This article provides a look back at the news stories related to the Work Opportunity Tax Credit in 2022.
- How the Empowerment Zone Tax Credit Can Save Businesses Thousands of Dollars This Year. With more awareness and participation, the Empowerment Zone Tax Credit could not only lead to more diversity in the workforce but will also help certain areas get out of poverty and stimulate profitability for businesses in these areas.
- There are a number of Business Tax Credits Not to be Missed when filing returns this season, including The Work Opportunity Tax Credit.
- The Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.
- N.H. worker shortage makes job searches easier, pay higher for incarcerated people on work release.
- A cannabis business is prohibited from an entitlement to the work opportunity tax credit for wages involved in what the federal government considers illegal drug trafficking, the Internal Revenue Service said.
- FACT SHEET: Biden-Harris Administration Expands Second Chance Opportunities for Formerly Incarcerated Persons
- Work Opportunity Tax Credit: Hiring Veterans May Lower Your Payroll Taxes
- Fox 26 News reported that California’s EDD has backlog of 400,000 applications for grant money meant to help businesses, workers. California was one of 12 states that received a Department of Labor grant in 2020 to address the WOTC backlog.
- Rep. Don Beyer (D-VA) Assumes Sponsorship Of Bipartisan Military Spouse Hiring Act. The bill would amend the Workforce Opportunity Tax Credit to provide tax incentives to employers that hire the spouses of members of the United States Armed Forces, who face a much higher unemployment rate than the general population.
- IRS Update Clarifies Prescreening Process of New Hires for Work Opportunity Tax Credit (Read @ SHRM)
Updated online information from the IRS on prescreening job applicants is intended to help determine if hiring them would enable an employer to receive the federal Work Opportunity Tax Credit (WOTC), which is available to employers that hire designated categories of workers who face significant barriers to employment.ployer or patronize a business that hires people with criminal records. And more and more businesses are joining the effort.
- Help wanted? Businesses that are hiring should know about the work opportunity tax credit (Read @ IRS)
Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment.
- Reminder, the Work Opportunity Tax Credit was renewed for five years, and is currently active through 12/31/2025.
About Our WOTC Screening Services
- Why you should use CMS’s WOTC Tax Screening Service rather than doing it yourself.
- Get an idea of how much you could be saving by utilizing the Work Opportunity Tax Credit for your company, try our WOTC Calculator.
- Are you a CPA or tax service provider? Find out how you can become a strategic Business Partner.
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CMS screens your new hires for Work Opportunity Tax Credit eligibility. In 25 years of providing valuable WOTC Screening and Administration services we’ve saved millions for our customers.
Contact CMS today to start taking advantage. Call 800-517-9099, or click here to use our contact form to ask any questions.