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Federal Tax-Exempt Nonprofits - FAQs Regarding Work Opportunity Tax Credit

President Obama recently signed into law the VOW to Hire Heroes Act of 2011. The Act allows employers to claim a tax credit when they hire a qualified veteran. The goal of the legislation is to assist veterans, especially veterans of the Iraq and Afghanistan wars, in finding employment after they return to civilian life. Many tax-exempt nonprofit organizations hire veterans and could qualify for the credit. Because organizations that are exempt under Section 501(c)(3) do not pay income tax, the Act provides an alternative way for nonprofits to utilize the credit by reducing its contributions to Social Security. Nonprofits may be able to claim a credit up to $6,240. For more information contact Regina Hopkins at rhopkins@dcbar.org

Published on Friday, June 29, 2012