With a great Veterans Hospital right here in Johnson City, TN, employers who hire veterans will want to know that the IRS has extended the deadline for those employers to file certification forms to claim veterans tax credits.
Under the Returning Heroes and Wounded Warriors Work Opportunity Tax Credits, employers who hire vetereans from Nov. 22 2011 to May 22, 2012 have until June 19, 2012 to qualify to claim credits. In general, employers must submit form 8850 to the designated local agencies no later than 28 days after the individual begins work.
For profit employers can receive up to $9,600 per veteran under the program. Tax exempt groups can receive up to $6,240 per vet. These tax exempt employers can take the credit from Social Security withholdings. (Note this credit is different than the current payroll tax credit that applies to all employees.)
The amount of wages that an employer cantake inot account in computing their credit differes depending on the various categories of qualified veterans. These amounts are:
- $6,000 for a veteran who is a member of a family receiving assistance under the supplemental nutrition assistance program for at least 3 months . This category also includes veterans who is certified as having aggregate periods of unemployment of at least four weeks but less than 6 months in the year before being hired.
- $12,000 for qualified vets who are disabled certified as having a hire date not more than one year after discharge or release from active duty.
- $14,000 for individuals certified as veterans with aggregate periods of unemployment of 6 months or more in the year before being hired.
- $24,000 for individuals who are qualified as disabled vets with aggregate periods of unemployment of 6 months or more in the year before being hired.