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National Restaurant Association - IRS issues details on new veterans-hiring credit

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IRS issues details on new veterans-hiring credit

The IRS has released guidance and forms that employers can use to claim a newly expanded tax credit for hiring veterans.

Employers can claim the credit for eligible unemployed veterans they hired on or after Nov. 22, 2011. The credit -- part of the Work Opportunity Tax Credit -- can be as high as $9,600 per veteran. The amount of the credit depends on such factors at the length of the veteran's unemployment before hire, the hours the veteran works, and the amount of first-year wages paid. The maximum credit applies if employers hire veterans with service-related disabilities.

Employers claim the credit using Form 8850. The form normally must be filed with a state workforce agency within 28 days after an eligible worker begins work. But new rules give employers until June 19, 2012, to complete and file the revised form for veterans hired on or after Nov. 22, 2011, and before May 22, 2012. The 28-day rule will again apply to eligible veterans hired on or after May 22, 2012.

The IRS also streamlined certification requirements by making it easier for employers to file the Form 8850 electronically or by fax. See IRS Notice 2012-13 and IRS Form 8850 and instructions for details.

President Obama signed the expanded credit into law in November. Businesses claim the credit when they file their federal income tax return.

 

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