David Rumsey, CPA/IAR
Pettis Rumsey Inc.
Testimonial Hotline & give us
your feedback at:
to Act Soon to Get
for Hiring Veterans
that hired unemployed veterans during late 2011 and early
2012 had an expanded period to request the required
certification for claiming the expanded Work Opportunity Tax
That expanded period ends on Tuesday, June 19.
The IRS is reminding employers that for eligible veterans
hired on or after Nov. 22, 2011 and before May 22, 2012,
they have until June 19 to file certification forms with
state workforce agencies.
Here are some important points to know about the credit and
- New rules provide for an expanded WOTC to employers that
hire eligible unemployed veterans.
- The credit can be as high as $9,600 per veteran for
for-profit employers or up to $6,240 per veteran for
- The amount of the credit depends on a number of factors,
including the length of the veteranís unemployment before
hiring, the hours the veteran works and the amount of
first-year wages paid.
- Employers hiring veterans with service-related
disabilities may be eligible for the maximum credit.
- Normally, an eligible employer must file Form 8850,
Pre-Screening Notice and Certification Request for the Work
Opportunity Credit, with their state workforce agency within
28 days after an eligible worker starts work. But under a
special rule employers have until June 19, 2012, to file this
form for veterans hired on or after Nov. 22, 2011, and before
May 22, 2012.
- The 28-day rule for timely filing applies for eligible
veterans hired on or after May 22, 2012, and before Jan. 1,
- Form 8850 can be faxed or electronically transmitted to the
state workforce agency, as long as the agency is able to
receive the certification forms that way.
- For-profit employers claim the credit on their income tax
return using Form 5884, Work Opportunity Credit, and Form
3800, General Business Credit.
- Tax-exempt organizations follow a separate claim procedure
using Form 5884-C, Work Opportunity Credit for Qualified
Tax-Exempt Organizations Hiring Qualified Veterans.
More details about the expanded WOTC and the forms are
available on IRS.gov. (Taken
from Tax Tip 2012-11)
To read my other articles online go to
www.PettisRumseyCPA.com and click on the Newsletter section.
As always you can call our offices if you have any
questions about these or any other accounting related issues, at 360-659-8502.
Regards, David Rumsey, CPA
Dave Rumsey, CPA/IAR | Pettis Rumsey Inc.
P.S. | 4229 76th St. NE, Suite 102 Marysville, WA 98270 | Phone:
360-659-8502 | Fax: 360-653-4019 firstname.lastname@example.org |