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
How Many Veterans Are Hired Each Year That Qualified for WOTC? & Where to Post Jobs to Attract Applications from U.S. 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.
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.
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.
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.
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.
- Your WOTC Dashboard
- New Spanish Language Option Available Online
- IRS Encourages Employers to Take Advantage of Work Opportunity Tax Credit
- EEOC Issues Formal Opinion on the Work Opportunity Tax Credit
- WOTC’s Target Groups
- Calculate your WOTC Savings
- Tips to Maximize WOTC Participation and Increase Savings
- The Work Opportunity Tax Credit (WOTC) Statistics 2022
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The latest news on the Work Opportunity Tax Credit (WOTC) from Cost Management Services. Sign Up for the Work Opportunity Tax Credit (WOTC) Newsletter
Related: WOTC Newsletter Archive