As you may be aware, there are several tax programs awaiting congressional renewal. It isn’t uncommon for tax credit programs to lapse, particularly the Work Opportunity Tax Credit. However, currently, the IRS and lobbyists are urging lawmakers to vote on tax bills by the end of November to expedite the process. In the meantime, we suggest that customers file for extensions due to a potential backlog of approved credits, not just through WOTC but other pending bills as well.
Congressional leaders vote on factors aside from just renewing incentives. A few determinants include budget proposals, the length of time to extend incentives and whether to do so permanently or temporarily. Sometimes, leaders may re-write provisions to accommodate these fluctuations. With its’ size, WOTC lapses aren’t unheard of. Throughout its history, the tax incentive has been in hiatus several times since established in 1996.
The IRS has urged lawmakers to vote on tax bills to expedite the process. In the meantime, we suggest that customers file for extensions due to a potential backlog of approved credits, not just through our program but other pending bills as well.
Contact us HERE with any questions about tax credits and filing extensions.