Additional Extension: Work Opportunity Tax Credit

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On June 17, 2016, the IRS issued Notice 2016-40, which extends the transition relief period for employers claiming the Work Opportunity Tax Credit (WOTC) for new qualifying employees until September 28, 2016. Specifically, the notice grants an extension of time to submit Form 8850, Pre-Screening Notice and Certification Request to the Designated Local Agency to certify targeted group members hired.

The WOTC is a wage credit available to employers that hire individuals who are members of a “targeted group,” including, among others, qualified veterans, recipients of assistance from a state TANF plan, qualified summer youth employees, qualified food stamp recipients, …read more

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