Summer is around the corner

Many Businesses file an extension for various reasons. Listing them would require a separate site. But one thing we know for sure:

If you have filed an extension to secure some tax credits, Great Job!

Many States require various certifications, calculations and approvals before you can safely claim a tax credit. Some states have strict requirements to submit an intent to use a Tax Credit. Failure to do so, could forfeit important attributes of a tax credit. Make sure you financial professional pays attention to all deadlines. If you are not sure if your business could qualify. Give us a chance to find something for you.

Work Opportunity Tax Credit (WOTC) 2014/2015 future is still not certain

If you have any WOTC credits pending with your local State Workforce Agency (SWA) you are probably watching what is going on Capitol Hill. Some unfortunate news today about the WOTC extension:

Senate was not able to pass the final bill on EXPIRE ACT limiting our ability to use WOTC this year. Now the bill is not dead but we must wait again to see if the passage will allow us to use the credit. If remember the ACT has the following provisions:

Extends WOTC for 2014/2015 with $3.1 Billion over 10 years in funding. Adds long term unemployed category and is retroactive to 01/01/2014

Please pay close attention to the News Media and engage your local Senator’s office to pass EXPIRE ACT.

You may still submit WOTC paperwork to any SWA while the program is in hiatus.

WOTC provides assistance to employers for hiring new employees in 9 Target groups with a Federal Tax Credit benefit of $1200 to $9600 per qualified new hire.