Federal Tax, Tax

Employers: About the Work Opportunity Tax Credit

Employers who seek to hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit that encourages employers to hire from certain groups that face employment barriers. The WOTC is set to expire after 2025, so to qualify, employees must begin work before 2026. Targeted groups include qualified veterans, recipients of certain aid programs, ex-felons, qualified long-term unemployment recipients, certain “summer youths” and more. Employers must start the process by filing a form with their state workforce agency to prescreen and certify individuals they wish to hire. Here’s more: https://bit.ly/3VFMmnM. Contact the Cg Team with questions. © 2024