It is no secret that private-sector businesses need as much support as they can get during a period of economic distress that has frequently been measured against the deficits experienced during the Great Depression. Businesses that haven’t shuttered have scaled back, thinned staff and cut expenses. Here’s how collecting Work Opportunity Tax Credit with HR Next Direct can help you.
And in addition to all of those moves, they’re looking at ways to shore up funding, from every avenue possible, be it with assistance, through grants, with new revenue streams or by exercising relevant tax credits. The COVID-19 pandemic has cut deep, in so many ways.
HRNext Direct is a valuable ally during these challenging times, offering support with recruiting and onboarding, and assisting employers in need of understanding and collecting on Work Opportunity Tax Credits, also known as WOTC.
A federal tax credit, Work Opportunity Tax Credit offers private-sector businesses incentives for hiring individuals who, for a variety of reasons, face “significant barriers” to employment. Those tax credits can range from $2,400 to $9,600 for each qualifying hire. As a partner with WOTC.com, HRNext Direct streamlines the tax credit reporting and collection process for employers, ensuring no funding is ever left on the table.
By utilizing the HRNext Direct platform, employers can ask new hires to complete WOTC documentation electronically as part of the onboarding process. Once submitted, HRNext Direct ensures they are submitted automatically to the appropriate federal agency. And when tax credits are calculated, they are sent directly to the company’s CPA for recording and filing.
It’s yet another added benefit of working with a solution-minded HR partner.
To learn more about how HRNext Direct can help your business leverage its eligible Work Opportunity Tax Credit, connect with one of our team members.