On December 20, 2019 Congress overwhelmingly passed an end-of-year spending bill and a companion tax extenders measure, which President Donald Trump quickly signed into law.
The “Taxpayer Certainty and Disaster Tax Relief Act of 2019”, has extended many certain expiring provisions such as the Indian Employment Credit, Empowerment Zone Tax Incentives, and most importantly the Work Opportunity Tax Credit Program through December 31, 2020. (Text of the Law)
Some may question if these extensions are necessary, but once we take a closer look at those that are not receiving employment opportunities, we see that there are still many individuals on public assistance or others that are still lacking in the skills that employers need. The WOTC Program is a federal tax credit available to employers that hire and retain individuals from certain groups that have consistently faced significant employment barriers. Since there are still high numbers of individuals that fall into this category, there is still a significant need for government programs such as the WOTC Program.
As one of the most beneficial government programs, we know that employers and job seekers will both continue to profit. We hope that WOTC will become a permanent program and a topic of discussion in upcoming legislation. According to the Department of Labor, about $1 billion in tax credits are claimed each year under the WOTC Program.
Here at Thomas and Company, we will continue to keep an eye on trends and support these beneficial government programs. If you have any questions about the WOTC Program or how we can assist you with program administration, please feel free to contact Page Wiseman at email@example.com or 615-242-8246.
As always, if there are any questions please do not hesitate to contact us or visit our website at www.thomas-and-company.com.