Tax Credit Services
IOI can help your business take advantage of valuable tax credits through our Tax Credit Services. We make it easy for companies to obtain certification for employees who qualify for various corporate tax credits.
- Work Opportunity Tax Credit (WOTC)
WOTC is a federal tax credit incentive program that motivates employers to hire and retain individuals who have consistently faced significant barriers to employment. In 2012 the program has added two categories to the qualified veteran targeted group and made the credit available to certain tax-exempt organizations for the first time.
- Health Care Insurance Tax Credit for Small Employers
The Patient Protection and Affordable Care Act created IRC §45R, which allows for a tax credit for certain employers that provide health insurance to their employees. The credit is available for certain businesses and is applicable to both for-profit and not-for-profit employers as follows: For-profit entities are allowed an income tax credit of up to 35% (50% beginning January 1, 2014) of the amounts expended for health insurance premiums for its employees.
- Affordable Care Act Tax Provisions
Employers are required to report the cost of employer sponsored group health care plans on employee W-2s. Though optional for 2011, in 2012, employers reporting 250 or more W-2s are required to report, and all employers will be required to report in 2014. this is for reporting purposes only, and is not taxable income to employees. IOI is ready and able to record the health care cost now. You can choose to enter the amounts once at year end, or start now and record the costs on a payroll by payroll basis. Call your Customer Care Representative for assistance on how to get started.
IOI Tax Credit Services helps your business maximize corporate tax credits by:
Analyzing tax credit opportunities for your business
Qualifying and screening your employees and business for tax credits
Automatically calculating, tracking and reporting tax incentive credits
*Nominal fees may apply for certain qualified tax credits for administration of this service.