Do you cringe every April? Wish your company could keep more of its hard-earned cash rather than lining the IRS’ pockets? We make it easy for you to become your company’s ‘Bottom Line Hero’, potentially saving hundreds of thousands of dollars annually through a little-known tax credit, WOTC. Your company is eligible for this money without drastically changing the way you run your business, spending time finding questionable loopholes, or… anything really. We do all the heavy lifting for you.
WOTC (Work Opportunity Tax Credit) is a $1 billion federal program allowing businesses to save $2,400 - $9,600 per employee, every year. And this isn’t a here-today-gone-tomorrow program… Sounds too good to be true? Well it’s not: Congress has voted to renew WOTC 11x since 1996. The only question is why more companies don’t take advantage? Simply put, they don’t know about it!
Let’s talk eligibility! Experience shows that for most employers, 10% to 20% of new hires would qualify for WOTC tax credits without employers needing to make any changes to their current recruitment process. Many of your past hires were already eligible for the WOTC program. These were military veterans, unemployed people and others who were experiencing economic distress for a variety of reasons. Want more good news? There’s no limit on the number of individuals an employer can hire to claim the tax credit.
Before our automated digital system streamlined the process, completing WOTC applications was a drag. Employers had to print form 8850 for every employee, have each team member fill out the lengthy documents by hand and then manually submit each one to the proper state coordinator. At HR Cloud, we believe receiving the tax benefits you deserve should be hassle free.
Our software uses a specially designed digital survey to collect employee information. The embedded wizard then automatically prepares all required forms — including Form 8850 — making the whole process incredibly simple. You even have the ability to automate the workflow, allowing your employees to electronically sign and submit the document, along with federal I-9 and W-4 forms, as part of their onboarding process. If only all tax prep was this easy!
As HR Cloud receives these forms from each employee, the data is automatically and securely transferred to our marketplace partner, WOTC Planet, for evaluation. Their software tracks the screening process and informs you of potential savings, removing all the hard work for your business in collecting your well deserved tax credits. Just sit back and count your extra money while we take care of it!
Onboard is just the beginning. Our powerful suite of onboard software helps with every step of the employee cycle and integrates with all of your favorite third party tools. Recruitment, applicant tracking, performance management, payroll, background checks--HR Cloud has got hiring covered. Explore the integrations here, and experience what your HR workflow should look like.