2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The American Taxpayer Relief Act of 2012 has been amended to extend the Work Opportunity Tax Credit (WOTC) through Dec. 31, 2013, for taxable employers and qualified tax-exempt organizations. Businesses can still take advantage of the WOTC savings, ranging from $2,400 and up to $9,600, for previous new hires.
The IRS has provided additional guidance and transitional relief for employers claiming the WOTC. Employers that hire members of targeted groups are provided additional time beyond the 28-day deadline for submitting the pre-screening and certification forms to designated local agencies (DLAs).
Employers that hire a member of a targeted group from Jan. 1, 2012 through March 31, 2013, other than a qualified veteran, will be considered to have satisfied the requirements if a completed Form 8850 to request certification is submitted to the DLA by April 29, 2013.
Target groups that could still qualify for the WOTC savings for previous new hires include:
As for the veteran target groups, employers that hire qualified veterans from Jan. 1, 2013, through March 31, 2013, have until April 29, 2013, to submit a completed Form 8850 to the DLA to request certification.
To take advantage of this tax credit opportunity, contact Doeren Mayhew’s dedicated Tax Incentives Group with CPAs in Troy, Houston and Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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