Extended Business Tax Credit

Have you heard about the Work Opportunity Tax Credit (WOTC)? If your business meets the qualifications your business may be eligible for this extended tax break.

The Work Opportunity Tax Credit gives employers a tax credit for hiring veterans and others who are members of “target” groups. Normally, you have 28 days after an eligible worker’s first day to complete the necessary paperwork for the credit.

But the 28-day rule has been extended for some new workers that you hired between January 1, 2015, and May 31, 2016. For certain employees hired within that time period, the deadline for filing the required form is June 29, 2016. If you’re a business owner, the extended date provides an opportunity to review last year’s personnel files for credit-eligible employees.

At Summit CPA we offer multiple resources that will help get your business on the right track. By utilizing our Virtual CFO we have the capability to assist you virtually anywhere in the USA. If you need assistance, contact our office at (855) 977-7623 to schedule an appointment with our advisors.