CARES ACT GOVERNMENT RELIEF PROGRAM INFORMATION

Every employer who hires qualified individuals can receive (qualifies for) the Work Opportunity Tax Credit. Once the individual’s certification has been received, you as the employer earn Work Opportunity Tax Credits.

1. Tax credits to reduce your tax liability. 2. Wage subsidies to reimburse you for qualified wages.

It costs the government $25,000-$30,000 per year to keep someone on public assistance. Providing businesses with tax credits for hiring reduces the welfare rolls, adds money to the overall fund by employees paying withholding and FICA taxes, and increases the employment rate

Unless each of your employees is completing a basic questionnaire, you’ll never know. EmployerIncentives.com screens all employees by asking each new hire to complete two simple forms. Many companies are surprised at how many employees qualify for one of many different work tax credit programs. Some even qualify for multiple programs.

Employer tax credits, also known as work tax credits or job tax credits, are credits that the federal and state governments give to companies that hire and retain certain disadvantaged individuals. These individuals are typically on public assistance.

Trying to understand the connection between the Employer Retention Credit (where an employer would get 50% of the first $10,000 they pay someone to keep them on payroll), the Work Opportunity Tax Credit (up to 40% of the person’s first year wages, depending on the category), and the Payroll Protection Program which provides small business … Read more

WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit is available to all … Read more

Ken Brice here.  As someone who’s been involved with companies to help reduce their tax bite for over 20 years, I wanted to bring you up to speed on a couple of tax saving opportunities that are developing now and are important to companies in these tough times. As all companies are dealing with this … Read more

There appear to be a number of challenges ahead of getting WOTC permanently added to the tax code.  The below is from Paul Suplizio, President of the WOTC Coalition. January 28, 2020 Renewing WOTC will be hyper-challenging this election year, not only because we’ll be lobbying candidates face-to-face at every opportunity (congresspersons and senators are … Read more