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Work Opportunity Tax Credit (WOTC)

Work_Opportunity_Tax_Credit_Review_AuditA Work Opportunity Tax Credit is a tax incentive from the federal government to encourage businesses to hire individuals from certain target grounds (e.g. veterans). SIB will help your business take maximum advantage of the WOTC, which if filed correctly, could be rewarded with a federal tax credit of up to $9,000 per employee.

Common Work Opportunity Tex Credits

Veterans:

  • Veterans with a service-connected disability who are hired within one year of discharge or his/her release from active duty.
  • Veterans with a service-connected disability who have been unemployed for six months.
  • Any veteran who has been unemployed for at least four weeks up to the hiring date.
  • Any veteran who has been unemployed for at least six months up to the hiring date.

Veterans or Non-Veterans:

  • A Short-term TANF (Temporary Assistance for Needy Families) recipient.
  • A Long-term TANF recipient.
  • SNAP recipients (i.e. food stamps)
  • An 18-39 year old residing within a Rural Renewal County or an Empowerment Zone (Designated Community Resident).
  • An individual with a physical disability who is completing or has completed a state-certified rehabilitation program (Vocational Rehabilitation Referral).
  • Supplemental Social Security Recipient.
  • A 16-17 year old who works seasonally for an employer between May 1-September 15 and lives in an Empowerment Zone (Summer Youth Employee).
  • Ex-felons hired within one year of conviction or release from jail.

Not all target groups are as apparent as the above list. In every state, there are niches of employees who qualify for a Work Opportunity Tax Credit. Many of these credits are retroactive, meaning that your business could qualify for a credit even if you hired a qualified employee before the credit was enacted.

SIB has teamed up with one of the largest and most experienced accounting firms in the country to offer a service that discovers federal and state Work Opportunity Tax Credits and files for them on your behalf. Unlike payroll companies and traditional accounting firms, our team goes in-depth to maximize your tax credit opportunity on the federal and state level for every employee without invoicing your company until after you receive the tax benefit.