Want some extra money in your pocket? Take advantage of the recent WOTC extension

The IRS announced at the end of March that it would provide more time for employers who hired eligible employees between Jan. 1, 2015, and May 31, 2016, to apply for the Work Opportunity Tax Credit, or WOTC.

Notice 2016-22 provides relief to employers who want to claim the WOTC, which was retroactively extended by the PATH Act of 2015.

Employers now have until June 29, 2016, to file the Form 8850 to claim the credit for eligible employees.

We recommend that you have all employees hired during this time period complete the IRS Form 8850 and send it to your tax credit company for them to process so that the forms can be sent to the state agency prior to the June 29, 2016, deadline. This way you won’t miss out on this opportunity to get your tax credits.

If you are not currently taking advantage of this program, please call our office and we can give you the names of several companies that specialize in doing the paperwork for you. Most firms do not charge until they send you the credit report and the fee is based on a percentage of the credits obtained.

If you have any questions please let us know.