Tag: Small Business Jobs And Tax Relief Act Of 2012

The Value of Hiring the Formerly Incarcerated

Thursday, 02 August 2018

By

Vaughn Hromiko

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?

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Ex Felons, Fair Chance Pledge, Federal Bureau Of Prisons, Formerly Incarcerated, Work Opportunity Tax Credit, Wotc
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Expand WOTC Again? Yes! Hire Veteran Students Using GI Bill

Wednesday, 25 July 2018

By

Vaughn Hromiko

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.

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Armed Forces, Gi Bill, Military, Military Veterans, Student Veterans, Unemployed Veteran, Veteran Students, Work Opportunity Tax Credit, Wotc
Read more: Expand WOTC Again? Yes! Hire Veteran Students Using GI Bill

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Unemployed Veteran, Work Opportunity Tax Credit
Earn Real Tax Savings for Hiring Veterans

Monday, 23 July 2018

By

Vaughn Hromiko

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.

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Armed Forces, Disabled Veterans, Military, Military Hiring, Military Veterans, Talent Acquisition, Unemployed Veteran, Unemployed Veterans, Work Opportunity Tax Credit, Wotc
Read more: Earn Real Tax Savings for Hiring Veterans

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Unemployed Veteran, Work Opportunity Tax Credit
Another Reason Veterans Matter to Small Business

Wednesday, 11 July 2018

By

Vaughn Hromiko

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…)

Armed Forces, Disabled Veterans, Military, Military Hiring, Talent Aquisition, Unemployed Veteran, Work Opportunity Tax Credit, Wotc
Read more: Another Reason Veterans Matter to Small Business

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Unemployed Veteran, Work Opportunity Tax Credit
Independence Day in America!

Tuesday, 03 July 2018

By

Vaughn Hromiko

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.

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Independence Day, John Adams, Unemployed Veteran, Work Opportunity Tax Credit, Wotc
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New Mexico Foster Youth Tax Credit Going Into Effect July 1

Tuesday, 08 May 2018

By

Vaughn Hromiko

A little good news for employers and foster youth living in New Mexico. Republican Governor Susana Martinez has signed into law a bill providing a $1,000 tax credit to employers that hire qualifying foster youth.
Although the New Mexico Foster Youth Tax Credit was signed on March 1, the law does not go into effect until July 1. Beginning then, employers may claim a tax credit of up to $1,000 per each qualifying foster youth they hire.
The $1,000 is based on the qualifying youth’s first full year of employment. If a youth does not remain employed for an entire year, the employer may claim a pro-rated portion of the $1,000 based on the percentage of a year worked. For example, work half a year, claim half the credit or $500.

(more…)

Governor Susana Martinez, New Mexico Foster Youth Tax Credit, Nwcan
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Today’s Budget Deal Reauthorizes Empowerment Zones Retroactively for 2017

Friday, 09 February 2018

By

Vaughn Hromiko

Employers interested in the Work Opportunity Tax Credit (WOTC) and the federal Empowerment Zone program received good news this morning. Just after 5:30 AM, President Donald Trump announced that he had signed the Bipartisan Budget Act of 2018.
With this deal, numerous expired tax benefits were retroactively reauthorized including federal Empowerment Zones. Renewing Empowerment Zones also impacts the WOTC program.
Qualification under WOTC Target Groups D and F, “Designated Community Resident” and “Summer Youth,” respectively, among other things requires that an employee reside within an authorized Empowerment Zone. (more…)

Bipartisan Budget Act Of 2018, Donald Trump, Empowerment Zones, Work Opportunity Tax Credit, Wotc
Read more: Today’s Budget Deal Reauthorizes Empowerment Zones Retroactively for 2017

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Federal Empowerment Zones
WOTC Survives Tax Reform Compromise!

Friday, 15 December 2017

By

Vaughn Hromiko

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…)

Tax Cuts And Jobs Act, Tax Reform, Work Opportunity Tax Credit, Wotc
Read more: WOTC Survives Tax Reform Compromise!

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Work Opportunity Tax Credit

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Talk of Tax Extenders Bill — Mopping Up After Tax Reform

Wednesday, 06 December 2017

By

Vaughn Hromiko

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…)

Senator John Thune, Tax Extenders, Tax Reform, Work Opportunity Tax Credit, Wotc
Read more: Talk of Tax Extenders Bill — Mopping Up After Tax Reform

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Work Opportunity Tax Credit
Senate’s Late Night Vote on Tax Reform Keeps WOTC

Monday, 04 December 2017

By

Vaughn Hromiko

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…)

Senate Tax Reform Bill, Tax Cuts And Jobs Act, Tax Reform, Work Opportunity Tax Credit, Wotc
Read more: Senate’s Late Night Vote on Tax Reform Keeps WOTC

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Work Opportunity Tax Credit

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Tag: Small Business Jobs And Tax Relief Act Of 2012

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