Work Opportunity Tax Credit
Made possible by parent company OnCentive, SyncStream is excited to offer clients the ability to capture lucrative hiring incentives like the Work Opportunity Tax Credit.
What is the Work Opportunity Tax Credit (WOTC)?
The Work Opportunity Tax Credit (WOTC) is a federal incentive program that encourages employers to hire employees from targeted groups who historically faced employment barriers, like the long-term unemployed, veterans, felons, or those who receive SNAP or welfare benefits.
On average, 30% of employees' new hires fall within one of WOTC targeted groups, which can result in $1,200 to $9,600 in tax credits per eligible employee new hire.
In order to capture these credits, a business needs to apply within the first 28 days of a new employee’s start date and receive a certification verifying the new hire is a member of a targeted group before they can claim the tax credit. After the required certification is secured, taxable employers claim the WOTC as a general business credit against their income taxes, and qualified tax-exempt employers claim the WOTC against their payroll taxes.
The OnCentive team makes capturing these WOTC credits simple and convenient:
We take the burden off of your company’s shoulders and handle processing WOTC on your company's behalf. Once you are set up with our WOTC tool, all you have to do is input our WOTC application link into your employee applicant tracking or onboarding system or applicant tracking system and encourage candidates to fill out the form.
OnCentive verifies every new hire for eligibility, collecting the proper documentation and follow-up information from your employeesqualified individuals.
OnCentive helps you receive the maximum credit available by increasing compliance:
OnCentive’s technology integrates directly within the states' WOTC departments. This ensures higher compliance and a faster turnaround time for your credits getting certified.
OnCentive helps you make profitable hiring decisions:
OnCentive can help you easily screen applicants for WOTC eligibility, allowing you to make better-informed, more profitable decisions.
OnCentive’s success is tied to your profitability:
If we don't provide you with tax credits, you don't owe us anything! Operating solely on success fees means we are more committed to ensuring the highest compliance to get you the most certified credits possible.