Today is our first annual “WOTC” day! WOTC stands for Work Opportunity Tax Credit. The WOTC credit is a federal tax credit program designed get people back into the workforce. It’s available to employers who hire individuals from target groups, including employees who have received SNAP (food stamps), VOW to Hire Heroes Act for Veterans, ex-offenders and more.
We would like to thank all of our many customers across the United States who have worked with us diligently over the past several months to do retroactive screening back to January 1st, 2015. Our team has worked incredibly hard to make sure that every single request we received for a retroactive screen was submitted by the September 28th deadline. We are extremely pleased to report that we were able to screen and submit ALL applications by that deadline. No retroactive WOTC application was late. Again, thank you to our customers for participating and making sure we received the required paperwork on time.
Our WOTC team is taking a well-deserved day off on Friday!
Looking ahead, CMS’s WOTC team will continue to work with you, our valued customers, to obtain the WOTC tax credits for your business. The 28-Day Rule is back in effect, so we appreciate you continuing to use our secure online system, 24-hour multi-lingual call center, fax, or mail within the 28 day timeframe of new hires starting work.
In December 2015, WOTC was renewed by congress, and is approved through December 31st, 2019. So we look forward to continuing to work with you and save you money over the next few years.
How Much We Save
CMS has worked with WOTC since 1997 (next year is our 20 year anniversary) and we have found over the years that on average 10-15% of employees can fall into one of the tax credit categories that qualify for a tax credit. The average credit received is $2,000 per qualified individual. This can be up to $9,600 depending on the category. Some of our customers have saved a phenomenal $100,000 in a single year.
How Much Can We Save You?
To find out your potential savings, please see our WOTC Calculator. There’s never been a better time to learn about WOTC. Please contact us at 800-517-9099 to speak to a Work Opportunity Tax Credit expert today.