Has your company applied for federal, state and local programs? Most likely, you have applied for federal but not one of the thousands of state and local programs that are available. These employment-based tax credits and incentives help boost economic growth by encouraging businesses to expand into designated areas and hire people with certain barriers to employment.
Due to the sheer number of programs offered (and the complex nature of meeting all the various requirements for eligibility), businesses face their own set of barriers for capturing employment incentives. That’s why it is recommended to work with an outsourced tax consultant.
Outsourced tax consultants come equipped with streamlined processes, expertise and technology to advance the pursuit of employment incentives.
An Outsourced Tax Consultant Has A Process In Place
Identifying, capturing and documenting the information needed to properly file claims for employment incentives may be complicated and cumbersome. If your company does not have a process in place for efficiently capturing these tax credits, it may become very time consuming for your in-house team to record necessary data and organize the vast amount of information accurately for the IRS.
The right outsourced tax consultant already has an established, proven process for gathering information, screening employees and staying on track to meet critical deadlines. This increases internal efficiencies, while providing you with a sense of confidence that the process of capturing employment incentives is done right the first time.
Add A Touch Of Technology
When hiring employees, you need the right technology system to facilitate the administration tasks of an employment incentives program. Seek technology that:
- Assists in the screening process for new hires
- Automatically populates required applications
- Integrates with government systems
Advanced technology should also be capable of e-signatures and voice signatures.
Although technology helps alleviate many of the burdens of pursuing employment incentives, many administrative duties may still be left to perform. Most companies simply don’t have the manpower to maintain multiple programs.
An outsourced tax consultant takes on duties such as identifying and recovering overpaid taxes, managing tax liabilities, reducing compliance risk and monitoring complex regulations and deadlines. This level of dedication and expertise is rarely achieved in-house.
By working with an outsourced tax consultant, you eliminate the burdens and concerns that come with the lack of time and tax expertise. As an outsourced tax consultant works to identify and claim every available employment incentive, you and your team can focus on the growth goals for your business.
To learn more about the federal, local and state programs in your area, please find your state on the map.