IRS Issues Notice to Extend WOTC Form Filing Deadline
On April 9, IRS issued Notice 2020-23 to provide relief relating to certain deadlines for taxpayers in response to the COVID-19 national emergency, declared in March of this year. Under the notice, a “time-sensitive act” due to be performed on or after April 1, 2020 and before July 15,2020 can be performed by July 15, 2020.
IRS Extends WOTC Form Filing Deadline Read More »
As we navigate through this unprecedented environment, I felt it is important to take a moment to express our hope for you and your employee’s good and continuing health during this difficult time and to inform you of Walton’s plans to continue to deliver services and support for our clients. Walton has operational and technical services that are centralized to deliver support to our clients and distributed for technical operations.
Walton’s Response to COVID-19 Crisis Read More »
On Friday, December 20th, President Trump signed H.R. 1865 into law. This provides a one-year extension for the Work Opportunity Tax Credit (WOTC), including VOW to Hire Heroes tax credits, and retroactive extensions through 2020 for Federal Empowerment Zone and Indian Employment Credit.
Important News: WOTC is renewed! Read More »
We are almost at the finish line! As expected, this afternoon, the Senate passed H.R. 1865, Further Consolidated Appropriations, 2020, which contains a one-year extension of WOTC and a retroactive extension of Federal Empowerment Zone as well as Indian Employment Credit through December 31, 2020. The President is expected to sign the bill into law by tomorrow. Extenders’ provisions will become effective on the signing date, and official text of the new public law will be published in coming days. We will let you know once it’s signed into law!
Senate passes H.R. 1865 Read More »
Important developments are happening very rapidly. As expected, yesterday afternoon, the House voted 297-120 to approve H.R. 1865, Further Consolidated Appropriations Act, 2020, with a one-year extension of WOTC, including VOW to Hire Heroes Act and retroactive extensions for Federal Empowerment Zones (FEZ) and the Indian Employment Credit (IEC).
Breaking News: House Passes H.R. 1865 Read More »
As you may know, the current version of the Work Opportunity Tax Credit (WOTC) program is set to expire on December 31, 2019 unless congress passes legislation that extends the program, as done previously, since its inception in 1996.
Here are the latest developments:
WOTC Legislative Update — November 18, 2019 Read More »
President Donald Trump has signed the Tax Cuts and Jobs Act into law. This law delivers a $1.4 trillion tax overhaul to the U.S. tax code. It provides generous cuts to corporations and simplifies tax brackets for individual filers, lowering taxes for most people. As part of the congressional process to address the tax reform, the future of tax provisions such as the Work Opportunity Tax Credit (WOTC) have became uncertain, particularly in the House. The House called for an unprecedented repeal of the program, as of December 21, 2017.
Tax Reform is signed into law Read More »
On Friday, December 15, Congress released the final draft of the tax-reform bill. We are happy to report that the conference committee deferred to the Senate position, which left WOTC as is. Therefore, WOTC has survived tax reform and will remain in place through its current expiration date of December 31, 2019. A vote is expected to take place by Wednesday, December 2017, to decide the fate of the tax-reform bill.
WOTC makes it to the final Tax Reform bill Read More »
On Thursday, November 2, 2017, the House Ways and Means Committee released a first draft of tax reform. The Tax Cuts and Jobs Act H.R. 1 includes many of the items listed in the tax reform framework released by the Republicans in September, as well as additional details. The bill proposes fewer tax brackets for individuals as well as higher deductions for middle-class families and lowers corporate tax rates to 20%. It is estimated that H.R. 1 will also curtail federal government revenues by approximately $1.5 trillion over ten years. As it turns out, the proposed legislation also calls for a repeal of the Work Opportunity Tax Credit (WOTC) by December 31, 2017, along with several other provisions.
Legislative Update: WOTC program at risk of repeal Read More »
We are now eight months into 2017, and many employers are wondering what the status with tax reform is and how might impact the future of WOTC. As we mentioned in our last update, at the start of this year, House Speaker Paul Ryan proposed a plan to reform our tax code which was designed to be revenue-neutral. His plan proposed a Border Adjustment Tax (BAT) which would tax imports to the United States, but it would not tax exports.
Update: Tax Reform and its Potential Impact on the Work Opportunity Tax Credit (WOTC) Read More »
