WOTC Renewed!

Barack Obama WOTC Renewal

The President has signed into law the Tax Increase Prevention Act of 2014 that extends the Work Opportunity Tax Credit (WOTC) retroactively from Jan 1, 2014 through December 31, 2014. The measure also includes a retroactive extension of other federal hiring credits – both the Federal Empowerment Zone and Indian Employment Credits. This positive result [Read More…]

Senate Passes WOTC Extension Bill

US Senate

The Senate has passed a WOTC extension bill.  This extension includes a retroactive one year extension (from Jan 1, 2014 to December 31, 2014) of WOTC and other Federal tax incentives including the Indian Employment Credit and The Federal Empowerment Zone Credit.  This bill mirrors the bill passed earlier by the House (earlier coverage here: [Read More…]

Tax Intelligence: Compliance Pays When Bundled with WOTC

compliance that pays

Situation Work Opportunity Tax Credit (WOTC) provides a federal tax incentive for each eligible hire. Employers are challenged to meet screening and compliance regulations and deadlines when assessing new hire eligibility, potentially leaving millions of dollars of tax credit savings on the table.  Screening percentages and compliance are key performance indicators for the WOTC program.  [Read More…]

WOTC Legislation: House Passes One-year Renewal

WOTC legislation

On Wednesday, with a vote of 378-46, the U.S. House of Representatives approved H.R. 5771, the “Tax Increase Prevention Act of 2014″.  Included in this bill is a one year extension of WOTC and other expired tax provisions including the Indian Employment Credit and the Federal Empowerment Zone Credit.  The Senate is expected to pass [Read More…]

WOTC Legislation: Call to Action

WOTC hiatus: call to action

The legislative authority of the Work Opportunity Tax Credit (“WOTC”) expired on January 1, 2014.  The program is currently in a hiatus period and requires reauthorization by act of Congress.  Employers can go to WOTCmeansjobs.com, a legislative advocacy site, to send a direct message to their Senator to advocate for a long-term renewal of these [Read More…]

November Mid-Term Elections – WOTC

WOTC legislation

As you may know, today, November 4, 2014, is voting day.  In this election cycle all 435 seats in the United States House of Representatives, and 33 of the 100 seats in the United States Senate are being decided.  After these elections, Congress will return to Capitol Hill and set about nominating and confirming committee [Read More…]

Senator Wyden Calls for Expeditious Renewal of Expire Act

expire

Senator Ron Wyden, Chairman of the Senate Finance Committee, recently expressed  his contention that the expired provisions of the Expire Act, including the Work Opportunity Tax Credit (WOTC), the Empowerment Zone Credit, and the Indian Employment Credit, need to be expeditiously renewed. “Today, American businesses of all sizes are making their required quarterly tax payments [Read More…]

WOTC Update: Aaron Schock Pushes WOTC extension; IRS Urges Extension of WOTC Extender Bill

WOTC extension

In August, Rep Aaron Schock of Illinois introduced H.R. 5264 “To amend the Internal Revenue Code of 1986 to make the work opportunity credit permanent.”  The bill would extend WOTC one year retroactive to cover the current hiatus and would also make WOTC permanent.  Mr. Schock and his Co-sponsor Charles Rangel of NY have published [Read More…]

Rep. Aaron Schock Introduces WOTC Renewal Bill

WOTC Bill Renewal - law

In the wake of the stalling of “The Expire Act”, Aaron Schock of Illinois, a member of House Ways and Means, has introduced H.R. 5264 “To amend the Internal Revenue Code of 1986 to make the work opportunity credit permanent.”  This measure would extend WOTC permanently, and also retroactively renew WOTC to cover the current [Read More…]

WOTC Renewal – Expire Act Stalled

Fair Pay and Safe Workplaces

There have been recent rumors that a new path for WOTC renewal might be attached to a bill on the Senate floor for providing emergency funding for the highway trust fund.  While every avenue for WOTC renewal should be pursued, it is unlikely that WOTC could be part of the aforementioned transportation bill.  Certainly, Congress [Read More…]