Restaurant Law Blog

Thursday, January 9, 2014

Tax Credits for Restaurant Owners Set to Expire at End of Year

The Work Opportunity Tax Credit (“WOTC”) can save employers thousands of dollars per eligible employee, but it is one of the many tax credits set to expire at the end of 2013. If you are planning to hire new employees, you can still take advantage of this tax credit if hiring occurs prior to December 31, 2013. If you will not meet this deadline, do not fret: there are rumors that Congress will be extending the credit for another year.

The Work Opportunity Tax Credit provides tax credits to employers who hire members of 9 specific target groups: (1) recipients of Temporary Assistance to Needy Families; (2) veterans; (3) ex-felons hired within one year of conviction or release; (4) designated community residents ages 18 through 39;  (5) vocational rehabilitation referrals; (6) designated community resident youths ages 16 through 17; (7) Supplemental Nutrition Assistance Program recipients ages 18 through 39; (8) Supplemental Social Security recipients; and (9) Long-Term Family Assistance recipients.

Prior to receiving the credit, an employer must complete a Pre-Screening Notice and Certification Request from the IRS and submit an Individual Characteristic Form to the Labor Department. If the employee meets all eligibility requirements, the WOTC Unit will issue a certification and the employer savings will begin.

If you have questions about your eligibility, or if you need assistance applying for the WOTC, contact DiPasquale Law Group for a free consultation.


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