It’s Independence Day! The birthday of our nation! A day to celebrate freedom and many time-honored American traditions.
Writing of this great event in 1776, yet-to-be future President John Adams said, “It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires, and illuminations, from one end of this continent to the other, from this time forward forever more!” (source)
Americans today still take great pride and pleasure fulfilling Mr. Adams’ vision. And amidst the celebrating, the BBQs, fireworks and parades, we remember our nation’s many generations of soldiers. These are America’s finest, the men and women whose blood, sweat, tears and love make America possible.
Found an interesting article published in The Lantern about PassGo, a student group at The Ohio State University. PassGo partners with other non-profits offering training and job counseling to ex-felons. It uses the Work Opportunity Tax Credit program as an additional tool to help connect these rehabilitated men and women with private employers in the community. (more…)
Today, the IRS formally recognized that employers (and state workforce agencies) need more time to adjust to the WOTC-program changes initiated by the Protecting Americans from Tax Hikes Act of 2015.
This morning, the IRS issued Notice 2016-40, which extends transition relief for another three months. At about the same time, the Department of Labor also issued Training and Employment Guidance Letter Number 25-15, dealing with the same issues. (more…)
Investing in Older Workers Act of 2016 Would Increase WOTC Tax Credit Earned for Hiring Older Workers Suffering Long Term Unemployment
Representative Bonnie Watson Coleman of New Jersey has sponsored a bill to increase the amount of Work Opportunity Tax Credit generated by wages paid to older Long Term Unemployment Recipients.
This bill, known as the Investing in Older Workers Act, would increase the maximum qualifying wage from the current $6,000 to $14,000 for qualifying Long Term Unemployment Recipients who are age 55 or older. As a result, the maximum tax credit amount that could be generated by hiring an an older long-term unemployment recipient would increase from $2,400 to $5,600. (more…)
Missouri State Representative Michele Kratky has proposed a state tax deduction for small businesses that hire qualifying disabled and previously incarcerated ex-offenders. The $5,000 deduction can be claimed for up to 3 consecutive years while minimum employment standards are being satisfied. (more…)
The Department of Labor has issued Training and Employment Guidance Letter Number 9-15 regarding updated forms. This morning, we received a notice about the update from the Karen Marberry, Minnesota’s Work Opportunity Tax Credit Coordinator. Marberry’s notice is copied below.
Please notice, the ETA 9061 has been renewed without substantive change BUT the Revision Date and Expiration Date have been updated. Effective February 16, 2016 the new revision of the form must be used and the old revision will no longer be accepted. (more…)
I’m sorry, I should have posted this sooner.
The Bipartisan Budget Agreement of 2015 as worked out by Speaker Boehner and other leaders this week does not include WOTC or other tax extenders. The extenders will likely become a priority for the new Speaker in coming days. They most certainly ARE a priority for tens of thousands of businesses and tax payers, all of whom have their eyes on Congress this week. (more…)
Earlier today, the US Senate voted overwhelmingly (96 for, 3 against) to take up HR 3474, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.
This procedural vote of cloture means that a final vote on the bill may be coming soon. In the mean time, amendments will be considered and negotiations concluded. We anticipate a vote on the floor of the Senate as early as this week. (more…)