2016 - 2019 IRS Form 8850 - Fill Out Digital PDF Sample

What Is Form 8850

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Video instructions and help with filling out and completing Form 8850

Instructions and Help about Form 8850

Hi I'm Kelly get would pay smart payroll services I'm Sean per Baker with gifts CPAs I'm we're here to present work opportunity tax credit better known as wattsy so what is wattsy wattsy is a federal tax credit available to employers who hire individuals from eligible target groups with significant barriers to employment live watching there's a potential for reduced tax liabilities employers hiring target groups may be eligible to reduce their federal income tax liability as much as $9,000 employers make the hiring decisions watsi reduces an employer's cost of doing business while helping those in need fine and retain good jobs you get to make the decision on who you're hiring for many other state agencies you have a list of people that you can hire from in this scenario you do the hiring and then finally the US economy benefits the success and growth of this income tax credit for private sector businesses is beneficial for all who participate while increasing America's economic growth and productivity so how does watse work any private sector business that hires a new employee from an eligible target group may apply for watse in addition the tax credit is available to certain tax-exempt organizations that hire new employees from the watsi veterans target group veterans long-term or short-term Temporary Assistance for Needy Families events Supplemental Nutrition Assistance Program recipients or food stamps designated community residents vocational rehabilitation referrals ex-felons Supplemental Security income recipients summer youth employees both the designated community residents and summer youth employees must come from a Koz so who is not eligible relatives and dependents of the employer former employees regardless of how long it has been since they last worked for the employer so if you're just finding out about watse and you have recently hired an employee who would qua by you cannot fire them and rehire them in order to get the credit lastly majority owners of the business do not qualify how to calculate the tax credit the requirements are as follows employees must work at least 120 hours in the first year of employment for the employer to qualify to claim the tax credit with the Internal Revenue Service so if you have someone that you hired and they only work a hundred hours and then they leave they would not be eligible for the credit after the employee has worked at least 120 hours the employer may claim a tax credit equal to 25 percent of the new hires first year of qualified wages the maximum tax credit on first year wages is between 750 and $6,000 depending on the eligible target group after working at least 400 hours the employer may claim a tax credit equal to 40% of the new hires first year of wages the maximum tax credit on first year wages is between 1200 and 9600 dollars depending on the else will target group this credit is a non-refundable credit which means that if you have

Common Mistakes

Utilizing the incorrect Social Security Number

Failing to certify your return

Sending your return to the improper address

Missing the time frame

Failing to save a backup of certified return

FAQ

What is the IRS Form 8850 and how can I qualify for this credit? How large isit?

Employers use this form to prescreen and to make a written request to theirstate workforce agency SWA to certify an individual as a member of atargeted group for purposes of qualifying for the work opportunity credit.Submitting Form 8850 to the SWA is but one step in the process of qualifyingfor the work opportunity credit. The state work opportunity tax credit WOTCcoordinator for the SWA must certify the job applicant is a member of atargeted group. After starting work the employee must meet the minimumnumberofhoursworked requirement for the work opportunity credit. Generallyan employer elects to take the credit by filing Form 5884 Work OpportunityCredit. However a taxexempt organization that hires a qualified veteranshould report the work opportunity credit on Form 5884C Work OpportunityCredit for Qualified TaxExempt Organizations Hiring Qualified Veterans.If the job applicant will begin working for the employer after May 31 2016the job applicant gives information to the employer on or before the day a joboffer is made. This information is entered on Form 8850. If the employerbelieves the applicant is a member of a targeted group as defined underMembers of Targeted Groups the employer completes the rest of the form nolater than the day the job offer is made. Both the job applicant and theemployer must sign Form 8850 no later than the date for submitting the form tothe SWA.If the job applicant began working for the employer on or after January 12015 and on or before May 31 2016 Form 8850 can be completed and signed asdescribed above at any time as long as it is completed signed and submittedto the SWA by June 29 2016.Please refer to the IRS website which explains additional informationInstructions for Form 8850 032016Hope this is helpful.