If you’ve made efforts to create a more diverse workplace to support creating opportunities that provide better access to high quality American jobs, you may be eligible for the Work Opportunity Tax Credit.
If you’ve made efforts to create a more diverse workplace to support creating opportunities that provide better access to high quality American jobs, you may be eligible for the Work Opportunity Tax Credit.
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What is the work opportunity tax?
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who invest in hiring Americans from certain target groups who have previously faced barriers to employment.
The goal of this is to act as an incentive for employers to exemplify workplace diversity in return for a maximum tax credit. It is supposed to promote the hiring of American workers of a certain target group while providing a federal tax incentive to employers who hire them. Employers have until December 31, 2025 to file. The amount of the tax credit under the WOTC program depends on the target group the employee belongs to as well as qualified wages paid and hours worked. Taxable employers can carry the current year period’s unused WOTC back one year or forward 20 years.
The IRS has a select group of target groups and minorities that help your business qualify for WOTC, such as:
- Ex-felons who have been released within the last 12 months
- Recipients of benefits from Title IV of the Social Security Act (SSA)
- Veterans who have served over 180 days or were discharged sooner because of a service-connected disability
- Summer youth employees between the ages of 16-18 who are employed from no longer than May 1st to September 15th
- Applicants who qualify for supplemental security income (SSI) benefit
- Individuals who are long-term family help recipients or require temporary help for needy families (TANF)
- Designated community residents living in empowerment zones or rural renewal counties.
- Individuals who partake in SNAP under the Food and Nutrition Act of 2008
- A qualified long-term unemployment recipient
- Individuals referred after completing a rehabilitation program
When looking into employer eligibility for the WOTC program, there are a few qualifications businesses must meet. Employers must verify that the new hire was part of the target group in order to claim work opportunity tax credit.
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