Scott Gottlieb, CPA


105 Maxess Road, Suite N116
Melville, New York 11747

Office: 631-574-4484 or 631-253-CPA2
scott@gottliebcpa.com

 
 
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NEWS BYTES
March 2009

Work Opportunity Credit

The work opportunity credit has been extended to cover members of targeted groups who begin work for you before September 1, 2011. For tax years beginning after December 31, 2006, there is no longer an alternative minimum tax limitation with respect to this credit. For more information about this credit, see Form 5884, Work Opportunity Credit.

Members of targeted groups. For employees who begin work for you after December 31, 2006:

Long-term family assistance recipients are members of a targeted group (if hired before January 1, 2007, see Form 8861, Welfare-to-Work Credit).
Ex-felons are no longer required to be a member of a low-income family.
Food stamp recipients must be at least age 18 when hired, but not age 40 or older.
For individuals who begin work for you after May 25, 2007:

The qualified veterans group is expanded to include veterans entitled to compensation for a service-connected disability and who, during the one-year period ending on the hiring date, were (a) discharged or released from active duty in the U.S. Armed Forces or (b) unemployed for a period or periods totaling at least 6 months. The first-year wages taken into account for these disabled veterans is $12,000.
The high-risk youth group has been renamed "designated community residents" and expanded to include individuals who are at least age 18 but not yet age 40. In addition, residents of rural renewal counties have been added to this group.
For more information, see Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, and its Instructions.

For individuals who begin work for you after May 25, 2007, the qualified veterans group is expanded to include veterans entitled to compensation for a service-connected disability and who, during the one-year period ending on the hiring date, were (a) discharged or released from active duty in the U.S. Armed Forces or (b) unemployed for a period or periods totaling at least 6 months. The first-year wages taken into account for these disabled veterans is $12,000.

For individuals who begin work for you after May 25, 2007, the high-risk youth group has been renamed "designated community residents" and expanded to include individuals who are at least age 18 but not yet age 40. In addition, residents of rural renewal counties have been added to this group. See the Instructions for Form 8850 for more information.

For tax years beginning after 2006, the work opportunity credit is allowed against both the regular tax and the alternative minimum tax.




 

 

 

 

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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant