As a serial entrepreneur and acting CEO of TaxBreak ( a subsidiary of Neon Workforce Technologies) , Shannon Scott offers diverse professional experience and dynamic perspectives on profitability and business growth. He has owned and operated multiple successful information technology and business consulting companies over the past twelve years.
His first company, Capsource Technologies, was established in 1995 and privately sold in 1997. He, then, established his second company, Infusion Technology, in 1998 which was also sold privately 2002. In 2003, he began Netleverage Consulting and, after the company experienced rapid growth, sold that company in 2006.
In 2007, he became a partner in Taxbreak and the acting President. In 2009, Shannon was appointed the Chief Executive Officer. Under his guidance, the company has experienced exponential growth. He has dramatically improved the infrastructure and increased the profitably of the organization, as well as expanding the service offerings into new markets.
Under his leadership, the company’s growth has been recognized by INC year after year, receiving the INC 500 award in both 2008, and 2009, and the INC 5000 award in 2010.
The success of these companies, in addition to his strong information technology, sales and business operations background has also afforded him consultative roles at some of the most successful companies in the United States.
He received his BA in Business from the University of Alabama in 1997.
The cost associated with hiring, training and retaining employees in today’s economy can be tough on any size business, especially ones with higher turnover. HR executives are constantly being pressured to lower costs but still stay just as productive. What was the old line from Rodney Dangerfield? “I don’t get no respect, no respect”. Have you ever asked yourself what you would do as an HR professional if you had more money to put back into the company you work for or even better, your department?
Employment based tax credits may just be the answer you are looking for. Integrating tax credit recovery into your hiring process could earn your company hundreds of thousands of dollars each year by identifying the people who may qualify for tax credits. These tax credits were designed to financially reward businesses that provide opportunities to certain target demographic and geographic groups by reducing the actual amount of taxes your company owes. Tax credits help employers with some of the additional costs associated with training and retaining disadvantaged workers while reducing unemployment. Simply put, you hire people, and you can generate additional cash flow for you business.
First implemented during the Reagan Administration in 1981, tax credits are worth up to $9,600 per qualifying hire. On average, one in five new hires will qualify your company for a tax credit. Some target groups for the credits include veterans, supplemental security income benefit recipients, residents of empowerment zones and enterprise communities and food stamp recipients.
Unfortunately, complex eligibility requirements, hectic hiring schedules and detailed documentation can make capitalizing on these opportunities seem challenging and labor intensive. Billions of dollars in tax credits are left on the table each year because companies do not have the tools necessary to recover these credits. Using an integrated solution like TaxBreak’s tax credit recovery program alongside iCIMS Talent Platform, can alleviate the difficulty and leverage the tax credit benefits more effectively.
As you look for ways to streamline the hiring process, you can turn your HR department into a profit center by screening job applicants or new hires for tax credit eligibility. Integrating tax credit recovery into an organization’s hiring process can greatly increase efficiency, including a 90% reduction in paperwork. An integrated solution can also pre-populate tax credit forms as part of the new hire package. The new hire e-Signs the forms and they are automatically sent to TaxBreak, who coordinates certification of the credit. (Now that is easy!)
In return, you can then pour the money you save back into your business by hiring more employees, investing in new technology or sales and marketing. Just imagine when you put your super hero cape on and tell your CEO that you just found your company $100,000. I bet that respect situation starts to look a whole lot better!