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CMS Work Opportunity Tax Credits (WOTC) Newsletter November 2023

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CMS Work Opportunity Tax Credit WOTC Newsletter

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CMS Work Opportunity Tax Credit Newsletter November 2023

 

In this issue:

  • How Many Veterans Are Hired Each Year That Qualified for WOTC? & Where to Post Jobs to Attract Applications from U.S. Veterans
  • How to Make WOTC a Part of Your Onboarding Process
  • WOTC Wednesday: Is it worth it for employers to do the Work Opportunity Tax Credits?
  • Understanding the Work Opportunity Tax Credit’s Target Groups: Qualified IV-A Recipient
  • Work Opportunity Tax Credit Statistics for Wyoming
  • #ICYMI

 

How Many Veterans Are Hired Each Year That Qualified for WOTC? & Where to Post Jobs to Attract Applications from U.S. Veterans

Hiring Veterans

According to Monster.com 90% of veterans say finding a veteran-friendly company is critical in their job search. And when you are using the Work Opportunity Tax Credit, you may also be eligible for a tax credit of up to $9,600.

 

How to Make WOTC a Part of Your Onboarding Process

Adding WOTC to your onboarding process with new hires is simple. We offer 3 easy ways to include WOTC as part of your new hire “paperwork,” you can use one option, or a combination of all three, depending on your needs.

 

WOTC Wednesday: Is it worth it for employers to do the Work Opportunity Tax Credits?

CMS’s Brian Kelly answers your questions about the Work Opportunity Tax Credit in our weekly video Q&A series #WOTCWednesday. Follow us on our new TikTok.

Other Recent #WOTCWednesday Questions Answered:

Submit your question for Brian here.

 

Understanding the Work Opportunity Tax Credit’s Target Groups: Qualified IV-A Recipient

Work Opportunity Tax Credit WOTC Target Groups

New hires who fall under one or more of WOTC’s Target Groups may make you eligible for a WOTC Tax Credit. Target Group #1 is the Qualified IV-A Recipient. 57,716 individuals were hired with certification from this target group in 2022, 2.2% of the total.

A “qualified IV-A recipient” is an individual who is a member of a family receiving assistance under a state program funded under part A of title IV of the Social Security Act relating to Temporary Assistance for Needy Families (TANF). The assistance must be received for any 9 months during the 18-month period ending on the hiring date.

California hired the most Qualified IV-A Recipients last year with 10,585 new hires qualifying under that target group. The maximum tax credit available for hiring a Qualified IV-A Recipient is $2,400.

 

Work Opportunity Tax Credit Statistics for Wyoming

Work Opportunity Tax Credit Statistics for Wyoming 2022

In 2022 the state of Wyoming issued 1.579 Work Opportunity Tax Credit certifications. Wyoming issued 0.06% of WOTC Tax Credits in 2022. SNAP Recipient was Wyoming’s highest tax credit target group with 52.18% of certifications for that category. See historical data on Wyoming and the Work Opportunity Tax Credit.

 

#ICYMI

 

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Related: WOTC Newsletter Archive