With WOTC, Timing is Everything!
With WOTC, Timing is Everything!
Famed English actor Jeremy Irons said, “The secret to life is timing.” So too is success with the Work Opportunity Tax Credit!
Also known as “WOTC” (pronounced Watt See), the Work Opportunity Tax Credit rewards businesses with $2,400 to $9,600 in federal income tax credit when they hire members of a WOTC target group.
- Published in Work Opportunity Tax Credit
Let’s Us Know! How Do You Handle Delayed WOTC Certifications?
Hello friends and readers, this is Vaughn Hromiko, here. This post is meant as a question to employers and agents . . . and anyone involved with the Work Opportunity Tax Credit program. I would love to hear from you.
The Question: How do you (or your CPA, or your company, or others you have observed), handle the claiming of Work Opportunity Tax Credits for employees whose WOTC certifications are delayed until after the tax-return filing deadline?
- Published in Work Opportunity Tax Credit
IRS Issues Revised Form 8850 – Includes WOTC Target Group J
The IRS has issued a revision of IRS Form 8850 “Pre-Screening Notice and Certification Request for the Work Opportunity Credit.” This revision was made necessary by the recent Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which added a new target group to the WOTC program. The form now includes a question to screen for Long Term Unemployment Recipients.
Question number 7 at the bottom reads: (more…)
- Published in Work Opportunity Tax Credit
IRS Revises Form 8850
It is time to think about updating your Work Opportunity Tax Credit (WOTC) pre-screening documents.
The IRS’ latest revision to Form IRS 8850, “Pre-Screening Notice and Certification Request for the Work Opportunity Credit” is dated March 2015. I do not notice any material changes to the form. (more…)
- Published in Work Opportunity Tax Credit
Opportunity Alert! 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: (more…)
- Published in Work Opportunity Tax Credit
Final Guidance about Disconnected Youth and Unemployed Veteran WOTC Groups
I have wanted to write about this for a couple of weeks now, but as you know if you follow the news, there has been a lot going on.
On March 5, 2010 the U.S. Department of Labor’s Employment and Training Administration issued Training and Employment Guidance Letter NO. 3-09 Change 2. (I’m not complaining, but even the names of these documents are complicated.) (more…)
- Published in Disconnected Youth, Veterans, Work Opportunity Tax Credit