It’s Prime Time to Explore the WOTC program
Did you know that in February the IRS gave businesses an amazing opportunity to capture thousands of dollars in retroactive tax credits for employees hired in 2014? For some reason this information doesn’t seem to make its way into our favorite TV shows and our chance to capitalize on the IRS’ generosity has a shorter lifespan than some of our favorite characters on The Walking Dead.
Take the fun quiz to rank your tax credit knowledge…Are you the WOTC Walking Dead or The Profit?
Retroactive Tax Credits
On February 19, 2015, the IRS issued Notice N-2015-13. This particular guidance provides details on the implementation of section 119 of the Tax Increase Prevention Act of 2014, enacted December 19, 2014, which extended the Work Opportunity Tax Credit program through December 31, 2014
Under the new IRS guidance, employers that hired members of targeted groups under WOTC, including qualified veterans, now have the ability to claim credits for 2014. The employers will be considered to have satisfied the requirements for IRS Form 8850 if the completed form is submitted to the appropriate state agency no later than April 30, 2015.
The standard 28 day rule does not apply for sending in completed forms and they will not be considered late and ineligible if employers submit the forms by April 30, 2015
We make it easy to start a WOTC program or improve on your existing one.
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