Industry News | October 22, 2011

Restaurateurs Attempt to Extend Tax Credit Period

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Restaurateurs who are using Work Opportunity Tax Credits as part of their hiring process are running out of time to claim their potential earnings from hiring as the opportunity deadline looms at the end of the year. The deadline could put a stop to thousands of extra dollars coming in per quarter for employers through hiring. But some restaurateurs are planning to take action in hopes to extend the opportunity.

Restaurateurs are coming together to sign a petition to Congress before Friday, Nov. 4. They have done the petition online, so that nationwide, anyone who is affected by this can sign. Check out the list here.

"The key incentives have an impact on a wide range of activities that help spur economic growth, job creation, and job retention," says Dave Koenig, vice president for tax and profitability at the National Restaurant Association, in an article on the association's website.

The support to extend the opportunities is there, Koenig says, but Congress has yet to make the final move in extending them.

In the meantime, restaurateurs are taking advantage of what they do have now with free WOTC verification available as part of their WyckWyre unlimited hiring systems.

"The system allows for employers to both verify their work opportunity tax credit status and process claims," says Justin Poet, vice president of WyckWyre. "It's a great way to cut down on paperwork, yet still make sure you're getting what you deserve when you hire qualified individuals."

In just a few clicks with WyckWyre's unlimited plan, employers are able to begin the process of finding work opportunity tax credits to claim. From there, the employer can collect the credits that are due to the business.

Employers receive, on average, between $1,000 to $9,000 per hire with WOTC returns. For restaurants, this could mean thousands of dollars per quarter due to the high turn over rate in the industry.

Beyond finding employers money for hiring, WyckWyre reduces the stress and time invested throughout the hiring process.

"The biggest advantage of using WyckWyre is that it goes ahead and asks questions before we even interview the person,” say Ed Anderson, Wendy's QSCC board chairman and WyckWyre user. “Some people can be eliminated from the process right off the bag. That saves our managers time in the restaurant. I can't tell you how many times an interview is scheduled, and that person is just wrong. That person is now eliminated before that interview with WyckWyre."

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