new hire tax credits through infinityhr
TRANSCRIPT
Creating New OpportunitiesThrough Tax Credits
Infinity HR Conference
Starting Point
Business Activities create Tax Credit Opportunities. (Hiring, Training, Job Creation, Investment, Research & Development, etc.)
Greater than 80% of companies do not capture every tax credit opportunity.
Tax Credits
1. Economic Development – Attracting & Retraining Businesses.
2. Awareness – Governments do not market most tax credits to all businesses.
3. Focus – Niche, Heavy Compliance, Tax-Oriented, Lengthy Approval & Certification Processes.
How are Tax Credits Designed?
• Activity – Training, Capital Expenditures, R&D, Hiring, etc.
• Location– Located in Targeted Area for Economic Development
• Hybrid (Location & Activity)– Located in Targeted Area & Hire or Create Jobs, etc.
Federal New Hire Tax Credit
• Work Opportunity Tax Credit– Up to $2,400 or up to $9,600 per new hire
• 9+ Employee Target Groups• Recipients of Foods Stamps, SSI Benefits, Temporary
Assistance for Needy Families, Unemployed/Disabled Veterans, Felons, etc.
• Information must be submitted to government within 28 days of employee’s hire date
State Hiring Tax Credits
• State Hiring Tax Credits– Additional Incentives for hiring qualified
employees (veterans, disabled individuals, state benefits, etc.)
– Can range from $500 to $5,000 per qualified new hire
More than you Think
• Examples– 46 Million People on Food Stamps– 4+ Million People on TANF– 5.5 Million People on SSI Benefits– 500,000+ Unemployed Veterans
*USDA, Social Security, VA, Dept. of Labor
Capturing New Hire Information
• Implement System that fits in current culture and process.– Digital: Online New Hire App (Vortax).
• Embed into InfinityHR
Why are Tax Credits Important?
How to Integrate New Hire Tax Credits in less than 5 minutes
• Create New Workflow Step– Settings > Workflow Management > Create
Workflow• Include Client’s custom link to Vortax New Hire App
• Assign Workflow to New Hire– Employee > HR Data > Workflows > Create
Workflow Instance
• Create Custom Report (Option)
Vortax• Comprehensive New Hire Tax Credit Screening
(State & Federal)• Access to Comprehensive State & Federal Tax
Credits through McMillian & Associates• Free to Clients of McMillian & Associates• Key New Hire Metrics & Reporting
How to Leverage Tax Credits?
• Prospects– Added Competitive Advantage– Offset Cost or Implementation of System
• Clients– Add Value to Existing Clients– Encourage Upgrades or to Purchase New Modules
Resources
• Free Tax Credit Analysis for Infinity Clients• Access to Demo Video of Integration• Comprehensive State & Federal Tax Credit
Services• Discovery Questions for Client with Target
Industries & Activities
Questions
About MCA• Our purpose & passion is to help businesses
create new opportunities.• Core Values
– Family, Integrity, Excellence, Teamwork
• Founded in 1998 & history goes back to 1972• Client Goals: Find More & Make it Easy• Over 700 clients around the country.
MCA Clients
Contact Information
• David McMillian– President, McMillian & Associates– [email protected]– (706) 302-7095– mcataxcredits.com, @mcataxcredits,