By taking advantage of the Work Opportunity Tax Credit, CMS can find your organization significant savings.
Between 8-15% of New Hires may fall into one of 10 qualifying categories for WOTC. This can make you eligible to receive a tax credit of between $2,400 and $9,600 depending on the qualifying category.
What is WOTC?
Giving someone a work opportunity may translate into a business tax credit for your client and greater stability for a family. The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. The WOTC joins other workforce programs that incentivize workplace diversity and facilitate access to good jobs for American workers. The Consolidated Appropriation Act 2021 authorized the extension of the WOTC until Dec. 31, 2025.
Employers claim billions in tax credits each year under the WOTC program. There is no limit on the number of individuals an employer can hire to qualify to claim the tax credit, and there are a few simple steps to follow to apply for WOTC.
How can we help?
CMS has been providing administration of this program to employers since 1997. We help qualify new employees through a secure online portal (which can be linked to iRecruit or electronic onboarding processes), we calculate the value of the tax credit for you, based on hours worked and wages earned to make sure you get the maximum tax credit available. Contact us today to find out how much you could be saving!
iRecruit is a cloud-based recruiting and applicant tracking and electronic onboarding software designed to provide any size of business a cost effective, affordable and truly simple way to manage the recruiting and onboarding process online. With options for Express, Professional and Enterprise, you can find a flexible recruiting solution that meets your needs.