I had the opportunity to attend a SHRM-Atlanta luncheon that celebrated the successes of 2012. Of the many accolades handed out one went to the team of John Kalusa and Stuart Smith for their VETs initiative. VET stands for Veterans Employment Team which had the goal to assist 1,000 Veterans in returning to civilian employment in 2012. Upon returning to my office in my mail was a newsletter that talked about how to hire a veteran and save some money along with saving the veteran.
The Veterans Opportunity to Work Act
The newsletter, from attorneys Patricia Hill and Matthew Clarke of Smith, Gambrell & Russell LLP, outlined the deadline approaching for an employer to take advantage of the tax credit available to organizations who hire veterans. The deadline of January 1, 2013 is looming. There are some specific requirements surrounding the circumstances of the veteran that qualifies to be considered for the tax credit. According to Hill and Clark:
In order to be considered a veteran under the WOTC, the employee must: (1) have served in the U.S. Armed Forces on active duty for more than 180 days, not including training, or have been discharged from active duty due to a disability related to his or her service, and (2) not have a period of extended active duty of more than 90 days that ended during the 60 days prior to the employee’s hiring date. …In addition to these requirements, veterans must meet other specifications to be a “qualified veteran” for the purposes of the WOTC.
The IRS has specifics
Since we are talking tax credits the IRS has control in that realm. They have a FAQ sheet to answer all your questions. VOW to Hire Heroes Act – Frequently Asked Questions and Answers. You can get up to $9600 in tax credit.
There are many reasons to take action on this. These include:
- Hiring someone who has proven they can handle a job and know how to take direction
- Reducing unemployment
- Saving some money
- Helping someone recover their life
- Just doing good.
If these appeal to you then you better get in gear, January 1 will be here soon.
Photo credit: — Image by © Royalty-Free/Corbis