Sunday, June 24, 2012

Credit for For-Profit or Nonprofit Organizations That Hire U.S. Veterans

Will your nonprofit organization or for-profit business be hiring new employees soon?

The Veterans Opportunity to Work (VOW) To Hire Heroes Act of 2011 will provide either nonprofit or for-profit employers with a tax credit (going against the employer's share of the employee's social security tax) for any qualified veterans newly employed on or after January 1, 2013.

Only nonprofit organizations that hired a veteran employee who began work on or after November 22, 2011, and before January 1, 2013 may claim this tax credit for this earlier time period (in addition to being able to claim it for qualified new veteran employees employed after January 1, 2013, as stated).

To be clear, any new qualified employee veteran employed as of and after January 1, 2013 by either a for-profit or nonprofit entity (as defined by the United States Internal Revenue Service (IRS)) can claim this tax credit.

For either for-profit or nonprofit organizations' requirements necessary in order to be able to claim this credit and more information, see the IRS's Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans web page.

Hire a United States veteran!

2 comments:

non profit organization grants said...

Charities and non-profit organizations tax exemption entails filing with the Internal Revenue Service except for churches and any of their integrated auxiliaries and organizations such as schools offering education below the college level as well as exclusive religious orders.

Arlene M. Spencer said...

Dear non profit org grants, Thank you for the comment. Above I meant to refer to the actual definition (by the IRS) of what business or nonprofit entities may receive the tax credit for hiring a U.S. Veteran which is defined in the link explaining the credit (above). That's what I meant to say, but I realize it may not have been clear, so thank you for your comment/definition and for reading. Best, Arlene