This year has passed too quickly. It’s already September 10th!
Only yesterday it was 4th quarter 2012 and we were perplexed about how Congress would handle (or fail to handle) the many expired tax extenders. For patrons of the WOTC program, the time to sweat has come again. (more…)
Last Thursday, conservative Republican Representative Ted Poe of Texas introduced the Veterans Back to Work Act of 2013. This act would make the veterans’ part of the Work Opportunity Tax Credit (WOTC) (more…)
On May 22, 2013, the California State Assembly’s Budget Subcommittee #4 held a hearing that explored Governor Jerry Brown’s latest economic tax incentive proposals as they relate to the State’s current enterprise zone program. In my previous post on this subject, based solely on the language published in the Governor’s May 2013 budget revision, I concluded that significant “revisions” were the target. The recent hearing makes it abundantly clear, however, that the words “elimination” and “replacement” better describe Governor Brown’s proposal. (more…)
Per the Chattanoogan:
“Tennessee employers taking advantage of the Work Opportunity Tax Credit (WOTC) program achieved a record high in potential federal income tax savings during the fiscal year that ended in September 2012, announced Burns Phillips, acting commissioner for the Tennessee Department of Labor & Workforce Development. Last year the department issued 64,300 WOTC tax credit certifications to Tennessee employers, representing a potential federal income tax savings in excess of $232 million.” (more…)
The WOTC Planet Requests Your Feedback Regarding HIRE Act and IRS Disclosure of Transactions with Contractual Protection
This is a request for reader feedback on an issue related to the HIRE Act worker retention tax credit that many employers are claiming with their 2011 federal income tax returns.
Question: Has anyone filed IRS Form 8886 “Reportable Transaction Disclosure Statement” (or had any related experience) in connection with service fees for the HIRE Act new hire retention tax credit program? (more…)
Very good news for advocates of extending the Work Opportunity Tax Credit (WOTC)! Another influential Republican has announced that she will co-sponsor H.R. 2082, the WOTC Improvement Act. H.R. 2082 proposes to extend WOTC for three years while making various improvements to the program.
According to the Bill Summary and Status published by the Library of Congress, H.R. 2082 currently has 24 cosponsors . . . including Congressman Dan Lungren, my Representative for California district 3. (more…)
On Wednesday, the New York State Senate passed the 2012 NEW JOBS-NY Job Creation Plan, which must now go before the state Assembly for consideration. Among many other provisions, this plan would provide the following new hiring-based incentives. (more…)
“Temporary tax provisions that are worthy should be made permanent.” So says, Congressman Pat Tiberi (R-OH), Chairman of the Subcommittee on Select Revenue in his opening remarks to last week’s subcommittee hearing on tax extenders. (more…)
In a letter today addressed to all members of Congress, the National Restaurant Association called on legislators to extend the Work Opportunity Tax Credit (WOTC) program and a 15-year depreciation allowance for certain kinds of assets important to the restaurant industry.
The letter, signed by Scott DeFife, Executive Vice President, Policy and Government Affairs, begins with the following statement.
On behalf of the National Restaurant Association, I am writing to strongly urge Congress to prospectively and retroactively extend tax provisions that expired at the end of 2011. Two particular provisions of significance to the restaurant industry are: 15-year depreciation for restaurants and the Work Opportunity Tax Credit (WOTC). We urge consideration of these measures as part of the discussions on extending through 2012 the payroll-tax reduction that expires at the end of this month.
Read the entire letter here.
Stay tuned. There is more to come about the ongoing House-Senate conference currently seeking an agreement on extending the 2011 payroll-tax cut. It’s not just the National Restaurant Association that is urging legislators to address WOTC and other tax extenders with this bill.