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

Instructions and Help about When 8850 Form Refund

Music hello and thank you for participating in today's vkd strategic alliance series webinar this alliance webinar series is designed to deliver relevant content to other practicing CPAs and to give you all an opportunity to find new ways to serve your clients keep an eye out for future invitations to our upcoming Alliance forum webinars on topics and if you have any ideas for a topic please feel free to put those in your comments today our webinar topic today is what is the Work Opportunity Tax Credit our presenter today is Bob Johnson bob is a partner within BK DS state and local tax services division bob is experienced in providing multi-state sales and use tech consulting on a variety of industries he focuses on analyzing Nexus issues determining taxability decisions identifying and securing credits and incentives handling state tax audits developing tech savings ideas evaluating current compliance strategies and guidelines and assessing and implementing and testing new sales and use tax systems bob is responsible for BK DS wattsy practice that provides service to over 45 clients nationwide again thank you for participating in today's webinar and at this time I would like to introduce Bob good afternoon everybody first I'd like to thank everyone for taking the time to join us for this webinar as Brandon mentioned I am a state local tax partner here bkt and a common question that I get is why does the federal tax credit fall under the state and local tax umbrella as Brendon stated I oversee our state local tax credit incentive of practice and it's when we were growing this practice it was just a natural fit for us and with my experience in this area so here we are before I begin I don't know if there's a in the chat box if you could tell me if you are currently reviewing new applicants for watse or not just so it gives me an idea who may have some familiarity with the program and so forth so I'll give everyone a second to if you wanna respond yes no that'd be a very helpful our agenda for today we're in discuss several topics here the next 45 to 50 minutes that agenda includes what is wat see who is eligible for wat see the qualifying designated watching groups as identified by the IRS definition for each of those designated groups how is the credit used in the nuances of that credit i'm credit amount per qualified designated group whether or not qualified tax-exempt organizations can participate in the wat SI program the process to identify designated or qualifying individuals and some just general additional information of common questions I receive from clients and prospects that are interested in the wat C program so let's start with what is wat C wat C is a federal tax credit available to employers for hiring and retaining individuals from the designated target groups identified by the IRS the credit was established in 1996 with the gold assist these targeted individuals to shift from an economic dependency to more for self reliance while providing incentive to the employers common question I received this credit is for employers and not the employees themselves credit allows employees reduce their federal tax liability for qualifying new hires again the key here it's a federal tax credit not a state tax credit who's eligible for wat see very common question as our clients are identify if they should participate in this program any new hire first-time new hire for an employer is able to afford them to be screened and qualify as a qualified individual this includes temporary seasonal part-time full-time and individuals are eligible for this credit again the key here especially when we're talking about temporary and seasonal or part-time individuals that has to be the first time be employed by that employer so for example if a seasonal employee comes back every summer to work for that lawncare company only the first year that he's an employee he's all votes for them to be screened and as work rate nawat C credit common misconception in this is that a lot of it taxpayers believe that if they continue hiring this individual once every year or so they would obtain the credit this is a one-time credit for hiring individuals from the designate groups our first polling question when was Wasi established 1996 1997 2013-2022 or I don't know I'll give you a few moments here to respond good lay up question to start our polling questions I had 2022 included as one of your options is for anyone familiar with the program this is one that Congress going through some transitions and the program was suspended in 2022 again in 2022 I'm sorry 2013-2022 which caused a lot of issues there 2022 was included here because the effective January 1st of 2022 the program has been extended through December 31st of 2022 that one-year renewal that was occurring during this time frame was problematic for a lot of states and taxpayers so who are the qualifying des designated groups any employee must be a certified member of a targeted group to meet the criteria for elds before the wattsy now these group have changed over the years some being added some being dropped etc however I don't foresee any significant changes here in the next three years during until December 31st of 2022 I'm not saying that but I with the program being extended till December 31st of 19 I foresee this still remaining the same so short term or long term Temporary Assistance for Needy Families TANF recipient a food stamp recipient Supplemental Nutrition Assistance Program or otherwise known as snap a qualified long-term unemployment recipient please know this was a new category added effective January 1st 2022 that historically had not been there Supplemental Security income recipient one that most people know is the qualified ex-felon category.

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