Work Opportunity Credit
Employers in any US location may be eligible for the Work Opportunity Credit. KBKG documents employees and prepares applications on the employer’s behalf using a technology-based process. Each qualified new hire may be worth a federal tax credit as much as $9,000. There are no geographic restrictions for this program other than a presence on US soil. This means any US employer can benefit.
The largest challenge faced by employers with regard to the WOC is the limited time frame in which they may document employees. Having proper procedures in place to document the appropriate information in the manner mandated by the IRS is critical to successfully realizing benefits. Also, each employee must have supporting documentation in order to be considered for the credit. Like all KBKG tax credit services, we will either work with you to gather the appropriate employee information or we will procure it by interfacing directly with government agencies.
HIRE Act Payroll Tax Exemption & Credit Hire
Hiring individuals previously unemployed may qualify employers for a payroll tax exemption as well as a tax credit up to $1,000 provided certain requirements are met.
Employer FICA Tip Credit
Employer may receive a tax credit for employees who report tips as income on W2’s.
Native American Employment Credit
Employers on Indian Reservations may receive up to $4,000 annually for each qualified employee.
EZ Employee Credit
Employees working in the Enterprise Zone may receive up to $525 in credit. Employees should reference Form 3553 when preparing their tax returns.
Targeted Area Contract Preference Act
Businesses bidding on State of California contracts may receive up to 9% preference on bids for performing work in Enterprise Zones or using Enterprise Zone-qualified employees.
HUB Zone certified business are eligible for preference on federal contracts.
Native American Indian Subcontractor Subsidy
Contractors may receive federal subsidies for subcontracting work to Native American-owned businesses.
Discover why so many companies and accounting firms rely on KBKG for their tax incentive, credit and deduction planning needs.
As one of the premier service providers in the industry, we are passionate about helping business owners and accounting professionals across the country identify, claim and—when needed—defend their tax savings strategies. Our KBKG Advantage is the reason why clients turn to us time and time again for assistance. For superior teamwork, tailored service, and assurance backed by our KBKG Audit Guarantee, you can rely on KBKG. Learn more...
The federal government has prescribed certain areas to receive lucrative location-based tax incentives. These zones and their commensurate benefits are available throughout the United States. Please see below for examples of HUD Zones within metropolitan areas.
The Empowerment Zone is a program designed to encourage businesses to locate and hire within geographically targeted areas. Each qualified employees hired within an Empowerment Zone is eligible for an employment credit worth up to 3,000 per year. Unlike hiring credits, employment credits are not limited to new hires so the entire employee base may be considered for qualification each year. Taxpayers pay no federal tax on properly structured capital gain transactions within the Empowerment Zone. Empowerment Zone businesses are eligible for an increased Section 179 deduction.
The Renewal Community is similar to the Empowerment Zone. It has programs for capital gain exclusions, employment credits and Section 179 adjustments. The major difference is rather than an employment credit ceiling of $3,000 the Renewal Community program has a ceiling of $1,500 per employee per year. Unlike the Empowerment Zone, the Renewal Community was not renewed in 2010.