By this time most everyone knows that The IRS recently announced Notice 2015-13, which will provide some much needed relief for employers seeking WOTC credits from 2014.
As we’ve mentioned before, 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. Again this is only for 2014, the WOTC program has waived its 28-day deadline to submit tax credit requests.
As we’ve had countless conversations with employers there are some consistent questions that have come up and we’d like to answer them here in case you might be curious.
When is the deadline for submitting last year’s forms?
April 30, 2015 is the deadline for submitting any new hires’ applications from 2014 only. All 2015 forms must be received within the regular timeframe of 28 days from new hires’ start dates.
Who is eligible?
All employees hired between January 1, 2014 and December 31,2014 are eligible to apply.
How often does this happen?
The rare extension has only occurred twice since WOTC was established in 1996. This is a great opportunity to recoup extra tax savings!
How far back can we go?
Any new hires made since January 1, 2014 are eligible.
When can I use the credits?
WOTC offsets federal income taxes and can be carried back to the prior year or carried forward 20 years.
There’s only one catch to this relief measure and that is the April 30, 2015 deadline. This means that ALL 2014 applications must be submitted by this date or they will not be processed.