CMS Named ComForCares Vendor of Choice

CMS Named ComForCare’s Vendor of Choice

Cost Management Services, LLC has been named ComForCare’s Vendor of Choice for Work Opportunity Tax Credit screening. FARMINGTON, CT – 8/11/2020 – Cost Management Services, LLC, a  provider of Work Opportunity Tax Credit (WOTC) screening for over 20 years, will help ComForCare’s franchisees capture and take advantage of tax credits as they hire and grow[…]

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Work Opportunity Tax Credit Provision in the HEALS Act

Expanded Work Opportunity Tax Credit Provision in the HEALS Act

On July 27 Senate Republicans announced the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act as their opening bid for “Phase 4” economic relief ahead of negotiations with Senate and House Democrats. Phase 4 relief is the anticipated follow-up legislation to the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act that was enacted[…]

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SourceCast Selects CMS as it's Work Opportunity Tax Credit Provider

SourceCast Selects CMS as its Work Opportunity Tax Credit Provider

Cost Management Services (CMS) is excited to announce that we have partnered with SourceCast, Inc. to help their customers capture and take advantage of the Work Opportunity Tax Credit. SourceCast is a leading provider of diversity sourcing for employers, talent sources and job seekers nationwide. Across the country, HR professionals recognize the need to accelerate[…]

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WOTC NEWS

CMS WOTC Newsletter June 2020

CMS WOTC Newsletter June 2020 In this issue: CMS Adds Increased Integration for WOTC Tax Credit to iRecruit, Applicant Tracking Software Work Opportunity Tax Credit By The Numbers 2019 EEOC Issues Formal Opinion on the Work Opportunity Tax Credit Understanding WOTC’s Target Groups: Designated Community Resident Work Opportunity Tax Credit Statistics for Illinois WOTC Questions:[…]

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WOTC Statistics 2019

Work Opportunity Tax Credit By The Numbers 2019

In 2019 there were 2,066,616 total Work Opportunity Tax Credits issued in the United States. CMS estimates the total value of these credits is $4.9 Billion. The number of credits issued in 2019 is down 6.3% from 2018 (see 2018 WOTC Statistics). Which states issued the most WOTC credits in 2019? Texas 166,768 (8.06% of total)[…]

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EEOC Issues Formal Opinion on the Work Opportunity Tax Credit

EEOC Issues Formal Opinion on the Work Opportunity Tax Credit

The U.S. Equal Employment Opportunity Commission has released its first official opinion letter dated April 29, 2020, on the Federal Work Opportunity Tax Credit Form 8850. The letter confirms that employers can legally utilize the Work Opportunity Tax Credit without violating federal anti-discrimination laws. The letter is a written interpretation or opinion of the Commission,[…]

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WOTC 28 Day Rule Extended Due to COVID-19

WOTC 28-Day Filing Deadline Extended by the IRS

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced on April 9th that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty,[…]

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Employee Retention Tax Credit AND the Work Opportunity Tax Credit

Am I eligible for both the Employee Retention Tax Credit AND the Work Opportunity Tax Credit?

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make.[…]

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work opportunity tax credit in the news wotc

Tax Extenders Under Consideration with Coronavirus Relief

Law 360 Tax Authority has reported that lawmakers have begun to work on a fourth relief package that could pass Congress by May if the economy continues to sputter from the impact of COVID-19. That measure, which could focus on rebuilding the nation’s crumbling infrastructure, may turn out to be a perfect vehicle for dozens[…]

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