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Showing 1 post tagged Work Opportunity Tax Credit.
IRS Guidance on the Work Opportunity Tax Credit Extension for 2014
Posted In Corporate and Business Tax
As part of the Tax Increase Prevention Act of 2014 ("the Act") that Congress passed at the end of last year, the Work Opportunity Tax Credit ("WOTC") was re-extended for the 2014 tax year. The WOTC provides a tax credit to employers that hire members of certain targeted groups. The WOTC requires that employers obtain certification from Designated Local Agencies ("DLAs") within 28 days of the hiring of the specified individual or prescreen the applicants. Because the WOTC was not actually in effect until the end of 2014, its provisions apply retroactively, and employers now need further time to receive the proper certifications necessary for the credit. More >
