Photography by Magda Ehlers.
After a long weekend and late nights of negotiations, Congress has agreed upon an end-of-year tax package that includes long-awaited tax extenders.
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extends the Work Opportunity Tax Credit (aka WOTC) another year, through December 31, 2020. Empowerment Zone tax benefits, which expired in 2017, have been retroactively renewed for 2018, 2019, and 2020.
A few additional renewed tax incentives that may interest our readers include:
The Work Opportunity Tax Credit (or WOTC) is our primary mission at WOTC Planet. However, as parents and as members of communities, we are also very concerned about the welfare of our children.
Last week I shared with you the heart-wrenching truth about child sex-trafficking in the United States. I also told you about Operation Underground Railroad — one of the most forceful organizations on the planet dedicated to ending child slavery. Operation Underground Railroad rescues thousands of children while helping law enforcement put the criminals behind bars.
To see last week’s post, click here.
Today is our chance to make an extraordinary difference.
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Today’s post is not what you expect. I hope you’ll read it until the end.
I can tell you about a $35 billion industry that is 100% tax-free. Are you interested?
This industry serves millions of customers every day. One or more suppliers are probably operating in your neighborhood, and somebody living down the street from you is buying.
What is this mysterious industry? My answer will shock you. I’m talking about the buying and selling of children for sex. It’s child sex slavery. And we must fight to save these children.
Now please, before you turn away in disbelief or with nausea and disgust, I’m begging you to keep reading. There are easy ways we can help. It requires bravery and willingness to learn some painful truths. The people at WOTC Planet have decided to fight, and there’s a way you can join us.
Maybe you’ve heard that the Work Opportunity Tax Credit (aka WOTC) is slated to expire on December 31, 2019. And that makes you nervous.
But should it?
Forty years of productive history suggest that WOTC will still be around for years to come.
WOTC is part of the U.S. tax code. Like dozens of similar code provisions, Congress wrote it in a way that requires them to revisit the program from time to time. The upcoming expiration date signals that the moment has arrived again.
Has it happened before? Yes. Many times.
Most human resources departments use a checklist when hiring new employees. Lists are so important, whether they are printed on paper or managed electronically by a paperless onboarding system. Lists help us to consistently and fairly walk new workers through a litany of important tasks.
Is there something important missing from your hiring checklist?
Keep reading to find out.
The Work Opportunity Tax Credit (WOTC) has received a lot of attention from legislators this year. A report recently released by the Senate Finance Committee’s Employment and Community Development Taskforce outlined a total of 16 bills, all introduced in the current Congress. Each would either expand, increase, or extend the WOTC program.
Yesterday, Senator Corry Booker (D, NJ) and Representatives Bonnie Watson Coleman (D-NJ), and Ilhan Omar (D-MN) introduced yet another bill. More correctly, the Federal Jobs Guarantee Development Act was re-introduced yesterday, since Senator Booker originally presented this bill to the previous Congress on April 25, 2018.
The Senate Finance Committee’s Employment and Community Development Taskforce has finally released its report. Unfortunately, the consensus about WOTC subtly mentioned earlier this month by Senator Rob Portman (R-Ohio) is absent from the document. But that’s not all bad. Perhaps we need to read between the lines.
Download the report here.
Per the report, the group was tasked to examine the following six tax incentive programs:
The Senate Finance Committee released the first 3 of 6 reports investigating the status and future of numerous federal tax incentive programs.
According to an article published by Bloomberg on Tuesday, “Two of the reports released, on energy and individual tax provisions, didn’t reach definitive conclusions, indicating either weak support or divided opinion for some of those provisions.”
What About WOTC?
Photography by Suzy Hazelwood.
According to the U.S. Department of Justice, more than 10,000 former prisoners are released every week across America. They need jobs. In fact, the Prison Policy Initiative reports that 2 years after release, more than 30% are still unemployed.
Gratefully, the State of Iowa offers a special tax benefit to small businesses that hire ex-felons residing in that state. In addition to the federal Work Opportunity Tax Credit (WOTC), Iowa small businesses can receive a tax deduction of up to $20,000 per qualifying hire. Since this is a deduction (not a tax credit), the actual tax effect depends on the business’ tax rate.