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I am happy to repeat some good news for employers whose hiring checklist includes the Work Opportunity Tax Credit (WOTC). The International Franchise Association was recently in Washington, DC, for its 2024 annual advocacy summit. More than 300 members attended the event, during which advocates met with members of Congress to push the organization’s tax agenda.
WOTC was one of three key tax cuts the association promoted.
Click here to read more about the IFA’s summit in a recent article by Mary Vinnedge published by Franchise Wire.
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In a press release, U.S. Representative Don Beyer (D, VA) announced he has assumed primary sponsorship of the Military Spouse Hiring Act. Former Representative Antonio Delgado (D, NY) introduced the current version of the bill but has now left the House of Representatives to serve as New York’s Lieutenant Governor.
Read the press release here.
The Military Spouse Hiring Act proposes an expansion of the Work Opportunity Tax Credit or WOTC. This bill would expand WOTC by adding a new target group known simply as “Qualified Military Spouse.”
To qualify, an eligible employee must (in the usual way) be “certified . . . as being (as of the hiring date) a spouse of a member of the Armed Forces of the United States.”
The bill does not address the meaning of “spouse,” but this term generally means an individual who is lawfully married. If passed, it will create the first WOTC target group to specifically benefit active military families.
This new target group would provide a $2,400 tax credit.
(more…)
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Don’t cry. We can make it better!
Many employers are unaware they are eligible for special tax relief created for the covid-19 pandemic. The covid-19 Employee Retention Credit (ERC) is worth up to $26,000 per employee when a business qualifies. That means, for example, that a small business with 10 employees could qualify for up to $260,000. It sounds like a lot (and it is), but it’s also realistic.
ERC is a fully refundable tax credit. That means if you qualify, you receive a tax refund check from the U.S. Treasury.
There’s still hope if you didn’t claim your ERC tax credit during the pandemic (between March 2020 and December 2021). For a limited time, you can claim it retroactively as a tax refund by amending your 2020 and 2021 payroll tax returns.
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United States Senators have renewed an effort to pass the Military Spouse Hiring Act, an expansion of the Work Opportunity Tax Credit or WOTC. This bill would expand WOTC by adding a new target group known simply as “Qualified Military Spouse.”
To qualify, an eligible employee must (in the usual way) be “certified . . . as being (as of the hiring date) a spouse of a member of the Armed Forces of the United States.”
The bill does not address the meaning of “spouse,” but this term generally means an individual who is lawfully married. If passed, it will create the first WOTC target group to specifically benefit active military families.
This new target group would provide a $2,400 tax credit.
(more…)
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