CMS is excited to report that the U.S. Senate has passed a $42 billion package of tax incentives. The bill H.R.5771 extends Business Tax Extenders through 2014, including the Work Opportunity Tax Credit #WOTC.
CMS’s Brian Kelly tells us “While this means that the credit will expire in two weeks, on December 31st 2014, CMS expects that when congress resumes session next year that the tax credits under the Tax Extender Act will make these credits permanent.”
Although expiring, the 2014 renewal is fantastic news for CMS’ WOTC customers who have continued to send their new hire paperwork within the 28 Day rule. The tax renewal means that approved vouchers can now be processed for the 2014 tax year.
H.R.5771 – To amend the Internal Revenue Code of 1986 to extend certain expiring provisions and make technical corrections, to amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family members with disabilities, and for other purposes.
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CMS has helped companies save money on new hires by maximizing tax credits available through the Work Opportunity Tax Credit since 1997. There’s never been a better time to start saving. Call today to speak to a tax credit expert 1-800-517-9099.