CMS Work Opportunity Tax Credit Newsletter April 2021
In this issue:
- Work Opportunity Tax Credit – WOTC – Statistics 2020
- How Are We Doing? Please Take Our Customer Survey
- Four Things You Didn’t Know About the Work Opportunity Tax Credit
- WOTC Wednesday: How Long Does it Take to Receive a WOTC Certification?
- Upcoming Webinar: Introduction to iRecruit with WOTC Integration
- Understanding WOTC’s Target Groups: Designated Community Resident
- Work Opportunity Tax Credit Statistics for Florida
- Switch To Paperless WOTC Screening in 2021
MARCH 2020 – The latest statistics for the Work Opportunity Tax Credit from 2020 have just been released, and the data shows 1,620,806 total Work Opportunity Tax Credits were issued in the United States in 2020. This represents an almost 22% drop over previous years 2019 (2,066,616 credits), and 2018 (2,204,142 credits), and shows the dramatic impact of COVID-19 on the U.S. economy.
With the 2020 tax season behind us and as the world slowly shifts back to normal. At CMS we strive to do better and implement new features that help our clients. We would love to get your feedback on how we’re doing, and how we might improve. If you have a few minutes, please complete our survey.
The Work Opportunity Tax Credit known as #WOTC is a federal tax credit available to employers who hire individuals from disadvantaged groups of workers. So what does CMS know about WOTC, that most employers don’t?
CMS’s Brian Kelly answers your questions about the Work Opportunity Tax Credit in our new weekly video Q&A series #WOTCWednesday.
Other Recent WOTC Questions Answered:
- WOTC Wednesday: Are WOTC Forms Available in Spanish or Portuguese?
- WOTC Wednesday: Can I Get a Report on How Many Qualified for WOTC?
- WOTC Wednesday: What is the WOTC 28 Day Rule?
Join CMS to find out how you can have an applicant tracking software with paperless onboarding, and WOTC screening. Register today
Date: Wednesday, April 14th
Time: 11:00am Eastern/8:00am Pacific
New hires who fall under one or more of WOTC’s Target Groups may make you eligible for a WOTC Tax Credit. Target Group #4 is the Designated Community Resident. 68,198 individuals were hired with certification from this group in 2020. A “Designated Community Resident” is an individual who, on the date of hiring:
- Is at least 18 years old and under 40,
- Resides within one of the following:
- An Empowerment zone
- An Enterprise community
- A Renewal community
- AND continues to reside at the locations after employment.
Read more about Empowerment Zones, Enterprise Communities, and Rural Renewal Communities. CMS automatically screens each new hire to determine if they qualify based on their location.
In 2020 the state of Florida issued 79,311 Work Opportunity Tax Credit certifications. Nationwide Florida issued 4.89% of all WOTC Tax Credits in 2020. SNAP was Florida’s highest tax credit category with 72.3% of certifications for that category.
CMS has been providing Work Opportunity Tax Credit screening services for over 20 years. We have helped save employers millions of dollars that can be reinvested back into their businesses. We highly encourage customers to take advantage of the online WOTC screening form that we developed or the call center, both of which provide several benefits to you.
- Your WOTC Dashboard
- Increased Integration for WOTC Tax Credit to iRecruit, Applicant Tracking Software
- Work Opportunity Tax Credit By The Numbers 2019
- EEOC Issues Formal Opinion on the Work Opportunity Tax Credit
- Important Notice: URL Changes for Online WOTC Forms
- WOTC’s 28-Day Rule Explained
- WOTC’s Target Groups
- Calculate your WOTC Savings
#Follow CMS on Social Media
The latest news on the Work Opportunity Tax Credit (WOTC) from Cost Management Services. Sign Up for the Work Opportunity Tax Credit (WOTC) Newsletter
Related: WOTC Newsletter Archive