Work Opportunity Tax Credit – IRS Notice 2012-13
In Notice 2012-13, the IRS issued guidance to assist employers with obtaining the Work Opportunity Tax Credit when hiring unemployed veterans. This notice explains the changes to the WOTC program as a result of the VOW To Hire Heroes Act of 2011.
The Act adds two new categories of qualified veterans to the WOTC, and modifies the wages that may be taken into account for claiming the WOTC. The credit is available to employers that hire qualified veterans that begin work before the end of 2012. Apparently recognizing the benefit of this tax credit provision and the desirability of having veterans in the workforce, on February 13, 2012, General Electric announced the hiring of 5000 veterans over the next five years.
See http://www.irs.gov/pub/irs-drop/n-12-13.pdf
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