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Archive for IRS Updates

IRS Updates On Tax Credit Helping Businesses To Hire

IRS Updates On Tax Credit Helping Businesses To Hire

IRS updates Information on tax credit helping businesses to hire certain categories of workers.

WASHINGTON — The IRS updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help.

Today’s updates include information on the pre-screening and certification process. To satisfy the requirement to pre-screen a job applicant, on or before the day a job offer is made, a pre-screening notice (Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit) must be completed by the job applicant and the employer.

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The IRS’s Voluntary Disclosure Practice (VDP): IRS Revises Form 14457

Matthew Roberts, JD - The IRS’s Voluntary Disclosure Practice (VDP): IRS Revises Form 14457

On February 15, 2022, the IRS announced that IRS Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, and the accompanying instructions to the form had been revised.  Because the revisions provide clarification on certain issues that caused confusion during the submission process, the revisions are welcome news to many tax professionals, including this writer.  The revisions are discussed more fully below.

Introduction to the Voluntary Disclosure Practice 

A full primer on the IRS’s Voluntary Disclosure Program (“VDP”) can be found here.  In short, the VDP permits non-compliant taxpayers an opportunity to come forward, file missing or amended returns correcting prior year reporting, and pay the government taxes that are owed.  In exchange, the taxpayer making the disclosure receives what is akin to amnesty, provided the taxpayer meets all of the eligibility requirements of the VDP.  This can result in significant reduction of criminal risks and exposure for the non-compliance in addition to significant reductions in civil penalties associated with the non-compliance (in some cases).

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