IRS updates pre-screening for Work Opportunity Tax Credits

The IRS recently updated information on the the pre-screening and certification process for Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help. To satisfy the requirement to pre-screen a job applicant, on […]

IRS provides relief for certain employers claiming WOTC

Work opportunity tax credits (WOTC) is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment. On August 10, 2021, the IRS issued Notice 2021-43, which extends the 28-day deadline for employers to submit a request (Form 8850) […]

What’s in the Covid relief bill: Tax extenders

The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, direct payments and other tax provisions, the Taxpayer Certainty and Disaster Tax Relief Act […]

Deadline extended for WOTC certification

Employers who hired individuals who qualify for Work Opportunity Tax Credits have a little more time to request certification. The WOTC is available to employers based on a percentage of wages paid to an individual certified as a member of a targeted group, such as a person who resides in a designated empowerment zone community […]

10 year-end tax strategies to take advantage of now

In just a few months, 2020 will come to a close. There is still time, though, for strategic tax planning before the end of the year. The following are the top 10 tax strategies you can take advantage of now. Qualified Improvement Property – Review your 2018 and 2019 reinvestments to see if additional depreciation […]

CARES Act contains two payroll tax provisions to help employers

Opportunities to preserve some cash flow during the coronavirus health crisis are available through the CARES Act whether or not you received a loan through the Paycheck Protection Program. Employee Retention Credits. One of those provisions under the CARES Act allows eligible employers to qualify for a refundable credit against, generally, the employer’s portion of the […]

Work Opportunity Tax Credit extended through 2020

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed […]

Hiring this summer? You may qualify for a valuable tax credit

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted […]

WOTC is a win-win for employers and employees alike

Employers can get credit where credit is due. The Work Opportunity Tax Credit is a valuable and beneficial tool for employers to receive a tax credit for hiring certain workers who face significant barriers to employment. The Work Opportunity Tax Credit generally is based on wages paid to eligible employees during their first year of […]

Get credit where credit is due

The federal government offers certain small business incentives for hiring at-risk employees in hopes of giving those workers a more solid footing in pursuing careers. One of those tax credits – the Work Opportunity Tax Credit – is aimed specifically at employees from the following targeted groups: Long-term family assistance recipients; Qualified recipient of Temporary […]