With many businesses facing a tight job market, the IRS reminds employers to check out the work opportunity tax credit. Resent legislation extended this credit through the end of 2025.
This long-standing tax benefit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. With millions of people out of work at one time or another since the pandemic began, the IRS notes one of these targeted groups is long-term unemployment recipients.
The 10 groups are:
• Temporary Assistance for Needy Families recipients
• Qualified unemployed veterans, including disabled veterans
• Formerly incarcerated individuals
• Designated community residents living in Empowerment Zones or Rural Renewal Counties
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