The Department of Labor wishes to remind employers that they could still be eligible for some 2014 Work Opportunity Tax Credits.
Program Coordinator Teressa Parker…
Parker: “The Work Opportunity Tax Credit is a federal tax credit available to employers that hire veterans and other individuals from the target groups with significant barriers to employment and if certain requirements are met then the employers are entitled to receive tax credits that reduce their federal tax liability.”
Employers who have enrolled in the program have seen savings up to $9,600 and in 2013 Alaskan employers saved over $2 million through the program.
Parker also said if employers hired someone who fits those requirements during December 2014 they are still eligible to apply.
Parker: “The most important requirement is employers must post mark their applications within 28 days of the new hire, and by 28 days we mean 28 calendar days so weekends and holidays do count because if they’re not and this is an IRS timely filing requirement, the application will get denied.
She also said although the program is on hiatus as of now for 2015 taxes, the department encourages employers to submit applications for the program because many times Congress will retroactively reinstate it, validating those applications.
The employees eligible can meet one or more of the following categories but must have worked for at least 120 hours within 2014 for the employer to be eligible:
Unemployed Veteran (including disabled veterans)
TANF (Long or Short-Term Temporary Assistance for Needy Families recipient)
SNAP (Supplemental Nutrition Assistance Program recipient – Food Stamps)
Designated Community Resident (living in Empowerment Zones or Rural Renewal Counties)
Vocational Rehabilitation Referral
Ex-Felon
SSI (Supplemental Security Income recipient)
Summer Youth Employee (living in Empowerment Zones)
For more information click here.
