Now that I have used WOTC, how do I get what I need for tax reporting?
For employers like you that have elected to take advantage of our Work Opportunity Tax Credit product, we want to make sure we can get you the information you need so that your business can take advantage of the tax credits when you file your tax returns.
We will send you a tax package report in which all your ‘earned’ tax credits are calculated in time for you to file your taxes. This report can be shared with your tax preparer so that they can make sure you realize the benefit of these credits.
When will these tax reports be ready?
We are already at work on preparation, but will need to wait until year-end before finalizing. Your payroll partner will send payroll information by January 17, 2024 in the correct format to GetHIred in order for us to generate a tax package by March 1, 2024. Payroll data received after January 17 2024 will be processed on a first come, first service basis.
Will my tax preparer need to do anything special to use the tax credits?
Yes. In addition to the WOTC Year End Tax Report we will provide, your tax preparer will need to also include an IRS Form 5884. For additional information on these forms, please reference: https://www.irs.gov/forms-pubs/about-form-5884
Sounds good. What do you need from me?
Good question. In order for us to get what we need to prepare the year-end WOTC Tax Credit Reports, and to make sure we can maximize the tax credit benefit for your company, we will need specific payroll information through midnight on 12/31/23. Your payroll partner will provide us with the information directly.
Got it. Do you have a date when you need this by?
- January 5, 2024: Heartland will Request payroll information
- January 17, 2024: Your Payroll Partner will submit payroll
- March 1, 2024: Heartland will email the first round of tax packages emailed to you (the client).