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Kings New York online Form 8850: What You Should Know
Congressman Chris Smith of Illinois, Congressman John Yarmouth of Kentucky and Congressman Jim Cooper of Tennessee have been on both sides of the debate over making the work opportunity tax credit effective again. Smith actually wrote a letter to Treasury Secretary Jack Lew telling President Obama to consider allowing small business owners an effective income tax of up to 500 more a pay instead of just an income tax credit. Rep. Chris Smith's letter to Jack Lew explaining why the Obama administration shouldn't make the work opportunity tax credit effective. This bill, titled the “Work Opportunity Tax Credit Fairness Act of 2015,” would reduce the amount of the work opportunity tax credit that a business can receive. I think Smith was making a sound argument. Smith wanted the amount of the tax credit to be reduced, but he also wanted the tax credit to be indexed to inflation. This is a good compromise. If a business was receiving the maximum amount of the tax credit it would not get any more than the maximum amount that the tax credit could be reduced to. Some business owners believe their job search should include the work opportunity tax credit. Some argue the business is still required to file a report to the IRS before they make the work opportunity tax credit effective. I have always disagreed. In a tax law that I had to read and re-read about 1,000 times before I understood it, the work opportunity tax credit was not something that was meant to be in the tax code. However, that was not how the law was written. The idea was to make it less complicated for businesses to file a tax return every year. This was not done intentionally, but it is not how the law was passed. If the legislation is not amended by March 1, this is going to be a significant issue. This could also be a reason why many of the small businesses who have been applying for a ROTC for the last eight years are not even applying now that it might be repealed. There are still some people that believe an effective work opportunity tax credit is not necessary. I am not in their corner, but I do not care for the way in which the law is written as well. This is why I believe this bill should be referred to committee, and it should be debated in the Senate as well. Sen. Charles E. Schumer and Sen. Kirsten E.
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