Posts Tagged ‘Work Opportunity Tax Credit (WOTC)’
Empower A Diverse Workforce With The Work Opportunity Tax Credit Program
Organizations that administer the WOTC program not only have an opportunity to reduce their tax liability, but they can also diversify their workforce.
Read MoreHonor Military Veterans By Hiring Them
Veteran’s Day is a time to take stock of how fortunate we are to live in a country with extensive freedoms, and how fortunate we are to have brave men and women who, generation after generation, step forward to willingly put their lives on the line to protect those freedoms for all of us. While…
Read MoreDiversify Your Workforce and Increase Your Bottom Line with WOTC
As organizations continue to look for ways to diversify their workforce, they should take note of an excellent cost-saving service known as the Work Opportunity Tax Credit (WOTC). What is WOTC? The WOTC program is simple. The government-sponsored program incentivizes companies to employ historically hard-to-hire workers. These individuals typically face barriers in finding work and…
Read MoreWOTC Could See New Military Spouse Target Group
A proposed bill aimed at introducing a new Work Opportunity Tax Credit (WOTC) target group is currently working its way through the legislature. HR 2974, known more commonly as the Military Spouse Hiring Act would amend WOTC to include military spouses as an eligible target group. Employers would then be incentivized to hire spouses of…
Read MoreIRS Issues Hurricane Ida WOTC Tax Relief in 5 States
In light of Hurricane Ida, the IRS has provided tax relief to employers in FEMA-declared disaster areas including the entire state of Louisiana, and certain areas in Mississippi, New Jersey, New York, and Pennsylvania. The IRS tax relief extends the 28-day deadline for submitting Work Opportunity Tax Credit (WOTC) certifications in the aforementioned locations. In…
Read MoreInfrastructure Bill Ends Employee Retention Credit Early
Yesterday President Biden signed the long-debated Infrastructure Bill into law. Along with significant changes to our nation’s roadways and transit, the bill hosts a number of new changes, including an early end to the Employee Retention Credit. The $1.2 trillion Infrastructure Investment and Jobs Act effectively ended the opportunity for employers to claim the Employee…
Read MoreIRS Releases WOTC Transition Relief for Select Employers
The IRS recently issued transition relief for certain employers administering the Work Opportunity Tax Credit (WOTC) program. IRS Notice 2021-43 extends the typical 28-day time frame for submitting a certification request to a designated State Workforce Agency (SWA). Employees hired between January 1 and October 8 of 2021 are now able to submit WOTC requests,…
Read MoreThe Employee Retention Credit Could End Next Month
A $1.2 trillion bill passed in the Senate last week and is now making its way through the House of Representatives for review. Included in the package are terms and conditions pertaining to the Employee Retention Credit. The bill officially titled the Infrastructure Investment and Jobs Act includes language that ends the Employee Retention Credit…
Read MoreEverything you Need to Know About The Latest WOTC TEGL
Earlier this year the Department of Labor issued a Training and Employer Guidance Letter (TEGL) regarding the Work Opportunity Tax Credit (WOTC). The TEGL reiterates how employers and state workforce agencies (SWAs) should proceed with administering the WOTC program and its related processes. The purpose of the TEGL is to “provide updated procedural guidance to…
Read MoreWOTC Program Reauthorized and Extended Through 2025
Earlier this year the federal Work Opportunity Tax Credit (WOTC) program received an extension through December 31, 2025. The Consolidated Appropriation Act, 2021 (CAA) reauthorized the WOTC program and ensures that employers administering the program will continue to be able to earn up to $9,600 per qualified candidate. Also included in the CAA are extensions…
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