WOTC News and Updates
WOTC Legislation Update
August 10, 2012
As you may be aware, several significant steps have recently been taken in Congress toward getting the Work Opportuinity Tax Credit renewed for two years with its coverage back-dated to employees hired after January 1, 2012. On August 2, the Senate Finance Committee approved (the vote was 19-5) the Family and Business Tax cut Certainty Act of 2012 which includes renewal of the WOTC. It will now move to the Senate floor where passage appears to be assured, then over to the House of Representatives. We are advised it will then be assigned to a Conference Committee to work out the details. From our involvement with the leadership of the House Ways and Means committee, we believe an agreed resolution is likely now that the primaries are behind us.
WOTC Solutions, LLC has been closely invovled in each step in this grueling legislative process and are happy to answer any questions you have about the legislative status of this law at any time. If we can provide substantive information that you find helpful, please feel free to ask.
Recent Update from the WOTC Coalition
June 13, 2012
"After a Senate Finance Committee meeting yesterday called by Chairman Max Baucus to discuss the question of passing the tax extenders, ranking committee Republican Senator Orrin Hatch expressed willingness to cooperate in producing a bill. At the same time, Chairman Baucus bowed toward the Republican view that the list of extenders be scrubbed to determine whether any can be dropped.
The view among Republican senators is that some extenders must be dropped.
No decisions were made at the hearing, but we are seeing the opening moves to consult within the Finance Committee, and more broadly within the Party caucuses, to come up with a list of extenders that can make the grade and be incorporated in a stand-alone extenders bill.
The key will be the ability of the Senate majority and minority to agree on a package, and then cooperate in moving a bill without a filibuster or the interminable number of amendments tax bills usually draw. Odds are long, but extenders may become one of the few areas of bi-partisan consensus on a bill.
This Senate initiative may be the only game in town—there's still no indication from House Republican leaders when they will take up the extenders. The Leaders say goal is to craft a tax bill by July dealing with Alternative Minimum Tax relief, pending expiration of favorable Estate Tax rates, and other issues. This bill would be a good vehicle for passing tax extenders that eventually make Chairman Camp's short list, but the decision to take up such a bill in the campaign season will be a political one—House leaders are leaning toward not doing taxes till after the election.
Besides tax extenders, Senator Baucus is also spurring action on another front—reauthorization of Welfare Reform (TANF) which expires on September 30th. On every Welfare Reform reauthorization, your Coalition has made the case that WOTC is critical to this program—for welfare recipients who obtain jobs in the private sector, WOTC is responsible for 7 out of 10 placements. WOTC has also proven effective in placing long-term welfare recipients in jobs. Using WOTC to help welfare recipients find jobs in the private sector helps States economize their limited block grant funds which cover training, child care, and other supports. Working in tandem with welfare in the social safety net are food stamps (SNAP), and here again WOTC has proven highly effective in enabling food stamp recipients to find jobs.
There may not be time to bring Welfare reauthorization to the Senate floor but it must be passed by attachment to some measure before September 30th, and that measure is most likely the Continuing Resolution to fund the government in the new fiscal year. Whether as part of Welfare reauthorization or in a tax title to the CR, we will be working to extend WOTC on one of the must-do bills coming up on September 30th."
PAUL E. SUPLIZIO
President, WOTC Coalition
WOTC Solutions hits The Hill!
On Tuesday, November 27 and Wednesday, November 28 all employees of WOTC Solutions will be executing a vast and concentrated lobbying effort. We will be contacting every House and Senate member in the United States to remind them of the importance of WOTC to business owners all over the nation. If you are interested in hearing any updates or contributing to this effort, please contact us below.
ORA joins WOTC Solutions in spreading the word
August 15, 2012
Running a restaurant and hospitality business is literally a 24/7 job. And, as we all know, the devil’s in the details. While it is important to be prepared to deliver those details on a daily basis, it is also important that you are aware of all of the tax incentives available to your business so that you can directly reduce your operating costs, increase your profit, and be more able to focus on your daily operations. The Work Opportunity Tax Credit is an underused tax break that directly benefits your bottom line.
As you might have suspected, the renewal of the WOTC is part of the very current tax uncertainty known as the fiscal cliff. The WOTC has been included in a group of all of the other Government programs and extenders that are being fought for and fought against on a daily basis. We at WOTC Solutions have been an loud and active voice in the ears of all of our Government leaders for the past nine months and are doing all that we can to let them know that the WOTC is essential to your business as well as ours. Should you have any more specific questions or concerns, please feel free to call us. Thank you and have a safe and Happy New Year!
On January 1, 2013 the Work Opportunity Tax Credit was renewed for 2013 and backdated to January 1, 2012. Please call us if you have any processing questions or concerns.