must be filed with the State Workforce Agency no later than 28 days from the date of hire. Are You Missing Out On Free Government Money?
16. 2010 HIRE Act In March of 2010, the HIRE Act was signed into law. It offers two types of incentives to businesses that hire individuals who have been out of work for 60 days or more. Employers will save on their portion of the SS tax for each qualifying new hire’s income through the end of the year. Employers will receive a $1000 business tax credit for each qualifying new hire who is employed for at least 1 year. Are You Missing Out On Free Government Money?
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18. Neither does anyone hired to replace an employee who was fired without causeAre You Missing Out On Free Government Money?
19. Waived SS Payroll Taxes The Employer’s 6.2% Social Security tax is waived through the end of 2010 on wages up to $106,800 *PER QUALIFYING NEW HIRE* Example: Hire 1 qualifying individual at $50,000 per year on Monday, July 5th. Save 6.2% in taxes on 26 weeks of their wages ending December 31st. TOTAL SAVINGS: $1550 Are You Missing Out On Free Government Money?
20. Business Tax Credit In addition to taking the payroll tax credit, Employers can also claim up to $1000 per qualifying new hire as a business income tax credit. *Qualifying workers must remain employed for 52 consecutive weeks. During the last 26 weeks, they must be making at least 80% of the amount they made in the first 26 weeks. Are You Missing Out On Free Government Money?
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22. New Hires need forms that are easy to complete so HR’s time is conserved
23. The most current tax credit forms must always be used to ensure accuracy
24. Virtual forms should be deployed that cannot be altered or left incomplete
25. Forms should be automatically forwarded to the hiring manager for reviewAre You Missing Out On Free Government Money?
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27. Form W11 should be forwarded to Payroll & Accounting so the credits for Payroll and Business Taxes can be taken in a timely manner
28. Tax Credit information can also be distributed automatically to a third party vendor who handles all the details in exchange for a percentage of the money savedAre You Missing Out On Free Government Money?
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30. Wizard-based virtual forms eliminate new hire errors and omissions
31. Electronic signature collection permits online signing of tax credit forms in compliance with E-Sign regulations
32. IRS rules for tax credit form completion enforced automatically
33. User-definable data panels and workflows permit customization
34. Easy integration with third party tax credit administration partnersAre You Missing Out On Free Government Money?
35. Contact Us Today To Learn More About Universal Onboarding www.emeraldsoftwaregroup.com 3060 Royal Blvd South Alpharetta, GA 30022 Phone: 770.569.5122 Fax: 678.669.1516 Are You Missing Out On Free Government Money?
