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Video instructions and help with filling out and completing When 8850 Form Reduced

Instructions and Help about When 8850 Form Reduced

What is watse it stands for the Work Opportunity Tax Credit watse is money back for employers who hire good people who face a challenge getting a job you may be able to get a watse tax credit if you hire an unemployed veteran or someone who has received food stamps or has received vocational rehabilitation or who faces other kinds of challenges getting a job you can get a tax credit of between twelve hundred and ninety six hundred dollars for each wattsy eligible hire getting the watse tax credit means doing some paperwork but it's really not that complicated you apply for watse by sending two forms to the Department of Labor in your state government it's usually called the State Workforce agency if the State Workforce agency certifies your watse application then you can file with the IRS to claim the tax credit and that's it you have your watsi it's an opportunity for a deserving job candidate and a tax credit for you if you think you might want to apply for a work opportunity tax credit or watse the next few minutes we'll show you how to do it there are five steps and we'll explain them one at a time as we go we'll give you tips like this but first you need to know what types of workers are eligible for watse these include veterans summer youth employees ex-felons members of a family that has received temporary assistance or food stamp benefits certain people with disabilities who receive SSI benefits or who are getting vocational rehabilitation and people who live in certain low-income communities you can find out all the details on eligibility requirements at DOL ETA gov slash WotC there are some people who don't qualify relatives and dependents of the employer who's hiring or majority owners of the business also this has to be a new hire it can't be a current or former employee regardless of how long it's been since the person last worked for you step 1 this is for pre-screening a job candidate and filling out IRS Form 8850 ask the person you want to hire to fill out the first page then you fill out page to form 8850 needs to be completed on or before the day the job offer is made step 2 fill out a second form from the US Department of Labor's employment training administration or ETA you or the job applicant will fill out ETA form 90-61 with the 90-61 if you can include documentation that shows how the candidate meets the eligibility requirements for wattsy the instructions for this documentation are part of form 90-61 some job candidates may already have a different form ETA form 90 62 it means that an agency that's been helping them has conditionally certified them as eligible for watse if your applicant has a 90 62 you just complete the employers part of the form step 3 you've already done most of the work now you just send the two completed signed and dated forms to your State Workforce agency different states have different ways for employers to submit the forms you can check this website for information for your state this site also lists the watse coordinator in your state a good person to contact if you have questions about watse or the application process you must submit the forms within 28 days after your new employee starts working for you if you don't meet this requirement then your wattsy application will be denied by the state how can you prevent this from happening the minute you and your job applicant completes sign and date those two forms send them to your State Workforce agency do not send these forms to the Internal Revenue Service or the US Department of Labor in Washington DC step 4 your State Workforce agency will issue you a final determination on your watse application this determination will tell you whether or not your new hire meets the eligibility requirements for whot see if the eligibility requirements are met then the State Workforce agency will send you a certification with that certification you're home free because step 5 is filing and claiming your watse tax credit most employers file with the IRS using form 58 84 but if your organization is tax-exempt and you're hiring an eligible veteran then you file form 58 84 see for more information about filing with the IRS visit irs.gov before you file for watse your new hire must have worked for you for at least 120 hours and after you claim the credit don't forget to keep your records for at least 3 years and that's it for the price of some paperwork you'll have helped a deserving person get a job you'll have a good new employee and you'll get a tax credit it's a great opportunity and that's what watse is all about learn more about the Work Opportunity Tax Credit at DOL ETA gov slash WotC or call eight seven seven eight seven - five six - seven.

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