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Business consultant with extensive experience in marketing, product management, business development and organizational behavior blogs on tips, tools and trends for entreprenuers to help grow their small business.
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September 19, 2022
WASHINGTON — The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help.
Today's updates include information on the pre-screening and certification process. To satisfy the requirement to pre-screen a job applicant, on or before the day a job offer is made, a pre-screening notice (Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit) must be completed by the job applicant and the employer.
The Targeted Jobs Tax Credit (TJTC), which preceded WOTC, did not contain a pre-screening requirement. In enacting WOTC to replace the TJTC in 1996, Congress included the requirement that employers pre-screen job applicants before or on the same day the job offer is made. In doing so, Congress emphasized that the WOTC is designed to incentivize the hiring and employment of certain categories of workers.
After pre-screening a job applicant, the employer must then request certification by submitting Form 8850 to the appropriate state workforce agency no later than 28 days after the employee begins work. Other requirements and further details can be found in the instructions
WOTC has 10 designated categories of workers. The 10 categories are:
Although the credit generally is not available to tax-exempt organizations, a special provision allows them to claim the WOTC against the employer's share of Social Security tax for hiring qualified veterans. These organizations claim the credit on Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Visit the WOTC page for more information.
Laura D. Katz, MBA, CDMP, is the Area Director of the UGA SBDC - Athens Center. Ms. Katz is a national speaker on the topic of Marketing & Business Development. You can follow her on LinkedIn and Twitter.
Photo from: UGA Today January 11, 2022
After watching last night's game, I began to think about what led to the Bulldog’s historic win against the Crimson Tide? In the 4th quarter the score was 19-18 and I had a sinking feeling that the Crimson Tide would steamroll us again. However, that all changed when Bennett "dumped it off to Brock Bowers for the score from 15 yards out as the Bulldogs retake the lead... then Kelee Ringo intercepts and returns it 79 yards for the score and give Georgia its first national title since 1980. Final score Georgia 33, Alabama 18 ." (source: @sportingnews)
When Stetson Bennett was asked what he was thinking at that point in the game, he said “I was either going to be a zero or a hero.” The team had planned and practiced for this very situation and they all knew what needed to be done.
I believe there are #3 key factors that made the Bulldog’s National Champions when it came down to the wire:
Why am I writing about sports when I have been told to never, ever “talk sports” in public? Because, I have seen first hand that when a business owner utilizes leadership, strategy and practice they become champions! As a business owner you can survive for a while on talent and luck, but not long term. You need to lead your team by developing a strategic plan and win by working the plan. How can you do this? By taking UGA SBDC’s GrowSMART, a premier leadership and business development program held annually. The program is starting on March 8th and will be held on five consecutive Tuesdays through April 5th.
Do you want to be a Zero or a Hero? Take the opportunity now by applying to attend GrowSMART. Become the Hero in your business! You will not regret it.
Go DAWG’s!
Laura D. Katz, MBA, CDMP, is the Area Director of the UGA SBDC - Athens Center. Ms. Katz is a national speaker on the topic of Marketing & Business Development. You can follow her on LinkedIn and Twitter.