State Workforce Agencies (SWAs) responsible for the administration of the Work Opportunity Tax Credit program (WOTC) are working diligently to process retroactive and current WOTC program certification requests.
The US Department of Labor Employment and Training Administration is now issuing the balance of FY2016 funding in the amount of $14,856,655 to the SWAs for the implementation of the WOTC program activities through September 30, 2016. The appropriated level for FY2016 totals $18,485,000.
Continue reading “US Department of Labor Issues Funding to State Workforce Agencies”
Recently released IRS Notice 2016-22 provides for a transitional relief period for the Work Opportunity Tax Credit (WOTC) program. This provides business with the opportunity to retroactively capture the WOTC program for hires made prior to its reauthorization i.e., the “hiatus” or period of time in which the WOTC program was expired due to Congressional inaction on the tax extenders bill.
Continue reading “WOTC Program Transitional Relief Announced”
On Friday, December 18, 2015, President Obama signed into law H.R. 2029 – Consolidated Appropriations Act, 2016. This measure is the vehicle for the Consolidated Appropriations Act, 2016 and the Protecting Americans from Tax Hikes Act of 2015, in which the tax extenders have been renewed for various periods and, in some cases, expanded.
Continue reading “Tax Extenders Signed into Law”
The House has approved H.R. 2029 as amended with The Protecting Americans from Tax Hikes Act, which both renews and expands various tax credit programs. In particular, the Work Opportunity Tax Credit program (WOTC) will be renewed for a period of 5 years, with a retroactive start date of January 1, 2015 through December 31, 2019.
Also included in the renewal of the WOTC program is an expansion in which a new target group has been added to the existing nine groups. The new target group is the long-term unemployment recipient, which includes individuals who have been receiving federal or state unemployment for a period of at least 27 consecutive weeks prior to their hiring. Continue reading “Tax Credit Extenders H.R. 2029 Amendment #2 Passes House”