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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 ‚ÄúWork Opportunity Tax Credit Fairness Act of 2015,‚ÄĚ 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small businesses who have been applying for a ROTC for the last eight years are not even applying now that it might be repealed.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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