employerincentives

COVID-19 relief bill extends WOTC benefits The Work Opportunity Tax Credit Program (“WOTC”) and the Empowerment Zone Program (“EZ”) will continue to pay hiring tax credits through 2025. The Indian Employment Tax Credit (“IETC”) was extended only through the end of 2021. If you’re taking advantage of these programs, great. If not, now’s a good time to get started. On average 15% of the people you’ll hire next year will qualify for WOTC and the average credit is around $1,500 (these are our company’s averages after 20 years of helping companies administer this labor-intensive program). Here’s the math: number of

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employerincentives

Why Hire Veterans? Four Reasons to Hire Veterans A persistent barrier to considering veterans for employment is perception. Notably in the movies or the news, a distorted view of veterans exists. This can be very dramatic, but it can stigmatize members of an organization that include over 2 of the most highly trained and adaptable workers possible. This stigmatization has the unfortunate result of making it harder for veterans, the very people who defend this nation with their lives, to find employment after their service has concluded. Ken Brice was a veteran when he started EmployerIncentives, and he recognized the

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employerincentives

High Unemployment Claims, Credits More Lucrative According to a news release by the Department of Labor dated September 17th, new unemployment rates still remain very high with states reporting that 860,000 workers filed new applications for unemployment claims. This was a reduction from the previous week (893,000), and lower than the rolling 4-week average, but this is still over 4 times higher than pre-pandemic levels of unemployment benefits. Pre-pandemic levels of new unemployment claims per week averaged at approximately 200,000. The total number of people claiming unemployment benefits for the week ending August 29th was over almost 30 million people,

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employerincentives

Employer Retention Credit in Combination with WOTC 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 loans to employers to keep their employees on the payroll can be a daunting task. Good news though, we have the best minds on it and have found that WOTC and ERC can work together, provided you don’t

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employerincentives

Credits for businesses impacted by COVID WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit (ERTC), 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 employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans. Qualifying employers must fall into one of two categories: The employer’s business

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employerincentives

Coronavirus Leads to New Tax Saving Measures on the Horizon Ken Brice here.  As someone who’s 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 invisible enemy, I wanted to make sure that you know that there are more tools in your money tool belt. The first tool is one that we are hopeful will allow companies to recoup the cost

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employerincentives

WOTC Outlook for 2020 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 more accessible during an election campaign), but also because we’ll have to confront the issue of the federal government’s running trillion dollar annual deficits now. The deficit will be the major factor in every bill that costs money, which means encountering more arguments

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