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Benestream Announces Partnership with Walton to Bring New Cost-Savings Program to Businesses

Partnership combines Walton’s Work Opportunity Tax Credit platform with BeneStream’s Medicaid Migration™ product.

New York, NY, June 1, 2016 – BeneStream today announced a partnership with Walton, a leading provider of tax credit and incentive consulting services. This relationship will enable the seamless incorporation of BeneStream’s signature product, Medicaid Migration™ into Walton’s award-winning Work Opportunity Tax Credit (WOTC) screening technology platform.

BeneStream is a health technology company that reduces costs for businesses by connecting qualified employees to government benefits including Medicaid for the Workplace and CHIP. Walton identifies, secures, and administers Federal and State tax credit and incentive (TCI) opportunities for business ranging from Fortune 500 corporations to promising new ventures.

“Our goal is to help our clients maximize the myriad of tax credit, and discretionary and statutory incentive opportunities afforded by the federal, state, and local governments to encourage their growth and success,” said Phil Ownbey, Walton. “We are committed to working with best-in-class industry leaders and BeneStream’s Medicaid Migration™ is the type of innovative product that Walton is proud to bring to our clients and integrate with our products.”

Businesses should think of WOTC and Medicaid as complementary benefits since they impact similar groups of employees. Walton is a driving force within the WOTC industry, and we are excited to combine our efforts to benefit businesses everywhere. Our product reduces costs for our clients while lowering turnover and providing quality benefits to employees,” said Ben Geyerhahn, CEO of BeneStream.

Medicaid Migration™ saves employees the cost of insuring qualified employees by helping them access affordable, quality health coverage. An employee in a household of four earning up to $33,500 may qualify for Medicaid. WOTC targets individuals in a similar population. Eligible individuals may include welfare and food stamp recipients as well as veterans who are re-entering the work force. By integrating Medicaid screening questions into its WOTC platform, Walton can easily screen and identify candidates who qualify for WOTC as well as for potential health insurance through Medicaid.

Walton’s WOTC screening solutions save employers up to $9,600 per eligible employee, and average Medicaid Migration™ savings can range from $4,000 to $10,000 per employee annually.

About BeneStream — The Medical Migration™ Company

BeneStream provides businesses with innovative, cost-saving products and services by connecting their qualified employees to government benefits. The company’s exclusive product, “Medicaid Migration™, delivers proven savings to employers by moving qualified employees onto free government-sponsored health insurance.

About Walton

Walton delivers the most advanced tax credits screening solution to employers across all industries. Unlike other providers, Walton has successfully maintained a sole focus on tax credits and incentives for over 35 years, delivering unparalleled tax savings using state-0f-the-art integrated technology. Walton’s WOTC technology platform was recently named as one of the Top 10 emerging technologies by the American Staffing Association.



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US Department of Labor Issues Funding to State Workforce Agencies

State Workforce Agencies (SWAs) responsible for the administration of the Work Opportunity Tax Credit program (WOTC) are working diligently to process retroactive and current WOTC program certification requests.

The US Department of Labor Employment and Training Administration is now issuing the balance of FY2016 funding in the amount of $14,856,655 to the SWAs for the implementation of the WOTC program activities through September 30, 2016. The appropriated level for FY2016 totals $18,485,000.

Continue reading “US Department of Labor Issues Funding to State Workforce Agencies”
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PATH Act Affects Code Section 179

PATH Act Affects Code Section 179

The PATH Act increased the expensing break for qualifying real-estate improvements. It also made it easier for improvements and expenses to qualify for bonus first-year depreciation, but the determinations of qualifying improvements and expenses are more complex. The detail of those new complications is lengthy. However, as summarized by Thomas Reuters in their Checkpoint New dated March 8, 2016, as a general rule, the cost of commercial real-estate improvements is recovered over a period of 39 years via straight-line depreciation only.

Continue reading “PATH Act Affects Code Section 179”

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WOTC Program Transitional Relief Announced

Recently released IRS Notice 2016-22 provides for a transitional relief period for the Work Opportunity Tax Credit (WOTC) program. This provides business with the opportunity to retroactively capture the WOTC program for hires made prior to its reauthorization i.e., the “hiatus” or period of time in which the WOTC program was expired due to Congressional inaction on the tax extenders bill.

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Mississippi Businesses

Mississippi Businesses Benefit from Major Economic Impact Act

Certified businesses that construct a plant engaged in the manufacture of tiers or other related rubber or automotive products and enterprises owning or operating maritime fabrication and assembly facilities are eligible for up to 25 years in exemptions against corporate income tax arising from the project. Continue reading “Mississippi Businesses Benefit from Major Economic Impact Act”

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tax reform stamp

2016 Tax Reform to be Considered by House Ways and Means Committee

According to a press release on January 19, 2016, House Ways and Means Committee Chairman Kevin Brady (R-TX) announced that the Committee will hold its first hearing of the year Tuesday, January 26, 2016.

The hearing will focus on pro-growth policies that will help create jobs, increase paychecks, and expand opportunities. The Ways and Means Committee’s priorities for 2016 largely follow those already laid out by House Speaker Paul D. Ryan (R-WI), who wants the committee to focus on reforming the tax code, repealing the Affordable Care Act, opening trade possibilities, and reforming welfare programs.

According to George L. Yaksick, Jr., Walters Kluwer News Staff, earlier in January, speaking at an event in Washington D.C., Brady called for a “fairer, flatter, simpler tax code.” He added that he wants to close unspecified loopholes and ease the tax burden on small businesses. Brady has also indicated that he will oppose higher taxes on U.S. energy production.

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georgia locatemap

Georgia Qualified Education Expense Credit Cap Announced

As of January 4, 2016, the Georgia qualified education expense credit cap of $58 million for calendar year 2016 already has been reached. All applications received on January 4, 2016 were prorated down to $58 million. The proration percentage is anticipated to be 53.36%. The Department is in the process of mailing pre-approval letters for applications received and denial letters for applications received after the cap had been reached. Taxpayers may begin submitting applications for the 2017 tax year on January 3, 2017.

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New Jersey BEIP Funding

New Jersey BEIP Funding Finally Addressed

On January 11, 2016, the solution for which many New Jersey businesses had been waiting finally arrived. Governor Christie signed the bipartisan P.L. 2015, c. 194 into law, permitting the voluntary conversion of outstanding Business Employment Incentive Program (BEIP) grant commitments into refundable tax credits.

Under the law, a business approved for a BEIP grant that chooses to pursue this opportunity has 180 days following enactment (by July 11, 2016) to direct the EDA to convert the grant to a refundable tax credit. The law also includes a structure that manages the fiscal effect on New Jersey in any one year, while also allowing for the issuance of tax credits to those companies that have been awaiting grant payments the longest. Credits will be made available for use beginning in Fiscal Year 2017.

Continue reading “New Jersey BEIP Funding Finally Addressed”

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