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?
President Promptly Signs Government Funding and Tax Extenders Legislation – WOTC Survives through 2019
President Obama signed a huge tax and spending package into law on Friday following congressional votes that avoided a year-end showdown over the budget and ended legislative business until lawmakers return in 2016
The tax extenders and government funding legislation passed the House and Senate today and is now on its way to the President for his pen. Of primary interest to WOTC Planet readers is the 5-year extension of the Work Opportunity Tax Credit (WOTC) with Vow to Hire Heroes Act. These will become law upon receiving the President’s signature.
From USA Today, “Senate clears massive spending bill, tax measures“.
You can read the bill here, at least until they move the file. For the WOTC extension and revision, scroll to page 38 of the PDF. (more…)
Is it the calm before a storm? Congress is on vacation. The Senate is scheduled to reconvene on January 23rd. The House on January 17th.
Before members of Congress left for the holiday in December, they had tumultuously agreed on a 2-month extension of the 2011 payroll tax cut and left many expiring tax items floating into limbo. The Work Opportunity Tax Credit, of course, is counted among these unfinished items. (more…)
If you’ve been following the news during the past few days, you might be aware that Congressional leaders are sparring over legislation to extend the existing payroll tax cut. Over the weekend, the Senate rejected the House’s proposal and responded with a proposed 2-month extension, obviously intended to buy time for further negotiations.
Neither version of the legislation included WOTC nor other sought after tax-extenders. This is not, however, the end of the game. (more…)
Thank you to Rik Moore of the National Telecommuting Institute, Inc. for bringing this to my attention early last week.
The US Department of Labor has offered new guidance bringing into focus the WOTC provisions of the recently passed Vow to Hire Heroes Act of 2011. A summary of WOTC-related provisions from the act has been published on the Department of Labor’s website. The following is copied directly from that document. Please download the entire document in order to see footnotes and introductory content not included here. (more…)
If you or your clients would be adversely affected by the expiration of the WOTC program on December 31 (just one month away), then NOW is the time to contact your member of Congress.
You don’t have to speak with the member directly. Speak with the staff member that answers the phone. Send them a fax. Send them a letter. (Unless, you have an existing relationship with a specific member of your Congress person’s office, I don’t recommend relying on email.) Tell them your story and ask them to support including WOTC in the year-end tax extenders legislation. (more…)
Michigan State Representative Charles Smiley (Dem) is the leading sponsor for new state legislation that would offer a significant tax break to employers who hire an unemployed veteran. (more…)
As Democrats continue their efforts to shepherd portions of President Obama’s jobs bill piecemeal through the Senate, leading Democrats have expressed optimism that the President’s expanded hire-a-veteran tax credits will receive bipartisan support later this week. (more…)
We’ve stumbled upon a situation that might create confusion for businesses that qualified for the 5-year carryback of General Credits under a provision of the Small Business Jobs Act of 2010.
I received a call on October 11 (just a couple weeks ago) from an Arizona restaurant owner who was a little confused by conflicting information about the carryback provision for the Work Opportunity Tax Credit. (more…)