Paul Suplizio, President of the the Work Opportunity Tax Credit Coalition has authored an official letter to the Department of Treasury urging the Department to extend the time period granted for WOTC applications under Transition Relief.
IRS Notice 2016-22 provides Transition Relief for employers needing more time to process WOTC applications for employees hired in 2015 and early 2016. This relief was necessary because of Congress’ long delay in reauthorizing the WOTC program after it expired on December 31, 2014. (more…)
Tag: Irs 8850
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Ed Sealover of the Denver Business Journal reports today that State Representative Dianne Primavera has killed her state tax credit proposal HB 1372. Yesterday, Colorado’s House Finance Committee voted 9 to 0 to postpone the bill indefinitely. (more…)
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Colorado House Bill 1372, legislation proposing a State of Colorado Work Opportunity Income Tax Credit, has been working its way through the Colorado State Legislature.
HB 1372 was introduced on March 16th. The House Committee on Public Health Care and Human Services passed an amended version of the bill on April 5, sending it to the House Finance Committee for further hearings. Apparently, the sole amendment was to delay implementation of the program until January 1, 2018. (more…)PUBLISHED IN
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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…)PUBLISHED IN
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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
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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 qualifying ex-felons. Her bill, known as the Hire for a Second Chance Act of 2016, would increase the maximum qualifying wage from the current $6,000 to $14,000. As a result, the maximum tax credit amount that could be generated by hiring an ex-felon would increase from $2,400 to $5,600. (more…)
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I received a system-generated update from the Kentucky Work Opportunity Tax Credit Office this morning. If you have dealings with that office, perhaps you also received it.
It looks like the guidance provided in IRS Notice 2016-22 regarding the new WOTC Target Group (Long Term Unemployment Recipients) might be a little obsolete already. Here’s the language I received this morning. (more…)PUBLISHED IN
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IRS Notice 2016-22 can now be found on the IRS website through a Google search. Click the link to get your copy.
In a nut shell, for employees hired from January 1, 2015 through May 31, 2016 (inclusive), the usual 28-day application deadline has been extended through June 29, 2016. That’s good. (more…)PUBLISHED IN
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Paul Suplizio, President of the Work Opportunity Tax Credit Coalition, announced this morning that the IRS has released Notice 2016-22 providing for WOTC Transition Relief. I believe Paul but so far, I am unable to find the documents online. Perhaps they’ll show up later today. (more…)
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A few friends of the blog have contacted me recently, asking if the IRS has issued its notice on transition relief for the re-authorized WOTC program. Not yet. Nor has the Department of Labor or IRS issued revised forms for 2016 to reflect the new Long Term Unemployment Recipient target group.
Here’s to continued patience and hoping we see something soon….PUBLISHED IN
