Transition Relief to Retroactively Claim Work Opportunity Tax Credits
Work Opportunity Tax Credits (“WOTCs”) are federal tax credits that are available to your business if you hire individuals from certain targeted groups, including veterans, food stamp recipients, recipients of Temporary Assistance for Needy Families, and individuals who have been unemployed for more than 26 weeks. The credits you may receive range from $1,200 to $9,600 per qualified hire, depending on the targeted group. Certain state tax credits may also apply. WOTCs can be used to offset your regular or alternative minimum tax. However, before claiming a credit, you must generally screen employees on or before the date of hire,. Read More.
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