Can anyone explain me about WOTC?

[werrockjones]

Hey, I need a little help from you guys, I just want to know what is WOTC? How it helps and what is their importance for an employer? How can I take its benefits? If you guys have any information regarding this, please share it with me.
Thanks a lot!!

[GhostFac3]

I'm assuming you are talking about the Work Opportunity Tax Credit... I found this on the net

What is the Work Opportunity Tax Credit?

The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to all private sector businesses. It was designed as an incentive to employers to hire individuals in certain targeted groups which consistently experience high rates of unemployment due to a variety of employment barriers. WOTC is a tool for job seekers in these targeted groups to use to help them obtain gainful employment so that they may acquire the skills and experience needed to be eligible for better, higher paying job opportunities.

Legislative Updates

On May 25, 2007, the President signed into law the Small Business and Work Opportunity Tax Act of 2007 (P.L. 110-28). The legislation modifies the WOTC provisions in the Tax Relief and Health Care Act of 2006, signed into law on December 20, 2006, and extends the tax credit through August 31, 2011.

The Tax Relief and Health Care Act of 2006 (P.L. 109-432) merged the Welfare-to-Work Tax Credit (WtWTC) into the WOTC effective with job start dates beginning January 1, 2007. The significant changes which apply to new hires who begin work for an employer after December 31, 2006 are:

* Eliminates the earnings test for ex-felons
* Increases maximum age for food stamp recipients to 39 years
* Increases the filing deadline for certification requests to 28 calendar days

The Small Business and Work Opportunity Tax Act of 2007 (P.L. 110-28) modifications which apply to new hires who begin work for an employer after May 25, 2007, are:

* Renames the High-Risk Youth target group to Designated Community Residents, increases maximum age to 39, and expands this group to include certain rural counties
* Establishes a new disabled veteran subgroup
* Clarifies the individual work plan under Vocational Rehabilitation Referrals
* Extends the WOTC for 44 months through August 31, 2011

[sarahjames]

Hi

WOTC is Work opportunity tax credit. The Work Opportunity Tax Credit is a federal tax credit used to reduce the federal tax liability of private-for-profit employers. Even bottomlineprofitability.com/index.html bottom Line Profitability.com - Home[/url] will also help you as they work like an agent between employers and IRS. In this page you will get all the information related to WOTC.
Hope it will help you!!!!!