CMS Work Opportunity Tax Credit Newsletter August 2024

In this issue:

• Brian Kelly Talks WOTC on the Sage Thought Leadership Podcast
• WOTC Wednesday: What Are the Benefits of Switching to Paperless WOTC Screening?
• Understanding the Work Opportunity Tax Credit’s Target Groups: Long-Term Unemployment Recipient
• Work Opportunity Tax Credit Statistics North Carolina 2023
• Work Opportunity Tax Credit Statistics 2023
• #ICYMI

 

Brian Kelly Talks WOTC on the Sage Thought Leadership Podcast

️Brian Kelly is featured on this week’s Sage Thought Leadership Podcast with Ed Kless talking about taking advantage of the Work Opportunity Tax Credit.

 

WOTC Wednesday: What Are the Benefits of Switching to Paperless WOTC Screening?

CMS’s Brian Kelly answers your questions about the Work Opportunity Tax Credit in our weekly video Q&A series #WOTCWednesday. Follow us on our new TikTok.

Other Recent #WOTCWednesday Questions Answered:

• Can I Get Reports on How Many People Qualified for WOTC?
• Is WOTC Applicable for Part Time Employees?
• Is it Worth it for Employers to Use Work Opportunity Tax Credits?

 

Understanding the Work Opportunity Tax Credit’s Target Groups: Long-Term Unemployment Recipient

New hires who fall under one or more of WOTC’s Target Groups may make you eligible for a WOTC Tax Credit. Target Group #10 is the Qualified Long-Term Unemployment Recipient. 134,906 individuals were hired with certification from this group in 2023, 6.78% of the total.

A “qualified long-term unemployment recipient” is an individual who has been unemployed for not less than 27 consecutive weeks at the time of hiring and who received unemployment compensation during some or all of the unemployment period. 

The maximum tax credit available for hiring a Qualified Long-Term Unemployment Recipient is $2,400.

 

Work Opportunity Tax Credit Statistics North Carolina 2023

In 2023 the state of North Carolina issued 66,257 Work Opportunity Tax Credit certifications.

North Carolina issued 3.34% of all WOTC Tax Credits in 2023, SNAP Recipient was North Carolina’s highest tax credit target group with 77.85% of certifications for that category. See historical data on North Carolina and the Work Opportunity Tax Credit.

 

Work Opportunity Tax Credit Statistics 2023

The latest statistics for the Work Opportunity Tax Credit from 2023 have recently been released by the U.S. Department of Labor, and the data shows that a total of 1,988,528 total Work Opportunity Tax Credits were issued in the United States in 2023. This represents an almost 23% decrease over the previous year.