Chapin, S.C. — Corporations are recommended to take advantage of the (likely temporary) lull in WOTC to overhaul their entire tax credit screening program.
While not the only group of tax credits available to corporations, Work Opportunity Tax Credits (commonly known as WOTC) are perhaps the most common. Its current inactive state gives organizations the opportunity to try out different screening partners and set up their best possible program in time for the expected full WOTC renewal.
When considering a tax credit screening partner, organizations should be looking for a company that still processes WOTC documents in preparation for WOTC being renewed and that has the ability to easily adapt to potentially new processes for other types of tax credits, such as the tax extenders approved by the US Senate Committee on Finances in early August.
Mike Grammel, head of the team of tax experts at General Information Services, Inc. (GIS), also recommends that organizations take the potential partner’s reporting and case management system into account.
“Essentially, you need a partner that is transparent and easy to understand,” he said. “We have found that the simpler a reporting system is, the more likely our clients are to use it — which makes them that much more likely to capture all of the credits available to them. And that’s our goal.”
Finally, Grammel recommended finding a partner that pre-screens credits rather than blindly submitting them to the government, saying “Because GIS pre-screens credits, we can tell organizations with more accuracy how much they should expect in tax credits and sometimes even get our credits to the front of the line during the processing stage — plus it helps keep our highly reliable accuracy rate!”
About GIS (General Information Services, Inc.)
GIS is a nationally accredited background screening company that has been providing screening services since 1966. In recent years, GIS has grown to serve thousands of customers nationwide by providing comprehensive national and international background check solutions, talent acquisition solutions and industry-specific services. For more information about GIS and its products or services, visit www.geninfo.com.
###