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WOTC Explained

 

WOTC stands for Work Opportunity Tax Credit.  WOTC is a federal tax credit rewarding restaurants when they hire workers affected by various economic challenges prior to hire.  The best news is, your restaurants already hire eligible employees. You just need the right help to identify and document their qualifications.

 

Your WOTC tax credit equals a percentage of the wages you pay to certified qualifying employees – up to $9,000 in federal tax credit per person. Qualification rates vary by industry, depending on the characteristics of the workforce.  A company hiring only 100 employees annually can realistically generate $35,000 or more per year in tax credit.

 

The American Recovery and Reinvestment Tax Act of 2009 expanded the WOTC Program to include two new eligibility categories -- "Disconnected Youth" and "Unemployed Veterans."  As a result, the WOTC Program is more valuable now to restaurant operators than ever before.

 

With these additions, the WOTC Program now includes 13 qualification categories, also known as “targeted groups.”

 

1. Hurricane Katrina Victims

2. Short-term Recipients of TANF (public assistance)

3. Veterans Receiving Food Stamps (SNAP)

4. Disabled Veterans

5. Certain Ex-felons

6. Designated Community Residents

7. Referrals from Certain Vocational Rehab Programs

8. Summer Youth Employees (who live in a Designated Community)

9. Food Stamp (SNAP) Recipients

10. Recipients of Supplemental Security Income (SSI)

11. Long-term Recipients of TANF (public assistance)

12. Certain Unemployed Veterans

13. Disconnected Youth

 

While the technical details involved are admittedly complicated, you can rely on EF Cost Recovery to identify and document your workforce's eligibility for WOTC and other state and federal tax credit programs.

 

Two Easy Steps

EF Cost Recovery gives you the simplest most effective 2-Step solution possible for easy tax credit success, with free options for customization to meet your organization's unique needs.

We do all the work!  You get all the (tax) credit!

 

 STEP 1. New employees complete tax-credit survey as part of the regular hiring process, placing their completed survey in the attached privacy envelope.

 

We provide customized survey packets with pre-stamped envelopes attached, which you will use later to mail the surveys back to EF Cost Recovery.  Surveys are customized to meet the unique eligibility and documentation requirements of each state.  They can also be translated into any language needed by your workforce.

 

Our plain-language survey avoids the complicated "government-speak" that confuses employees, making it easy for them to provide honest accurate answers.  By respecting employees' privacy, we help them to respond honestly to private eligibility questions.  After they seal their survey in the envelope, all your hiring manager must do is drop it in the mail.

 

STEP 2. EF Cost Recovery Does the Rest!

 

This is what we do. . . and it's full service.  That means we're flexible enough to respond to your unique needs, provide customized management reports, and work with your own accountants to help maximize your company's tax benefits.

 

• We research each employee's eligibility potential

• Secure required support documentation

• Manage correspondence w/ multiple gov. agencies in each jurisdiction

• Secure certificates of eligibility

• Deliver periodic reports and feedback

• Calculate tax credits generated

• Report tax credit information to you and your accountants

 

It is not unusual for us to qualify anywhere from 8 percent to more than 35 percent of an employer's workforce -- without any special emphasis on recruiting WOTC-eligible employees.  Conclusion: If you're not using WOTC now, your company is almost certainly missing WOTC opportunities and overpaying its federal income taxes.

 

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