BIRMINGHAM, Ala., April 27, 2022 (Newswire.com) - 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.
"Most businesses are unaware of how lucrative capturing the Work Opportunity Tax Credit can be. On average, 30% of new hires fall within one of the Work Opportunity Tax Credit's targeted groups," said Shannon Scott, OnCentive & SyncStream CEO. "However, that percentage is much higher in high-turnover industries such as hospitality, food service, construction, manufacturing, staffing, and other blue-collar trades."
Unlike other tax credits and recovery programs, capturing the Work Opportunity Tax Credit is often a function of a company's HR department, rather than their accounting department. In order to leverage these credits, a business needs to apply within the first 28 days of a new employee's start date and receive a certification verifying that the new hire is a member of a targeted group before they can claim the tax credit. After the required certification is secured, taxable employers claim WOTC as a general business credit against their income taxes, and qualified tax-exempt employers claim WOTC against their payroll taxes Social Security tax liability.
By signing up for WOTC services powered by OnCentive, SyncStream clients can capture these underutilized credits and increase their business' profitability without increasing their team's workload. SyncStream clients assume no upfront financial risk by signing up for WOTC services due to OnCentive's 100% success-based fee structure.
"Operating solely on success fees means we are more committed to ensuring the highest compliance to get you the most certified credits possible," said Lindsay Morton, OnCentive's Chief Growth Officer. "If we don't provide you with tax credits, you don't owe us anything!"
SyncStream's tracking solution monitors the ACA status of part-time and seasonal employees in real-time to determine if the business qualifies for applicable large employer status, and which employees qualify for employee-sponsored coverage. The company has successfully fulfilled over 6 million employee forms and served more than 16,000 customers with a 96% customer retention for both federal and state filings.
OnCentive is a consulting firm that helps businesses maximize government incentives and tax credits to increase their profitability. Leveraging their leaderships' 100 years of combined credit expertise and their state-of-the-art custom technology, OnCentive captured $1.5 billion in government incentives for clients, with $0 returned to the IRS. OnCentive's team of credit experts helps businesses affected by the COVID-19 pandemic to qualify and capture millions in Employee Retention Credits, as well as other federal and state incentive credits like the Work Opportunity Tax Credit, Research and Development Tax Credit, Disaster Employee Retention Credit, and many others.
Chief Growth Officer
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