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As of this writing, the Work Opportunity credit has expired but is expected to be extended.
DALLAS, March 20, 2013 /PRNewswire/ -- On Friday, March 8, 2013, the Internal Revenue Service (IRS) announced that employers participating in, or planning to participate in, the Work Opportunity Tax Credit (WOTC) program shall be granted a temporary extension of the time allowed to file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit.
However, to qualify for the credit, employers must establish that the veteran they hired is a member of a targeted group that qualifies for the credit, by obtaining a Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, from a designated local agency (a state employment security agency).
The Work Opportunity credit relates to hiring workers from disadvantaged or disabled populations, including ex-felons.
A Tax Refund from Business Tax Credits--The general business credit is an overall limitation on many business-related tax credits, such as the work opportunity credit, research credit and credit for small-employer pension plan startup costs.
The above rule is based upon and consistent with the rules for determining the work opportunity credit under Secs.
The Work Opportunity credit is a federal credit that gives employers a tax break for hiring certain jobseekers.
General business tax credits include the research credit, low-income housing credit, and the work opportunity credit.
For purposes of the work opportunity credit, a tax credit of 40% of first-year wages to an eligible employee up to $6,000, there is a new category of targeted (eligible) employee: Hurricane Katrina employee.
Provisions for businesses included extending the research and development credit, the work opportunity credit, and the increased Sec.
The Tax Relief Act extended the Work Opportunity credit for employers that hire workers from certain disadvantaged groups, such as disabled veterans, ex-felons and people who receive food stamps or other supplemental income from the government.
He provides detailed coverage of the work opportunity credit, the empowerment zone employment credit, and the disaster credits.