Hiring & Equipment CreditsPDF
The federal government provides tax incentive programs to help encourage businesses to hire employees from targeted groups and locate businesses in certain geographies, or Empowerment Zones. Understanding the qualification criteria and application process for these incentives is complicated and requires professionals that understand tax incentive programs. HCVT helps employers apply for and document these incentives—and achieve tax savings.
WOTC & Empowerment Zone Tax Incentive Services
The Work Opportunity Tax Credit (WOTC) and Empowerment Zone benefits often are an overlooked tax incentives that can yield significant tax savings and improve the annual cash flow of a business. The WOTC program provides employers the opportunity to receive tax benefits for hiring targeted groups. Included in these groups are unemployed and disabled veterans, and individuals who receive assistance under governmental programs. Our hiring and screening process will assist employers who hire from targeted groups to help ensure they obtain the highest benefits available. WOTC and other federal incentives can yield up to $9,600 in tax credits per qualified employee. HCVT’s tax incentive approach can be customized to each client’s individual situation to maximize benefits in a cost effective manner.
California Enterprise Zone (EZ) Update
Although legislation enacted on June 27, 2013, leads many business owners to believe that the EZ program has fully expired, businesses are still able to secure refunds on current and prior year returns. Due to our deep experience assisting clients with the tax incentives available from the EZ program, we have maximized credit utilization both prospectively and in prior years through detailed wage and salary calculations. We have successfully generated refunds from prior year amended returns as well as from reduced current year tax liabilities through our detailed credit review and calculation process.