WOTC Extension: Form 8850 Filing Deadline Extended
Noting that the uncertainty around the Work Opportunity Tax Credit and its prolonged hiatus in 2015 affected employers’ hiring and tax planning strategies, the IRS has issued Notice 2016-22 that provides “transition relief” for employers to submit WOTC certification requests for any employee hired (other than the newly added target group for qualified long-term unemployment recipients, for employees qualifying for that category, transitional relief period is for hires from January 1, 2016 through May 31, 2016) between January 1, 2015 and May 31, 2016. The deadline for submission of these forms is June 29, 2016.
If your company has not previously participated in the WOTC program, this is a unique opportunity to recapture more than a year’s worth of missed credit opportunities that drive value and deliver bottom line tax savings of up to $9,600 per eligible hire. If you currently screen for WOTC but are not at 100% screening compliance, Equifax can audit your previous screening results to identify and help you secure any missed credit opportunities.
Additionally, with eSignature on the Equifax phone-in screening system and online screening application, any missed individuals who are identified as possibly credit eligible can electronically sign a fully compliant tax credit screening without the need for paper forms to be processed or managed, leading to a more efficient and value generating process.
Contact us to learn more about this newly released extension and how it might impact your organization.
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