Many of our customers have inquired as to the status of the Work Opportunity Tax Credit or WOTC as it is known, as they are aware that it has expired as of December 31st, 2011. To date, the program has not been renewed yet, and customers are wondering if they should continue to send in their paperwork.
Per CMS’ Brian Kelly, “Absolutely, please continue to have your new employees complete and send in your WOTC forms. When congress re-approves the bill, it is typically retroactive to the date it expired.”
You may continue to receive tax credits for hiring “unemployed veterans.” This is the only active category of the Work Opportunity Tax Credit at the moment.
Though we do not know exactly when the WOTC will be reinstated, it is advisable to continue submitting your applications, so that you can take advantage of any approved credits when the bill is renewed.
CMS helps companies of all sizes save money by taking advantage of the Work Opportunity Tax Credit. Call Brian Kelly at 1-800-517-9099 today to see if it makes sense for you.