Collecting Paperwork: Don’t Let It Slow Down Your WOTC Program

July 12, 2017 Jason Fry

We asked a group of over 200 attendees at a recent webinar what step in the Work Opportunity Tax Credit (WOTC) process gave them the most trouble. The most common response: Collecting supporting documentation.

This is a problem for employers because once you’ve identified individuals who qualify for WOTC, you still need to assemble certain supporting documents for your organization to receive the credit. The documentation can range from the employee’s driver’s license to a certificate to verify status as a veteran, depending on the reason the person qualifies. It’s a long list!

Looking for some insights to the attendees’ point of view, we asked them: “At what step in your WOTC process do you experience the most gaps or failures?” 

Of the attendees who responded (leaving out those who said they don’t have a WOTC program or who said their hardest step was “other”), 37% named “collecting supporting documents” as the weakest link in their WOTC process. (See graphic)

The good news for employers is that Equifax can help. We can obtain all needed certification documentation without further burdening HR, hiring managers and new employees, within the required timeline in nearly 97% of cases[1]. This helps speed the process and maximize your credits!

Our guest speaker at the webinar, Shannon Leska, Director, Associate Services at ANN Inc., said that lifting this responsibility from managers and new hires made the process more efficient and helped increase their credits.

“We’ve definitely seen an increase in productivity because Equifax does that piece of the supporting documentation for us,” Shannon said.

If you’d like to hear more from Shannon and the other speakers (including me) here’s the recording.

We talked about a number of key WOTC issues at the webinar in addition to assembling all the paperwork needed to secure the credits. Also, I provided background on many other WOTC process challenges faced by employers.

And Carlie Christensen, Director of Government Relations at Equifax Workforce Solutions, joined us to talk about the potential impact of tax reform efforts on the WOTC program.

Carlie, who is the current president of the National Employment Opportunity Network (NEON), also gave us an outline of a recent Equifax study that highlights some of the hidden benefits of WOTC, including possibly increasing your employee retention.

Watch the complete webinar recording or contact us to learn more about how the smart technology and simplified process from Equifax can help you get the most out of your WOTC hires.

[1] From full year 2015 Equifax certification data

The post Collecting Paperwork: Don’t Let It Slow Down Your WOTC Program appeared first on Insights.

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