The Work Opportunity Tax Credit (WOTC) is an underused tax break that can be worth more than $2,000 per employee. It’s a one-time, after-tax credit given to employers who have hired eligible employees.
Employers need to file Form 8850, and the credit will apply to any federal taxes owed. Typically, Form 8850 is due within 28 days of an employee’s hire date. But a 2012 hiatus of the law led to the IRS issuing a statement in early March indicating it would extend the filing deadline for employees hired between Jan. 1, 2012 and March 31, 2013 to April 29.
So, any employees hired over the last 15 months may qualify an operator for the credit.
For more information, contact Any WTOC Solutions at 888.313.5696 or go online at wotcsolutions.com.