powered by OnCentive
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ACA reporting and compliance leader SyncStream Solutions LLC is excited to announce the launch of their integrated Work Opportunity Tax Credit service, powered by their new tax credit parent company, OnCentive.
The Work Opportunity Tax Credit (WOTC) is a federal hiring incentive available to employers, rewarding them for every new hire who falls within one of several eligibility groups. Depending on the qualifications, companies may be eligible to receive between $1,200 to $9,600 per qualified new hire.
The newly launched service will allow OnCentive to screen SyncStream clients’ new employees for WOTC eligibility and manage proper documentation, filing, and certification. OnCentive’s technology integrates directly with State Workforce Agencies, offering higher compliance and faster turnaround time for clients’ credits getting certified.
Read more on the Press Release.
An eligible employer must file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Tax Credit, with their respective state workforce agency within 28 days after the eligible new hire begins work.
Employers may claim the Work Opportunity Tax Credit for a total of two years. Employers who do not take the full credit amount because of the tax liability limitation may carry back one year or forward 20 years.
By law, this form must be completed “on or before the day” you offer them a job. Many companies conduct this screening on the same day employees fill out their other new-hire paperwork. It cannot be completed later.
Learn More about the SyncStream and the OnCentive Acquisition.