Employment incentives – especially job-creation credits – are among the most ignored or overlooked tax credit programs by businesses today. 

Employment incentives are created to spur economic growth by encouraging businesses to develop and expand. However, the sheer range and built-in complexities of available employment incentives often deter businesses from even dipping a proverbial toe into the lucrative pool of employment-based tax credits and incentives. 

1. No Knowledge
   A big barrier surrounding employment-based tax credits stems from a lack of knowledge. Many businesses have no idea what employment incentives exist. The fact is that there are over 30,000 state and local employment incentives available to businesses in a variety of industries. Do you know all of the employment-based tax credits and incentives your company qualifies for? 
   
   
2. No Process
   Employment incentives require a comprehensive, continuous process to identify, capture and document information as employees are hired. Without a process in place to navigate employment-based tax credits, you lack the organization and documentation required to file a claim for these tax credits and incentives. Do you have a reliable process in place to properly pursue employment incentives? 
   
   
3. No Expertise
   Companies typically don’t have in-house experts in employment incentives. A lack of expertise prevents many businesses from pursuing these employment incentives. With the help of tax experts, your business gains diligent and experienced assistance to maximize employment-based tax credits, eliminate piles of unnecessary paperwork, file only applicable tax credit claims and keep up with record maintenance. 
   
   
4. No Technology
   Companies that are constantly hiring employees do not have the technology to facilitate administration of an employment incentives program. Partnering with tax experts who offer an advanced technology system designed for greater process efficiency is key. This technology should assist you in the employee screening process, automatically populate required employment incentives applications and easily integrate with government systems. 
   
   
5. No Resources To Manage The Pursuit Of Employment Incentives
   Employment incentives administration is a burdensome and continuous task. Most companies simply do not have the time and manpower to start and maintain the many employment-based tax credit programs they are eligible for. These administrative tasks include identifying and recovering overpaid taxes, managing tax liabilities, reducing compliance risks and monitoring complex regulations and deadlines. 
   
   
6. No Confidence
   When your business lacks knowledge, expertise, resources, technology and/or a proven process for capturing employment incentives, you inherently lack confidence. How do I know if I am missing something? Will I get audited? Is my documentation good enough? Without the confidence of knowing the answers to these questions, companies often decide to skip claiming employment-based tax credits, which is an unfortunate, costly decision. 

Outsourcing the task of employment incentives to an expert eliminates every concern for your business. Your tax consultant partnership should work to maximize your tax credits and incentives without using up your own in-house resources. 

When looking for outsourced tax experts to help your business identify and capture employment incentives, make sure their expertise includes the implementation of a comprehensive, technology-based process. Ensure your partner offers advanced technology, such as e-signatures and voice signatures. 

Also, ensure your outsourced tax experts use a point-of-hire solution to gather information on a real-time basis and screen all employees at the time of hire. This partnership must deliver all proper documentation to support your employment incentives in case of an audit. 

Ready to partner with an employment-based tax incentives expert? Call 866-444-4880 or click here to speak directly with a tax expert at Corporate Tax Incentives.