The Value of Hiring the Formerly Incarcerated
Have you considered the value of hiring the formerly incarcerated?The Work Opportunity Tax Credit (WOTC) might reward your business if you do (more about that later
And yes, when I say, “formerly incarcerated”, I mean ex-felons. People who’ve been convicted of a felony and paid the price. Many of them have emerged from that difficult experience with a new and improved perspective on their lives.
Numerous major employers make a point of hiring offenders after their release from custody. The following list contains just a few that have gone very public with their pledge. Recognize any?
- Published in Felons, Work Opportunity Tax Credit
Expand WOTC Again? Yes! Hire Veteran Students Using GI Bill
Congresswoman Jacky Rosen, a Democrat from Nevada, issued a press release describing her effort to expand the Work Opportunity Tax Credit (aka WOTC). HR 6392, known as the Hire Student Veterans Act, would add a new target group to the WOTC program.
- Published in Veterans, Work Opportunity Tax Credit
Earn Real Tax Savings for Hiring Veterans
This is a follow-up to my recent post about tax benefits employers earn by hiring military veterans. In addition to strong skill sets and personal characteristics, many veterans can bring an added financial benefit to their employer through the Work Opportunity Tax Credit (or WOTC).
Employers naturally have questions about how veterans qualify. How long must a veteran have served? What if they have a service-connected disability? What are the specific tax credit amounts? Today, I’ll go into these details.
- Published in Veterans, Work Opportunity Tax Credit
Another Reason Veterans Matter to Small Business
If you’re a business owner, CPA or hiring executive, this is for you. Everyone knows that hiring veterans is both the right thing and the smart thing to do for many reasons.
Military veterans bring a unique set of skills to the civilian labor market. Few organizations like the military can teach, enforce and reward the characteristics of teamwork, initiative, leadership, organization and mission.
The military is also a highly diverse and talented group of people. As a result, veterans have deep experience working well with others. That experience instills respect and the ability to adapt and excel in a wide variety of circumstances. (more…)
- Published in Veterans, Work Opportunity Tax Credit
WOTC Survives Tax Reform Compromise!
After a flurry of last-hour compromise, the the Tax Cuts and Jobs Act (aka Republican tax reform bill) was finalized on Friday. At about 5:30 PM Eastern, an updated copy of the bill was released to the public (see Business Tax Reform, Section E (4).) (more…)
- Published in Work Opportunity Tax Credit
Talk of Tax Extenders Bill — Mopping Up After Tax Reform
I received this link to a recent article in Accounting Today from a colleague and a reader of The WOTC Planet. According to the article, Senator John Thune (Republican from South Dakota) has confirmed the Senate’s intention to act on expired tax incentives, which are typically reauthorized with a tax extenders bill. (more…)
- Published in Work Opportunity Tax Credit
Senate’s Late Night Vote on Tax Reform Keeps WOTC
United States Senate Chamber
Saturday just before 2:00 AM Eastern, the Senate voted to pass its version of the Tax Cuts and Jobs Act. The Senate’s bill remains silent on the Work Opportunity Tax Credit (WOTC), which the House version seeks to repeal.
In this circumstance, silence is golden if you prefer that the WOTC program remain in place. (more…)
- Published in Work Opportunity Tax Credit
So Far, So Good – WOTC Program Survives in Senate’s Revised Tax Reform Plan
Senator Orin Hatch, R Utah
Yesterday, Chairman Senator Orin Hatch (R, Utah) released a revision to the Senate’s tax reform proposal. The revision is scheduled today for markup before the Senate Committee on Finance. (more…)
- Published in Work Opportunity Tax Credit
Update on Tax Reform – Senate Bill Does Not Repeal WOTC
Thursday afternoon, the Ways and Means Committee finished the House’s markup of the Tax Cut and Jobs act, voting down amendments to add back the Work Opportunity Tax Credit (WOTC) and a number of other specialized tax benefits.
While this is bad news for WOTC proponents, better news emerged from the Senate today. The Senate Finance Committee released its own version of tax reform and it does not include the dreaded WOTC repeal. (more…)
- Published in Work Opportunity Tax Credit
Tax Reform Proposal to Repeal WOTC
You’re probably already aware of the House’s tax reform proposal, which in it’s current form would repeal the Work Opportunity Tax Credit (WOTC) program. Repeal would be effective 01/01/2018. The draft reform bill was introduced 7 days ago as H.R. Bill 1, the Tax Cut and Jobs Act.
The repeal of WOTC as proposed is wholesale and complete. Here’s the text in its entirety: (more…)
- Published in Work Opportunity Tax Credit