Many federal and state employment tax credits are available to businesses, yet thousands of dollars go unclaimed every year. Why? Although tax credits can be lucrative for a business, they are complex to identify and recoup. However, you should not let the complexity of employment tax credit programs hinder you from pursuing them. They are a “low-hanging fruit” opportunity to increase your bottom line.
The most opportune way for you to pursue employment tax credits is to partner with an experienced firm who already has a proven track record for claiming millions of dollars in tax credits. Here is how we help businesses claim tax credits:
- On your behalf, our professionals research, apply for and recoup your employment tax credits saving you the time and frustration.
- You will work with experienced professionals who have been doing this for years and have helped thousands of clients claim millions in tax credits.
- Your process for claiming WOTC is streamlined with HKP’s online forms program.
- Our knowledgeable, accessible people will provide all the help you’ll need, whether it’s quickly answering a question, untangling “government speak” or simply talking to you about our tax credit program.
- To ensure we are taking advantage of all the possible incentives on both federal and state tax credit levels, HKP provides continuous, thorough tax credit research.
Here is a snapshot of current employment tax credits we aggressively pursue for our clients:
Federal tax credits
Work Opportunity Tax Credit (WOTC)
Program: Up to $2,400 per employee
You may qualify if you have employees who fit in these categories:
- Short Term Temporary Assistance for Needy Families (TANF)
- Disabled or unemployed veterans
- Vocational rehabilitation referral
- Summer youth
- Supplemental Security Income recipient
- Food stamp recipient
- Designated community resident
- Long Term Temporary Assistance for Needy Families (TANF) – up to $9,000 credit!
The VOW to Hire Heroes Act was signed into law in November, 2011 and enhances existing credits and creates new incentives for businesses hiring certain qualifying veterans. The Act creates the Returning Heroes Tax Credit and the Wounded Warrior Tax Credit — both Work Opportunity Tax Credits (WOTC). Each qualified new hire may be worth up to $2,400, or in some cases up to $9,600 in federal tax credits.
Online forms program
Unique to HKP is our online forms program for WOTC. With our platform in the cloud, paper usage, mailing costs, tedious paperwork and long waits are eliminated. Here are some additional benefits:
- Your WOTC processing timeline moves from 1 week to 10 minutes.
- You will be immediately notified if an employee qualifies for tax credits.
- Your chances of meeting the federal 28-day new hire guidelines are drastically increased.
- You will be proactively alerted to impending deadlines.
- The platform works on any mobile device with an internet browser including smart phones and tablets.
- With only 8 major questions to answer through a simple process, you will receive more complete and accurate information from your new hires.
- Our text messaging program follows up with your employees for additional information – this burden is lifted from you.
- Your separate administrative site gives you real-time data right when you need it.
- Our platform is also available in Spanish.
State tax credits
Each state tax credit program varies, but the following are some examples of state tax credits commonly pursued:
- Enterprise Zone credits
- Hiring disadvantaged workers
- Hiring credits and refunds
- Job creation credits
- Veterans credits
Who do we work with?
HKP pursues federal and state tax credits for organizations in all 50 states. In our experience, organizations with over 100 employees with high turnover of hourly employees tend to receive the biggest benefit from the federal and state employment tax credits. Not an exclusive list, here are some sample industries:
- Call centers
- Health care
- Restaurants & fast food chains
- Convenience stores
Tax credits blogs
- Tax credits a good fit for in-home care and nursing homes
- Forbes features HKP’s list of state tax credits employers need to know
- Tax reform, the proposed budget and what’s happening with WOTC
- Forbes features HKP’s insights on PEO certification for WOTC
- Current tax reform prospects
- DOL releases updated forms, but without updated guidance
- Individual state-level savings a critical part of WOTC’s overall impact
- Wisconsin publishes Business Tax Incentives Guide
- WOTC a flexible policy tool for employment
- Status of WOTC under the new administration
- Updates clarify WOTC requirements and transitional relief
- The future of WOTC
- Billions saved in brief history of WOTC
- WOTC is a benefit to employers and employees
- WOTC in its best shape in history
- Work Opportunity Tax Credit available for hiring the long-term unemployed
- WOTC E-filing and signatures
- State tax credits provide valuable incentives to businesses
- Valuable tax incentives available for hiring returning heroes
- Electronic filing and signatures reduce costs, expedite processing and help the environnment