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8850 Form: What You Should Know

IRS Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit Form Rev. March 2 form · 8850 form 2022. Fill now.

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Instructions and Help about Form 8850

Hi, I'm Kelly. Get ready to learn about Smart Payroll Services. I'm Sean per Baker with gifts CPAs. We're here to present the Work Opportunity Tax Credit, better known as WOTC. So, what is WOTC? WOTC is a federal tax credit available to employers who hire individuals from eligible target groups with significant barriers to employment. By utilizing WOTC, there's a potential for reduced tax liabilities. Employers hiring target groups may be eligible to reduce their federal income tax liability by up to $9,000. WOTC reduces an employer's cost of doing business while helping those in need find and retain good jobs. You get to make the decision on who you're hiring, unlike many other state agencies where you have a list of people that you can hire from. In this scenario, you do the hiring. Finally, the US economy benefits from the success and growth of this income tax credit for private sector businesses, which is beneficial for all who participate while increasing America's economic growth and productivity. So, how does WOTC work? Any private sector business that hires a new employee from an eligible target group may apply for WOTC. In addition, the tax credit is available to certain tax-exempt organizations that hire new employees from the WOTC veterans target group. This includes 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, and summer youth employees. Both the designated community residents and summer youth employees must come from a Koz. However, there are some who are not eligible for the credit, such as relatives and dependents of the employer, former employees regardless of how long it has been since they last worked for the employer. If you're just finding out about WOTC and...