Are You Overlooking a Potentially Valuable Tax Credit?
Community association management companies (and their clients) have a valuable tool available for growing their staffs and reducing their tax bills at the same time — the Work Opportunity Tax Credit (WOTC). And they may not even be aware of it.
“The credit is very overlooked,” says Jamie Dokovna, a shareholder in the Florida law firm Becker & Poliakoff who practices employment law and works in the community association arena.
“I can’t think of any managers or associations that receive it. I suspect it’s largely because they don’t know about it. It’s like free money, and they’re not taking advantage of it.”
“There’s a big shortage of managers right now,” says Ken Bertolucci, president of NS Management in Skokie, Ill. “Part of it is that the business is booming; another is the lack of young people entering community association management.”
The WOTC could help managers and associations fill those gaps. It’s designed to incentivize employers to hire individuals who have historically faced barriers to employment, including:
- the formerly incarcerated or those previously convicted of a felony;
- recipients of Temporary Assistance for Needy Families (TANF);
- residents in areas designated as empowerment zones or rural renewal counties;
- individuals with disabilities who have completed a vocational rehabilitation plan or program;
- individuals whose families are recipients of supplemental nutrition assistance (otherwise known as food stamps or SNAP) or TANF;
- recipients of disability benefits; and
- individuals who have been unemployed for at least 27 weeks.
Read the full story now and learn how to leverage the WOTC: