Cost Management Service’s Brian Kelly talks about the pending expiration of the Work Opportunity Tax Credit (WOTC) at End of 2019, and it’s possible hiatus.
“What is WOTC? WOTC stands for Work Opportunity Tax Credits by the way.
It’s a federal tax credit program that’s available for employers that is rewarding them for hiring new hires that meet certain eligibility requirements.
I do want to state, if you look at the item on the bottom, that the WOTC program it’s expiration date is 12/31/2019 which is this month.
This goes on every three or four years where the program has to go through the House of Representatives, and Congress to be passed.
There’s actually a bill H.R.2213 that is on the table right now that wants to make the Work Opportunity Tax Credit a permanent tax credit, so we don’t have to go through this three year process.
By the way CMS has been doing this for 22 years, this happens every three years, so we’ve gone through the process several times.
So where the program might lapse, we don’t want to miss out on any opportunities, we keep screening people, so that we can take full advantage of the program.
To give you a sense of what type of money we’re talking, and actually in 2015 it was three billion dollars paid out in tax credits. Last year, in 2018 that jumped to 5.3 billion dollars in tax credits that were paid out to employers.
So this is real money, this is real opportunity for you to save on your tax liabilities.”
From today’s Introduction to WOTC webinar.
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