{"id":3897,"date":"2016-06-20T09:40:02","date_gmt":"2016-06-20T13:40:02","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=3897"},"modified":"2021-03-27T16:07:25","modified_gmt":"2021-03-27T20:07:25","slug":"wotc-look-back-period-extended","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/wotc-look-back-period-extended\/","title":{"rendered":"WOTC Look-Back Period Extended"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3899\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/8531408243_4ba61eab7a_b.jpg\" alt=\"wotc look-back period extended\" width=\"1024\" height=\"768\" srcset=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/8531408243_4ba61eab7a_b.jpg 1024w, https:\/\/gtm.com\/business\/wp-content\/uploads\/8531408243_4ba61eab7a_b-300x225.jpg 300w, https:\/\/gtm.com\/business\/wp-content\/uploads\/8531408243_4ba61eab7a_b-510x382.jpg 510w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>The IRS announced last week that\u00a0businesses that qualify for the <strong><a href=\"https:\/\/www.doleta.gov\/business\/incentives\/opptax\/\">Work Opportunity Tax Credit<\/a><\/strong> (WOTC) can continue to claim credits until August 31, 2016 for employees hired on or after January 1, 2015. This look-back period had expired on May 31st, but <strong><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-16-40.pdf\">a recent notice<\/a><\/strong> from the IRS gives employers an extra 3 months of transitional relief and the opportunity to claim more tax credits for employees hired from specific target groups.<\/p>\n<p>Employers can earn a tax credit of between <strong>$1,200 and $9,600 per employee<\/strong>, depending on the\u00a0target group of the new employee and the number of hours worked in the first year. Employees\u00a0must work at least 120 hours in the first year of employment to receive the tax credit.<\/p>\n<p>Eligibility is determined by hiring employees from\u00a0the following groups:<\/p>\n<p>\u2022 Veterans<br \/>\n\u2022 Temporary Assistance for Needy Families (TANF) Recipients<br \/>\n\u2022 SNAP (food stamp) Recipients<br \/>\n\u2022 Designated Community Residents<br \/>\n\u2022 Vocational Rehabilitation Referral<br \/>\n\u2022 Ex-Felons<br \/>\n\u2022 Supplemental Security Income Recipients<br \/>\n\u2022 Summer Youth Employees<\/p>\n<p>View more details about these groups <strong><a href=\"http:\/\/email.gtm.com\/v0000yDK02PSZ0u0N040000\" target=\"_blank\" rel=\"noopener\">here<\/a><\/strong>.<\/p>\n<div class=\"entry-content\">\n<p><strong>How GTM Will Help<\/strong><\/p>\n<p>Our process is simple \u2013 we provide a link to an online portal where your employees answer a few questions to determine eligibility. We then file your claim with the IRS and state agencies. Once the claim is processed, you\u2019ll be notified how much credit you will receive, and those credits will be applied to your next tax returns.<\/p>\n<p>Get started now\u00a0to take advantage of the look-back period and maximize your tax credits. For clients, contact your sales rep or Account Manager and they\u2019ll provide the details. Want to become a client? Contact us for more information at (518) 373-4111 or get a <strong><a href=\"https:\/\/gtm.com\/business\/get-a-quote\/\" target=\"_blank\" rel=\"noopener\">free payroll quote here<\/a><\/strong>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Employers that claim the WOTC for employees hired from target groups now have until August 31, 2016 to claim credits for employees hired after January 1, 2015. The WOTC look-back period was extended last week by the IRS.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[11,5,23],"post_folder":[],"class_list":["post-3897","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved","tag-business-payroll","tag-department-of-labor","tag-taxes"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/3897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=3897"}],"version-history":[{"count":3,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/3897\/revisions"}],"predecessor-version":[{"id":9640,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/3897\/revisions\/9640"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=3897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=3897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=3897"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=3897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}