Description

Understanding the Work Opportunity Tax Credit

Small Business Training

Join us as Anika Pompey, IRS Senior Stakeholder Liaison, explores the Work Opportunity Tax Credit (WOTC), a federal tax credit designed to incentivize employers to hire individuals from targeted groups facing significant employment barriers. Participants will understand WOTC comprehensively, including its eligibility criteria, pre-screening and certification requirements, credit limitations, and the process of claiming the credit on tax returns. This workshop allows small business employers to explore how WOTC can benefit their businesses while contributing to a more inclusive and equitable workforce.

Employers are eligible to receive a federal tax credit, the Work Opportunity Tax Credit (WOTC), for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment. WOTC joins other workforce programs that incentivize workplace diversity and facilitate access to good jobs for American workers. During this workshop, we will discuss:

• What the Work Opportunity Tax Credit is

• Define targeted groups for the Work Opportunity Tax Credit

• Review Pre-screening and certification requirements for the Work Opportunity Tax Credit

• Review credit limitations

• How to claim the credit on your tax return

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