The Federal Government recently announced their renewal of the Work Opportunity Tax Credit Program. (WOTC) for 2015 through 2019 and that is really great news!
The WOTC program experienced some challenges in 2015 stemming from the late December renewal. Although the renewal was retroactive, it created a hardship for employers seeking to take advantage of these lucrative tax credits.
Due to the challenges last year, many people chose not to participate and apply for 2015 tax credits.
The most exciting news is that the IRS recently issued notice 2016-40. This notice makes 2 very important allowances you need to know about.
- You now have an opportunity to go back and get your Work Opportunity Tax Credits (WOTC) by submitting ALL employees you hired between January 1, 2015 and May 31, 2016!
- A new target segment has been added to the types of employees you can submit for tax credit. The new group is Long Term Unemployed and is available to all employees hired anytime in 2016.
With this provision ANY employer can currently submit all of their 2015 new hires for credit qualification!
This is a nearly unprecedented move by the IRS. Since the inception of WOTC in 1996, this is only the second time such an extension has been made available by the IRS.
RIGHT NOW is the absolute perfect time to get started and receive retroactive credits for all 2015 and 2016 new hires! This is the ideal scenario for all of you that were heavily considering WOTC last year but held off because of the pending renewal.
There’s only one catch! We Must get all of your 2015 new hires submitted ASAP!
We don’t want you to miss any available Work Opportunity Tax Credits (WOTC) or have them delayed.
The official deadline to submit last year’s employees under this transitional relief provision is June 29, 2016, but we want to get your employees submitted ASAP before all the other companies in your state submit theirs. Procrastinating will increase the risk of missing credits or having your credits delayed by several months because other companies submitted before you. We will handle all the leg work for you, but we need to get started sooner rather than later.
Don’t miss this opportunity and over-pay your 2015 taxes!