“Yahooooo!” said CMS’s Brian Kelly, “WOTC is alive!” The excitement is evident in our WOTC processing office in Farmington, CT as we begin to receive certifications for tax credits that were on hold during 2014. Over the past few days states have begun to send us their certifications for the 2014 tax year.
CMS customers who have been both patient and diligent over the past year, continuing to send in their new hires and WOTC “paperwork” within the 28 day rule, will be rewarded. The average tax credit for qualifying new hires is $2,400.
“This is a clear example of CMS’s consistency for 17 years of processing employment tax credits and following the DOL guidelines. We expect to obtain millions of dollars in tax credits incentives for our customers,” says Kelly. “We work hard every day and screen every new hire for our clients, with the foresight that the WOTC Tax Credit is great legislation to help employers grow their business and get Americans back into the workforce.”
The U.S. Senate passed a $42 billion package of tax incentives in December. The bill H.R.5771 extended the Business Tax Extenders through 2014, including the Work Opportunity Tax Credit #WOTC.
CMS expects the Senate will again will renew the WOTC credit for 2015, with the slight possibility of the tax credits being made permanent. CMS will continue to keep you informed of any updates as we receive them.
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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. We offer flexible processing with options for bilingual phone screening, secure online processing, and paper. There’s never been a better time to start saving. Call today to speak to a tax credit expert 1-800-517-9099 or visit our website at: www.cmswotc.com.