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Tag Archive for Work Opportunity Tax Credit

Tax Credit Can Help Employers Hiring New Workers; Key Certification Requirement Applies

WASHINGTON — With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers.

During National Small Business Week — April 29 to May 5 — the Internal Revenue Service highlighted tax benefits and resources designed to help new and existing small businesses. Read more

Business Tax Provisions: the Year in Review

Clifford Benjamin, Tax Advisor

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2017.

Standard Mileage Rates 
The standard mileage rates in 2017 are as follows: 53.5 cents per business mile driven, 17 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Read more

Owners Should Utilize The Work Opportunity Tax Credit

Ken May

With the utilization rate of less than five percent, business owners are leaving a ton of money unclaimed for this tax credit.

What is the Work Opportunity Tax Credit?

WOTC is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment.  Read more

Hiring Our Heroes: Veterans For Tax Hire

Employers may want to consider the Work Opportunity Tax Credit (WOTC) for new hires.  WOTC is a federal income tax credit available to employers that hire individuals from targeted groups that have traditionally faced barriers to employment.

The Veterans Opportunity to Work to Hire Heroes Act of 2011 (“VOW to Hire Heroes Act”) expanded the tax credit for veterans and the Protecting Americans from Tax Hikes of 2015 (“PATH Act”) extended WOTC through December 31, 2019.  A qualified veteran is a veteran certified as any of the following: Read more

FLASH ALERT! WOTC: IRS Notice 2015-13: Providing Transition Relief For Employers Submitting Late WOTC Applications

We Have Been Waiting For This!

The IRS has released IRS Notice 2015-13, which provides transition relief given the late retroactive renewal of the Work Opportunity Tax Credit program in December 2014. Notice 2015-13 waves the 28-day deadline for submitting IRS Form 8850 (the WOTC Pre-screen Notice) for qualifying employees hired in 2014.  The extended deadline for submitting the applications for affected employees is now April 30, 2015.

From the Notice:

 

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