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There's still time to claim the Work Opportunity Tax Credit

03/04/2015  |  By: Jeff Drummonds, CPA, Shareholder, Chief Executive Officer- LBMC, PC

As featured in Nashville Business Journal.

There was good news for employers last week from the IRS – companies will have extra time to claim the Work Opportunity Tax Credit, which is available to employers hiring from target groups such as unemployed veterans and food stamp recipients who have consistently faced significant barriers to employment.

To claim the tax credit, companies usually have to file a form no later than 28 days after an employee begins work. It was unclear how the deadline would apply to employees hired in 2014, because the credit expired at the end of 2013 and Congress did not retroactively extend it to 2014 until the end of last year.

Under the extension, employers who hired a member of a targeted group in 2014 will have until April 30 to file the necessary paperwork.