Yesterday, the IRS announced that it would extend the time employers have to claim the Work Opportunity Tax Credit (WOTC) for 2014 hires. Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit is normally due within 28 days of the employee’s start date. (Notice 2015-13 PDF).
Under the extension, employers who hire a member of a targeted group on or after Jan. 1, 2014, and before Jan. 1, 2015, will be considered to have timely filed Form 8850 if it is filed with the designated local agency (a state employment security agency established under 29 U.S.C. Sections 49–49n) by April 30, 2015.
CMS’s tax credit expert Brian Kelly tells us “It’s cold outside, but the IRS just turned up the heat on the “Tax Increase Prevention Act of 2014”, by enacting transition relief for employers claiming Work Opportunity Tax Credits (WOTC) by waiving the 28 day rule. Now through April 30th, employers & customers of CMS’s WOTC service can go all the way back to January 1st, 2014 to screen for eligible tax credits.”
“This is fantastic news for employers who thought the WOTC legislation had expired to take advantage of this job creation legislation now.”
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CMS has helped companies save money on new hires by obtaining and 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.