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Incentives Advisors Hire Minds Presentation
- 1. Hiring and Training Incentives Uncovering Hidden Opportunities Bill Becker, CEO Incentives Advisors T: 480.362.9516bill.becker@incentivesadvisors.com | www.incentivesadvisors.com
- 6. Beyond screening / hiring credits.
- 7. Does your company qualify?
- 8. Why do companies opt out?
- 11. make it easy by leveraging HR technology?
- 15. Increase cash flow by reducing the amount owed in estimated quarterly or annual income taxes dollar for dollar.
- 17. 2010 federal payroll incentive that targets the unemployed.
- 18. New state programs focus on reducing unemployment and creating jobs.
- 21. Encourages employers to hire individuals who qualify as a member of a targeted group:
- 23. Veterans.
- 24. Qualified youth.
- 26. People hired from disadvantaged areas.
- 27. And more…
- 34. Florida Enterprise Zone –$1,500 per new hire in designated areas.
- 35. Georgia - $20,000 over 5 years per job created.
- 37. Poll: How much experience do you have with the HIRE Act? a. Not familiar with this program. b. I’m aware of it but currently not screening. c. I’m currently screening manually with paper W-11 form. d. I’m currently screening through phone Integrated Voice Response (IVR). e. I’m currently screening electronically.
- 39. Waives employer’s 6.2% Social Security taxes for employees who have worked under 40 hours the past 60 days.
- 40. If employee stays one year, also receive $1,000 income tax credit.
- 41. 60% of candidates screened so far have been eligible.HIRE Act ends Dec. 31, 2010 but could extend through 2011.
- 42. How screening works -- manually HR or Tax Partner follows up with hiring managers to make sure forms are submitted in time. Job Seeker completes and signs 8850 Form along with job application. Hiring Manager submits 8850 for every hire to Tax Partner or State Dept. of Labor within 28 days. Dept of Labor certifies employees if eligible and forms are legible. Missing Forms Rejected eligible candidates Difficult to get all forms submitted Lots of extra paper and mailing
- 44. Tax credit screening is a seamless step within the application.
- 47. Estimated dollar amount per eligible candidate is available in some systems if interested.
- 49. Increase candidate pool without sacrificing quality.
- 51. Eliminates 90% of paperwork with tax credit screening.
- 52. Accountability – ensure high compliance through reporting
- 53. Informative. Informs who is eligible before interviewing and hiring.
- 56. How it works:
- 57. State dollars are allocated annually.
- 58. Employers complete detailed applications to state.
- 59. Both internal and external training is allowed
- 60. Applications are reviewed and approved/denied.
- 61. Cash grants are received in reimbursements.
- 63. How it works:
- 66. Applications are reviewed and approved/denied.
- 68. Cost segregation studies to increase cash flow through accelerated deductions.
- 70. Is your company profitable or paying corporate incomes taxes?
- 71. Is your company hiring?
- 72. Is your company making other investments in workforce training, capital, or research and development?
- 74. It was too complicated/HR is overloaded.
- 75. We didn’t get enough benefit from the program.
- 78. Consider Earnings Per Share (EPS) Impact.
- 79. Relate incentives benefit to operations metric (number of stores, widgets sold).
- 81. Ability to leverage technology and tax expertise to screen for all available programs upfront during the application?
- 82. Integrated process for capturing non-screening programs?
- 83. Experienced tax managers with availability to handle state-specific programs and proactively monitor new available programs?
- 84. Flexible reporting which fits the corporate structure and make it easy to monitor program success?
Hinweis der Redaktion
- (Refer to slide)
- But first, I’d like you to think about a couple of things…(Refer to slide)
- (Refer to slide)If a or b, discuss benefits of pursuing creditsIf c or d discuss benefits of automation
- Every year there are billions of dollars in federal and state tax dollars available to employers who qualify.Programs for hiring, training, creating jobs, retaining jobs, capital investments, renewable energy, energy efficiency.Increase cash flow by reducing the amount owed in income taxes (or even cash payments)Process to claim these credits is complex and time-consuming, leaving many incentives unclaimed.
- (Refer to slide)Discuss e-signature
- Discuss why this is an imperfect processSince some of you may not be as familiar with hiring credits, I wanted take you briefly through the process. When a job seeker applies for a job, this is the best time for them to complete the 8850 form. When screening with paper , you don’t always get every candidate to complete a form.Then the hiring manager needs to submit the signed 8850 to either your tax partner or the state dept of Labor within 28 days of hire.If you have multiple hiring locations, the largest amount of work is following up with those locations. And getting all of the signed forms submitted in time. The Dept. of Labor certifies eligible hires. If they can read the Social Security Number, the biggest reason for rejection
- Refer to slide…then: There are a couple of different pricing models that Tax Incentives companies offer:A Contingent pricing model is % based on tax dollars captured. Fixed fee model is monthly fee based on employee count.There are several advantages to a Fixed fee model: Can be budgeted.More cost effective. The more credits the company earns, the bigger the discount.Typically the more employers participate (paying monthly), the more successful the program.No big invoice at the end of the year.
- Thank you! Do you have any questions?