ATLANTA, GA and WASHINGTON, DC--(Marketwired - March 08, 2016) - Federal law enacted in December 2015 changes and extends tax credits for employers who hire veterans -- and now there is a new, free "business English" Guide for employers that explains the credits and simplifies the process.
The 2016 Federal Tax Benefits for Hiring Eligible Veterans, National Guard Members and Reservists (http://www.CenterforAmerica.org/tax_benefits.html) explains key federal tax credits available and provides step-by-step instructions for employers to ensure the employer qualifies for the maximum tax incentive for 2015 and beyond. The Guide even provides direct internet links to all the government forms necessary to claim the credits. The 2013 edition of the Guide published by Center for America generated more than 50,000 downloads and was publicized by more than 150 business associations. Federal tax incentives for employers include:
The Returning Heroes and Wounded Warrior Tax Credits - Up to $9,600 in tax credits for employers who hire qualified unemployed veterans. These credits expired December 31, 2014 -- but were re-enacted retroactively for 2015 and extended through the end of 2019.
The Activated Military Reservist Credit - $4,000 in tax credits for employers who pay Reserve and National Guard employees while they are away on active duty. This was formerly available only to small businesses, but is now applicable for 2015, permanent, and extended to all employers for 2016 and beyond.
The Federal Empowerment Zone Employment Credit - Up to $3,000 in tax benefits to employers for each employee -- veteran, Reservist, or Guard member -- who lives and works in a federally designated empowerment zone. This credit expired at the end of 2014, but was re-enacted retroactively and extended through December 31, 2016.
The Guide, published by the nonprofit Center for America, was researched and drafted by attorneys at Caplin & Drysdale, one of the nation's premier tax law firms. "We are very grateful to Elizabeth Stevens and Beth Shapiro Kaufman for their excellent partnership in preparing this Guide," said Center for America President and director of the national American Jobs for America's Heroes military hiring campaign. "Working together, Center for America and Caplin & Drysdale are able to provide an excellent summary to enable HR managers, recruiters and organization leaders to quickly understand and act on these federal incentives."
"By hiring veterans and Reservists, employers can gain highly-capable employees who have a keen understanding of loyalty, teamwork, and professionalism, and also benefit from special tax incentives designed to ensure that those who have served our country can return to the civilian workforce," said Elizabeth J. Stevens, the Caplin & Drysdale attorney who led the 2016 effort. Stevens served as a U.S. Naval officer from 2002-2005.
"There are still nearly one million veterans, National Guard members, and Reservists looking for full-time jobs and good careers," said Brig. Gen. (ret.) Marianne Watson, Director of Outreach for Center for America and former Chief Human Resources Officer for the National Guard Bureau. "This Guide to federal tax incentives is one of four free Guides for employers to help them increase veteran hiring. Associations are welcome to download these Guides and share them with all their members at no cost."
About Center for America
The Center for America (www.centerforamerica.org) is a non-profit organization which has been coordinating the American Jobs for America's Heroes campaign since 2011 to encourage employers to submit free job postings which are matched by Corporate America Supports You (CASY) and military employment counselors with military candidates. More than 1,900 employers are participating. More than 160 business associations and professional societies are distributing Center for America's free education and networking resources on hiring veterans to their members.
President, Center for America
About Caplin & Drysdale
Having celebrated its 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of tax, tax controversy, and litigation legal services to corporations, individuals, and nonprofits throughout the United States and around the world. The firm is also privileged to serve as a legal advisor to accounting firms, financial institutions, law firms, and other professional services organizations.
The firm's reputation over the years has earned the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on the firm's broad knowledge of the law and keen insights into their business concerns and personal interests. The firm's lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make the firm one the nation's most distinctive law firms.
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