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Tax Credit Program


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  • 1. Tax Credit Program May 12, 2009
  • 2. Who is Honkamp Krueger & Co., P.C.
    • Honkamp Krueger & Co., P.C. is among the top 100 largest Certified Public Accounting firms in the U.S.A., and the largest independently owned CPA firm in Iowa. Founded in 1947, we now do business in 45 states.
    • Our firm has grown, diversified, and embraced technology, yet our mission remains the same—to provide each client with exceptional service and expertise. Charting a course into the next century, we welcome the opportunity to serve you as your partner in success, facing the challenges and opportunities together.
  • 3. Work Opportunity Tax Credit Program (WOTC)
    • Provides businesses with an incentive to hire individuals from groups that have particularly high unemployment rates or special employment needs.
    • Groups that are eligible:
          • High Risk Youth
          • Veterans
          • Ex-felons
          • Vocational Rehabilitation Referrals
          • Summer Youth Employees
          • Food Stamp Recipients
          • Recipients of Assistance Under Aid to Families with Dependent Children (AFDC) or its successor program, Temporary Assistance for Needy Families (TANF)
          • Supplemental Security Income (SSI) Recipients
  • 4. Industries that have had great success with the WOTC Program:
        • Staffing
        • Telemarketing
        • Healthcare
        • Restaurants/Fast Food Chains
        • Convenient Stores
        • Manufacturing
        • Hospitality
  • 5. Questions when considering WOTC
    • Are you taking advantage of tax credits for your business
    • How many employees do you have – should have a minimum of 100 employees
    • Do you have jobs that pay $10 an hour or less
    • Do you hire monthly
  • 6. Honkamp Krueger & Co., P.C. works for your clients!
    • We provide start-up kit for each location that includes customized WOTC/WtW Forms
    • We keep client informed of any changes or new opportunities in these programs
    • We administer every aspect of the program including service initiation, applicant screening, documentation preparation, interaction with government agencies and comprehensive reporting of savings.
  • 7. The Honkamp Krueger & Co., P.C. Advantage!
    • Our customer service is what gets us the best results and positive feedback from our clients!
    • We email our clients and all their locations monthly reminding them about the WOTC Process and what has to be done to insure lucrative credits continue to be processed
    • We call our clients and all their locations every 2 months to update contact information and to answer any questions about our program and to insure the process is still be followed to its fullest potential
  • 8. WOTC/WtW Process
    • Every new hire completes the 2 forms
        • 8850 Form
        • 9061 Form
    • All Forms are mailed on a weekly basis to our office
    • All forms are tracked and reviewed to determine qualified employees
    • All qualified employees are submitted to their respective state to obtain an approved certificate
  • 9. WOTC/WtW Process
    • Certificate comes back to us with confirmation of approval or denial
    • Information is logged
    • Quarterly billing – a request for wages and hours for each employee who qualifies will be sent out at the end of each quarter
    • An automatic transmission of your clients payroll records is most ideal for accuracy and time savings on their end
  • 10. WOTC/WtW Process
    • Quarterly summary will be sent to client summarizing all their credits
  • 11. WOTC/WtW Reports
    • End of Year Report will provide the following:
            • Employee information
            • Division/Location
            • Total wages and hours
            • Type of credit: WOTC or WtW
            • Percent of credit
  • 12. Empowerment/Renewal Community Zone Credits
    • To qualify a business and employee need to be located within a designated federal zone
    • Client provides a list of all their locations with complete address information and we can determine which locations are located within a zone
    • If client has any locations within a zone we request an employee list with address information to confirm who lives within the zone.
    • Empowerment Zone Credit is up to $3,000 per employee per year
    • Renewal Community Credit is up to $1,500 per employee per year
  • 13. Empowerment Zone Locations
    • Pulaski County, AR
    • Tucson, AZ
    • Fresno, CA
    • Los Angeles, CA (city and county)
    • Santa Ana, CA
    • New Haven, CT
    • Jacksonville, FL
    • Miami/Dade County, FL
    • Chicago, IL
    • Gary/Hammond/E Chicago, IN
    • Boston, MA
    • Baltimore, MD
    • Detroit, MI
    • Minneapolis, MN
    • St. Louis, MO/ East St. Louis, IL
    • Cumberland County, NJ
    • New York, NY
    • Syracuse, NY
    • Younkers, NY
    • Cincinnati, OH
    • Cleveland, OH
    • Columbus, OH
    • Oklahoma City, OK
    • Philadelphia, PA/Camden, NJ
    • Columbia/Sumter, SC
    • Knoxville, TN
    • El Paso, TX
    • San Antonio, TX
    • Norfolk/Portsmouth, VA
    • Huntington, WV/Ironton, OH
    • Washington D.C.
  • 14. Renewal Community Zone Locations
    • Green/Sumter County
    • Mobile County, AL
    • Southern, AL
    • Los Angeles, CA
    • Orange Grove, CA
    • Parlier, CA
    • San Diego, CA
    • San Francisco, CA
    • Atlanta, GA
    • Chicago, IL
    • Eastern, KY
    • Central Louisiana
    • Ouachita Parish, LA
    • Lawrence, MA
    • Lowell, MA
    • Detroit, MI
    • Flint, MI
    • West Central Mississippi
    • Turtle Mountain Band of Chippewa, ND
    • Camden, NJ
    • Newark, NJ
    • Buffalo-Lackawanna, NY
    • Jamestown, NY
    • Niagara Falls, NY
    • Rochester, NY
    • Schenectady, NY
    • Hamilton, OH
    • Youngstown, OH
    • Philadelphia, PA
    • Charleston, SC
    • Chattanooga, TN
    • Memphis, TN
    • Corpus Christi, TX
    • El Paso County, TX
    • Burlington, VT
    • Tacoma, WA
    • Yakima, WA
    • Milwaukee, WI
  • 15. State Tax Credits
    • Many states have lucrative tax credits
    • Many of the credits are based on a business
    • re-locating, expanding or starting a business within a specific designated zone
    • With these credits a business would need to apply for these programs in advance of the
    • re-location, expansion or new business in order to qualify
  • 16. State Tax Credits
    • Iowa Wage & Benefits Credit
      • Credit given for newly created job in state of Iowa by an Iowa resident who is making more then 130% of the county average wage.
      • If they do qualify eligible for 5-10% credit annually on total wage and benefits
  • 17. State Tax Credits
    • Missouri State Tax Credits
      • Enterprise Zone – needs to be applied for each year through the State of Missouri
  • 18. State Tax Credits
    • Illinois State Tax Credits
      • Jobs Tax Credit
      • Economic Development for a Growing Economy (EDGE) Program – needs to be applied for in advance through Department of Commerce and Economic Opportunity
  • 19. Why Honkamp Krueger & Co., P.C.
    • Proven Results with hundreds of satisfied clients that are receiving thousands of dollars in credits annually
    • Superior customer service which in turn provides better participation and higher credits for your clients!
    • We will pursue all federal and state tax credits for all your clients