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How Businesses Can Save Money on Holiday Hiring
 With just a few weeks to go until Thanksgiving, Christmas and Hanukkah, retailers are seeking to fill seasonal positions
Snagajob.com is reporting that on average retailers plan to hire 3.1 seasonal employees in 2009, a drop of 16% from last year. They report that retailers aren't the only ones hiring. Other good bets include warehouse jobs, restaurant jobs and hotel jobs. Tax preparation companies like Jackson Hewitt and H&R Block also offer seasonal jobs.
If you are hiring seasonal employees this holiday season you are not alone. Thousands of companies nationwide have already begun their annual holiday hiring to accommodate the expected increase in seasonal sales.
The holiday hiring season provides a huge opportunity for employers to take advantage of the Work Opportunity Tax Credit. WOTC applies to new hires only for employees who fall into one of the following categories:
- Designated Community Resident
- Ex-Felon
- Family Assistant Recipient
- Family Assistant Recipient (long term)
- SNAP Recipient (food stamps)
- SSI Recipient
- Summer Youth
- Veteran
- Veteran (disabled)
New hires do not have to be full-time employees in order for you to qualify for the tax credit. As long as the employee works between 120 - 400 hours for your company you can receive up to 40% of their wages (up to $6,000) in tax credits.
CMS has processed WOTC tax credits for companies for over 13 years and based on our experience up to 15% of the workforce is eligible for the employment tax credits. Why aren’t you taking advantage? Call CMS today at 1-800-517-9099 to find out how we can save you money this holiday season.
Calculate your potential tax savings with our WOTC Tax Credit Savings Calculator
About CMS
CMS - Sage Abra HRMS is a Sage Software Select certified Business Partner, providing Sage Abra HRMS software solutions to the North East. CMS has been providing Sage Abra HRMS (Human Resource Management Systems), Recruiting, Payroll, Benefits Enrollment, Training, Time and Attendance, Employee Self Service, and Work Opportunity Tax Credits solutions since 1997. Call CMS Today For a Free Assessment of Your HR & Payroll Software Needs at 1-800-517-9099.Labels: CMS, New Hires, Seasonal Employees, Work Opportunity Tax Credit
New York State Responds to Rising Unemployment
New York State Responds to Rising Unemployment, Thousands of Dollars in Federal Work Opportunity Tax Credits available.
ROCHESTER, NY (07/16/2009)-- State Labor Commissioner M. Patricia Smith and Empire State Development Chairman & CEO designate Dennis Mullen today outlined a wide range of initiatives administered by the NYS Department of Labor designed to help businesses in the Finger Lakes Region weather the current recession. These include federal Work Opportunity Tax Credits (WOTC) for new hires, training programs and an initiative that helps companies avoid potential layoffs. In the Rochester area, the unemployment rate was 8.4 percent in June 2009, compared with 7.7 percent in May 2009 and 5.3 percent in June 2008 (not seasonally adjusted).
"As Governor Paterson often says, we are a state rich with resources, the most impressive of which is our human capital," said Commissioner Smith. "We need to invest in that capital here in the Finger Lakes Region, and let it grow. That is the ultimate goal of these initiatives, funded in part by the American Recovery and Reinvestment Act."
"With unemployment steadily rising, it becomes increasingly important to support workforce and business development initiatives across New York State," said Dennis M. Mullen, Chairman & CEO designate, Empire State Development. "ESD provides many services and programs to businesses that are designed to strengthen a business' competitiveness and to ensure our State's workforce remains one of the most productive and diverse in the country. During these challenging economic times, we will work to fully utilize the competitive resources already available to New York that set us apart from other states, such as access to water and an international border and a highly educated workforce."
Businesses in the Finger Lakes Region that are hiring are encouraged to take advantage of federal Work Opportunity Tax Credits (WOTC) administered by the Department of Labor. These credits, which can amount to thousands of dollars for each new hire, are available for any business that hires WOTC-eligible individuals, including: long-term Temporary Assistance for Needy Families (TANF) recipients; TANF recipients; veterans (eligibility criteria for veterans has expanded under the federal stimulus package); ex-felons; summer youth (eligibility criteria for youth has expanded under the federal stimulus package); vocational rehabilitation referrals; 18 to 39 year-old food stamp recipients; Supplemental Security Income Recipients; and individuals living in designated zones across the state. Businesses in the Finger Lakes Region interested in WOTC should call 1-888-4-NYSDOL. The State officials also encouraged Finger Lakes Region businesses to tap into the Labor Department's Building Skills in New York State (BUSINYS) program and upgrade the skills of their incumbent workers. Under this $5 million training program, funded in part by the American Recovery and Reinvestment Act of 2009, businesses with four or more workers are eligible to apply for up to $50,000 in worker training funds from the Department of Labor.
The purpose of the BUSINYS initiative is to ensure that the skills of workers do not deteriorate or become "stale" in an ever-more competitive and technologically complex global economy. Once awards are made to businesses in the Finger Lakes Region, incumbent workers will be trained in specific occupational skills needed by that business or industry. Eventually, this can lead to potential career growth and increased wages.
In order to be considered for an award, an applicant must:
• Be a private sector, for-profit, or not-for-profit business, and have four or more employees; or a consortium of two or more such businesses that have the same training needs.
• Be headquartered or have at least one physical location in New York State at the time the proposal is submitted. (Funds awarded to applicants must be expended on employees working at the applicant's New York State facilities.)
• Have contacted their local workforce investment area.
In addition:
• The position(s) targeted for training must exist and be filled at the time the proposal is submitted.
• The applicant must demonstrate that the training will result in the workers' acquisition of transferable occupational skills. Businesses have until July 20, 2009 to apply for the BUSINYS training program. There is no minimum award amount. Contracts will be awarded for a period of up to six months. For more information or to download an application, visit the Labor Department's homepage at www.labor.ny.gov.
Officials also called upon businesses in the region that are considering laying off workers to look into the Labor Department's Shared Work Program. Shared Work provides employers an alternative to layoffs as they face a temporary decline in business. Rather than lay off a percentage of workers to cut costs, an employer can use this program to reduce the hours of all or a particular group of employees. In turn, employees can receive partial unemployment insurance benefits to compensate for their lost wages. Under the Shared Work program, participating employees do not see a reduction in their health insurance, retirement, vacation pay, or other fringe benefits.In 2008, there were 67 companies and 2,947 workers in the Shared Work program in the Finger Lakes Region. Statewide, 462 companies and 14,775 workers participated in the program during that year. From January through May 2009, there were 231 companies and 6,702 workers participating in the Shared Work program in the Finger Lakes Region. During this same time period, 1,317 companies and 31,446 workers participated in the program statewide. Businesses interested in applying for the Shared Work program can call (518) 457-5807. To find out more about the Department of Labor and its services for businesses and workers, please visit www.labor.ny.gov.
To find out more about Empire State Development and its services for businesses and workers, please visit www.empire.state.ny.us.
For more about Work Opportunity Tax Credits please visit www.cmswotc.comLabels: New York Statem, Work Opportunity Tax Credit, WOTC
CMS Attends Sage Software Insights Conference
Cost Management Services (CMS) is attending the Sage Insights Conference, May 11 - 14 at Nashville's Gaylord Opryland Resort and Convention Center.
Stop by Booth #1063 to visit Brian Kelly to find out about iRecruit, WebTools (for Abra AWC), and Work Opportunity Tax Credits.
For more information visit:
http://www.cmshris.com/insights/
CMS - Sage Abra HRMS is a Sage Software Select certified Business Partner, providing Sage Abra HRMS software solutions to the North East. CMS has been providing Sage Abra HRMS (Human Resource Management Systems), Recruiting, Payroll, Benefits Enrollment, Training, Time and Attendance, Employee Self Service, and Work Opportunity Tax Credits solutions since 1997. Call CMS Today For a Free Assessment of Your HR & Payroll Software Needs at 1-800-517-9099.Labels: Cost Management Services, iRecruit, Sage Insights, WebTools, Work Opportunity Tax Credit
CMS Announces WOTC Webinar Series for Federal Employment Tax Credits
FOR IMMEDIATE RELEASE
Linzi Strong
(860) 678‐4401
lstrong@cmshris.com
New work opportunity tax credit (WOTC) webinars to educate employers of all sizes on how to take advantage of the Federal Employment Tax Credits.
Farmington, CT – February 20, 2009 – Cost Management Services (www.cmshris.com), a provider of employer based solutions including work opportunity tax credit (WOTC) services, Sage Abra HRMS Solutions, web based recruiting software iRecruit, and human resource management and payroll solutions, launched a new online webinar series for their work opportunity tax credit (WOTC) services. The personalized webinar series is designed for businesses that want to take advantage of the federal tax credits, but are unaware of who may qualify and the processes involved.
Introduction of the new WOTC Webinar Series (www.cmswotc.com) means CMS now provides employers with additional information that can assist them in saving money ‐‐ including their longstanding WOTC full‐service options. This webinar series will be a great educational tool. The webinar series will be held twice weekly beginning February 24th. Full Schedule details can be found on our website (www.cmswotc.com).
“Like the products and services we already provide to our customers,” says Brian Kelly, managing partner of CMS, “our clients who sign up for our WOTC services save up to a maximum of $5,000.00 per new hire that qualify. Furthermore, based on our analysis we have determined that 10% to 15% of all your new hires qualify under the federal provisions to receive such a tax savings.”
We often find businesses are not aware of the benefits of the WOTC program or they are unsure of the filling process to qualify for the work opportunity tax credit, thus not being able to cash in on the credits available. This is particularly problematic because those companies are not taking advantage of the cost savings that can highly benefit them in a tough economy. Brian Kelly adds, “Employers can now become more educated on the WOTC while finding additional ways to capture the sometimes millions of dollars left on the table by not taking advantage of these terrific employer job creation incentives.”
For details about our WOTC services, visit: www.cmswotc.com
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About Cost Management Services
Cost Management Services (CMS – www.cmshris.com) has been providing employer based solutions, including Employment Tax Credit Services (www.cmswotc.com); web‐based recruiting solution – iRecruit (www.irecruit-software.com developed by CMS); and the Sage Abra HRMS human resource and payroll solutions. With over 25 years of experience our focus on quality professional services allows us to achieve our goal of complete client satisfaction. CMS utilizes proven technology, implementation methodologies, expertise, and one‐on‐one training to automate, streamline and integrate the complete workforce management process.Labels: CMS, Work Opportunity Tax Credit, WOTC
Calculate Your Savings with WOTC
 Did you know you could still keep hiring AND save money? Even in a "down economy" you can have significant savings for your company, and CMS can help. We've been saving companies money for over 10 years with our Work Opportunity Tax Credit processing program.
Based on CMS' experience 15% of the workforce may be qualified for up to $2,400 worth of tax savings under the WOTC program guidelines. Why aren't you taking advantage?
Calculate your potential tax savings with the Work Opportunity Tax Credit Savings Calculator.
To speak with a CMS WOTC Representative, please call us at 1-800-517-9099 and ask for Brian, or send an email.
Click here to download the WOTC brochure for more information.Labels: Work Opportunity Tax Credit, WOTC
Five Year High in Monthly Job Loss
Work Opportunity Tax Credits
Work Opportunity Tax Credit (WOTC) is a federal tax credit program that offers incentive to employers who hire individuals who have consistently had difficulty in securing and retaining employment. The credit helps offset the federal tax liability of private, for-profit employers. The program covers only new hires that have not worked for the employer in the past.
Full Story:
http://www.ai.org/dwd/2771.htmLabels: Work Opportunity Tax Credit, WOTC
Incentives for Older Workers Act
 New Senate Bill Aims to Help Senior Citizens, Aging Baby Boomers Stay in Workforce
Retirement trends could create a U.S. labor shortage of 4.8 million workers in 10 years
Although many of today's senior citizens find it is tough to find employment it may get a little easier is a new Senate bill passes. The bi-partisan bill has been introduced in the Senate to prevent projected dramatic declines in the workforce following the retirement of the baby boomers. It will provide incentives and eliminate barriers for older Americans wishing to stay in the workforce longer, and encourage employers to recruit and retain older workers.
The "Incentives for Older Workers Act" (Senate Bill 2933) was introduced in April by Senators Gordon H. Smith (R-OR), Herb Kohl (D-WI), and Kent Conrad (D-ND). Smith is Ranking Member of the U.S. Senate Special Committee on Aging and Kohl is Chairman.
"A colossal demographic shift is on the horizon," said Senator Smith. "Retiring baby boomers will cause significant gaps in our workforce if we do not incentivize them to work longer. We need to ensure the door stays open for those willing and able to remain an active part of the workforce during their golden years."
"With the retirement wave upon us, we must encourage employers to adopt policies now to attract and retain older workers," said Senator Kohl.
"Our commonsense policy creates a win-win situation for both older workers and the companies that employ them."
"This legislation confronts the changing face of retirement. The divide between working and retirement is no longer the bright line it once was. Many workers stay on the job longer, not just because they have to but also because their employers want them to stay," Senator Conrad said. "What we offer in the Incentives for Older Workers Act would make sure older employees who want to cut back their work schedules won't lose pension benefits as a result."
A 2007 Conference Board study reports that current retirement trends could create a U.S. labor shortage of 4.8 million workers in 10 years.
The "Incentives for Older Workers Act" works to reduce this decline by:
- Removing penalties in certain pension plans for workers who phase into retirement by receiving a lower salary while working reduced hours.
- Allowing seniors to earn delayed retirement credits for Social Security purposes for an additional two years until age 72, instead of age 70.
- Reducing the amount of Social Security benefits lost to seniors who claim benefits before reaching normal retirement age and while they continue working.
- Forming a National Resource Center on Aging and the Workforce within the Department of Labor to collect, organize and disseminate older worker information;
- Changing how Civil Service Retirement System (CSRS) annuities are calculated by correcting a glitch that results in a disproportionate reduction in benefits for certain employees who phase into retirement by working part-time.
- Requiring states to include older worker representatives on the state and local workforce investment boards and set aside five percent of the Workforce Investment Act (WIA) funds to assist older individuals.
- Expanding eligibility of the Work Opportunity Tax Credit (WOTC) to include older workers.
- Clarifying that certain defined benefit pension plans can define normal retirement age under their plans as the earlier of (1) the attainment of a specified age, or (2) attainment of 30 or more years of service.
For full details on the bill, click here
For additional details on CMS' Work Opportunity Tax Credit Program please click here.Labels: Incentives for Older Workers Act, Work Opportunity Tax Credit, WOTC
Work Opportunity Tax Credit Program (WOTC) Extended for 44 Months
WORK OPPORTUNITY TAX CREDIT (WOTC) EXTENDED FOR 44 MONTHS
Tax Credits Offered For Hiring Eligible Workers
The Work Opportunity Tax Credit (WOTC) law was extended for 44 months (through August 31, 2011) when the supplemental defense spending bill was signed into law on May 25, 2007. This three plus year extension is a departure from prior years' practice of enacting short term renewals.
The new law includes a number of changes and enhancements, such as:
- Expands the qualified veterans targeted group definition and increases qualified first year wages to $12,000 instead of the previous $6,000 amount.
- Changes "high-risk youth" category to "designated community residents" and raises the age ceiling from 25 to 39. This category is expanded to include rural renewal county residents.
- Expands the definition of vocational referral.
- Allows the provision that business tax credits generally can offset the alternative minimum tax (AMT) liability.
Companies hiring eligible recipients such as Aid to Families with Dependent Children (AFDC) / Temporary Assistance to Needy Families (TANF), Ex-Felons, Food Stamps Recipients, High-Risk Youth, Summer Youth Employee, Supplemental Security Income (SSI) recipients, Veterans, and Vocational Rehabilitation Referrals that do not currently have a WOTC program in place should contact Brian Kelly at 860-678-4401 for more information about the WOTC and to learn how CMS can help save your company money with the WOTC Program.
Click here to see how much your company could save:
http://www.cmshris.com/wotc.html
Click here to download the WOTC brochure.Labels: Work Opportunity Tax Credit
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CMS - Sage Abra HRMS ▪
321 Main Street ▪ Farmington, CT 06032
Phone: 860-678-4401 ▪ Fax: 860-677-7189 |
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