Work Opportunity Tax Credits could save employers $154 million

The San Antonio Business Journal reports that employers in the state of Texas may be able to save up to $154 million in tax savings with the WOTC.

The Texas Workforce Commission is notifying private employers throughout the state that they may be able to reduce their federal income liability by as much as $154 million if they have hired employees from qualified targeted populations.

Employers filing their 2008 taxes can take advantage of an estimated $154 million in income tax savings by utilizing the Work Opportunity Tax Credit (WOTC). It is a federal income tax credit that is available to private for-profit employers. Businesses have to apply for certification through the Texas Workforce Commission to claim qualified employees on their income taxes. All applications must be postmarked no later than 28 days from the worker’s start date.

Companies can earn credits up to $2,400 per employee. Employers will be able to claim the credit on their business taxes. The tax credit is designed to encourage employers to hire new employees from nine targeted groups of job seekers who may face barriers to employment.

Click here for the full story:
http://www.bizjournals.com/

To speak with a CMS WOTC Representative, or find out about the Work opportunity Tax Credit Savings in your state, please call us at 1-800-517-9099 and ask for Brian, or send an email.

Click here to download the WOTC brochure for more information.

CMS Announces WOTC Webinar Series for Federal Employment Tax Credits

FOR IMMEDIATE RELEASE
Linzi Strong
(860) 678‐4401
lstrong@cmshris.com

New work opportunity tax credit (WOTC) webinars to educate employers of all sizes on how to take advantage of the Federal Employment Tax Credits.

Farmington, CT – February 20, 2009 – Cost Management Services (www.cmshris.com), a provider of employer based solutions including work opportunity tax credit (WOTC) services, Sage Abra HRMS Solutions, web based recruiting software iRecruit, and human resource management and payroll solutions, launched a new online webinar series for their work opportunity tax credit (WOTC) services. The personalized webinar series is designed for businesses that want to take advantage of the federal tax credits, but are unaware of who may qualify and the processes involved.

Introduction of the new WOTC Webinar Series (www.cmswotc.com) means CMS now provides employers with additional information that can assist them in saving money ‐‐ including their longstanding WOTC full‐service options. This webinar series will be a great educational tool. The webinar series will be held twice weekly beginning February 24th. Full Schedule details can be found on our website (www.cmswotc.com).

“Like the products and services we already provide to our customers,” says Brian Kelly, managing partner of CMS, “our clients who sign up for our WOTC services save up to a maximum of $5,000.00 per new hire that qualify. Furthermore, based on our analysis we have determined that 10% to 15% of all your new hires qualify under the federal provisions to receive such a tax savings.”

We often find businesses are not aware of the benefits of the WOTC program or they are unsure of the filling process to qualify for the work opportunity tax credit, thus not being able to cash in on the credits available. This is particularly problematic because those companies are not taking advantage of the cost savings that can highly benefit them in a tough economy. Brian Kelly adds, “Employers can now become more educated on the WOTC while finding additional ways to capture the sometimes millions of dollars left on the table by not taking advantage of these terrific employer job creation incentives.”

For details about our WOTC services, visit: www.cmswotc.com

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About Cost Management Services

Cost Management Services (CMS – www.cmshris.com) has been providing employer based solutions, including Employment Tax Credit Services (www.cmswotc.com); web‐based recruiting solution – iRecruit (www.irecruit-software.com developed by CMS); and the Sage Abra HRMS human resource and payroll solutions. With over 25 years of experience our focus on quality professional services allows us to achieve our goal of complete client satisfaction. CMS utilizes proven technology, implementation methodologies, expertise, and one‐on‐one training to automate, streamline and integrate the complete workforce management process.

Calculate Your Savings with WOTC

Did you know you could still keep hiring AND save money? Even in a "down economy" you can have significant savings for your company, and CMS can help. We've been saving companies money for over 10 years with our Work Opportunity Tax Credit processing program.

Based on CMS’ experience 15% of the workforce may be qualified for up to $2,400 worth of tax savings under the WOTC program guidelines. Why aren’t you taking advantage?

Calculate your potential tax savings with the Work Opportunity Tax Credit Savings Calculator.

To speak with a CMS WOTC Representative, please call us at 1-800-517-9099 and ask for Brian, or send an email.

Click here to download the WOTC brochure for more information.

About the Work Opportunity Tax Credits

President George W. Bush passed the Work Opportunity Tax Credit Program in May of 2007. It was enacted to promote the hiring of individuals who qualify as a member of a target group, and to provide a federal tax credit to employers who hire these individuals.

Cost Management Services has been working with employers for over 10 years to save money by taking advantage of the CMS Work Opportunity Tax Credit Program.


We do all the work for you

Get a bonus for your company, while helping others. CMS will provide your organization with the tools to maximize the WOTC tax incentives. In addition CMS will provide the following benefits:

• CMS will identify eligible employees.
• CMS understands all the Federal and State guidelines for your company to obtain the eligible tax credits.
• CMS handles all the administrative duties necessary to obtain WOTC in your state.
• CMS protects your organization from asking the sensitive questions necessary to obtain the WOTC tax credits.
  

Based on CMS’ experience 15% of the workforce is eligible for the employment tax credits. Why aren’t you taking advantage? Call CMS today at 1-800-517-9099.

Download our PDF Work Opportunity Tax Credits Brochure.

Who Is Eligible For The WOTC Program?

WOTC applies to new employees hired on or after May 1, 2007, and before September 1, 2011.

Click on any of the below listed categories for a full description.

• Temporary Assistance to Needy Families (TANF) recipient or Long-Term Family Assistance Recipient (LTFAR)

• Ex-felon

• Food Stamp recipient

• Designated Community Residents

• Summer Youth employee

• Supplemental Security Income (SSI) recipient or Ticket-to-Work holder

• Qualified Veteran

• Vocational Rehabilitation Referral or Ticket-to-Work holder