Posted by Molly Nelson - As part of February's American Reinvestment and Recovery Act,
eligibility for the work opportunity tax credit (WOTC) was expanded to
unemployed veterans and unskilled younger workers. The WOTC offers tax
savings to businesses that hire workers belonging to any of 12 targeted
groups, including unemployed veterans and unskilled younger workers.
Have you hired someone between January 1st, 2009 and July 17th, 2009 that qualifies you for the credit? Make sure you submit Form 8850 before August 17th to request the required certification for these workers!
For more information, details and guidance, check out IRS.gov.