The spending bill, that we outlined in a previous Tax Alert, has now been signed into law finalizing five-year extensions of the Work Opportunity Tax Credit (WOTC) program and the Federal Empowerment Zones program (FEZ), and one-year extensions of the Indian Employment Credit (IEC), and Disaster Relief Tax Credits.
The extensions of these programs are a huge victory for our clients and the important programs that they rely on, and we look forward to ensuring that our customers are utilizing all available tax credit programs.
“WOTC incentivizes employers to hire individuals with barriers to employment, such as veterans and those with disabilities,” said Rebekah Denmark, Tax Director with First Advantage. “With the recent COVID-19-related increases in unemployment, the unprecedented five-year extension of the program couldn’t have come at a better time for American workers. First Advantage can help you maximize this opportunity while assisting you with hiring the right talent for your organization.”
If you already partner with First Advantage to optimize your tax incentives, we will be in touch regarding the impacts of these newly extended programs. If you want to learn more, click here or email at [email protected].
If you have any questions, please contact your First Advantage Tax Consultant or your legal counsel.