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New Hire Onboarding and Tax Credits
By Chuck Ros of Emerald Software Group
How would you like to save your organization $1200 to $9000 per qualifying employee during your new hire onboarding process? You can do this be taking advantage of all the tax credits offered by the federal government. There are currently 12 target groups which qualify under the Work Opportunity Tax Credit (WOTC) program. This includes people on TANF, food stamps recipients, and hurricane Katrina survivors. In 2009, two new groups were added giving employers an even greater ability to earn incentives. Unemployed veterans and disconnected youth are now included in WOTC. This is a great time to invest in those who have served our country and young people who are still trying to find the path to a brighter future. What’s Involved? Form 8850 must be filled out for your company to recoup these tax credits. It has two parts. The employer page must be filled out on or before the date you make a job offer. The new hire must fill out the remaining information during onboarding. Then, form ETA 9061 or 9062 must be added to the 8850 and both documents sent to the relevant state workforce agency.
Why don’t more companies file for WOTC? Many employers don’t know about these credits or feel the whole documentation process is too time consuming and complicated to deal with. This doesn’t have to be the case when you use automated recruiting and onboarding software. Collecting data and sending it to the right government agencies is simple when you use virtual, electronically signed forms. Oh, and stay tuned: among the proposals being considered in D.C. to stimulate job growth are--you guessed it--tax credits for hiring. |
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