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Work Opportunity Tax Credit Transition Relief Extended

Posted by Concannon Miller on Tue, Jun 28, 2016

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worc_-_transition_extended_copy.pngThe IRS recently extended Work Opportunity Tax Credit transition relief, allowing for more time for McDonald’s Owner/Operators to use this advantageous tax benefit.

Employers now have until Sept. 28, 2016 to certify WOTC-qualifying employees all the way back to Jan. 1, 2015. The deadline was originally going to be June 29, 2016.  

This is great news for McDonald’s Owner/Operators. This transition extension allows you to still seek Work Opportunity Tax Credits for all your 2015 and 2016 qualifying employees.

Qualifying employees include veterans, long-term or short-term TANF recipients, food stamp recipients, employees living in empowerment zones, the long-term unemployed and ex-felons, among others.

The maximum credits range from $2,400 for the general target groups all the way to $10,000 for certain qualified veterans and Welfare-to-Work employees. Your payroll/tax credit provider can apply for the credit for you and will only charge you based on a percentage of the credits that you actually receive.

Check out this article for more on Work Opportunity Tax Credits or contact us with any questions at info@concannonmiller.com or 888-433-1515.

Topics: McDonald's management

Concannon Miller’s unique, holistic and intimate approach to financial health sets us apart from smaller CPA firms with more limited resources as well as mega firms where mid-sized clients struggle for attention. Contact us here to talk about improving your business.

This communication is designed to provide accurate and authoritative information in regard to the subject matter covered at the time it was published. However, the general information herein is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purposes of avoiding tax penalties.

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