Author name: Lori Witt

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Benestream Announces Partnership with Walton to Bring New Cost-Savings Program to Businesses

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Partnership combines Walton’s Work Opportunity Tax Credit platform with BeneStream’s Medicaid Migration™ product. New York, NY, June 1, 2016 – BeneStream today announced a partnership with Walton, a leading provider of tax credit and incentive consulting services. This relationship will enable the seamless incorporation of BeneStream’s signature product, Medicaid Migration™ into Walton’s award-winning Work Opportunity […]

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US Department of Labor Issues Funding to State Workforce Agencies

Leave a Comment / Work Opportunity Tax Credits /

State Workforce Agencies (SWAs) responsible for the administration of the Work Opportunity Tax Credit program (WOTC) are working diligently to process retroactive and current WOTC program certification requests. The US Department of Labor Employment and Training Administration is now issuing the balance of FY2016 funding in the amount of $14,856,655 to the SWAs for the

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PATH Act Affects Code Section 179

PATH Act Affects Code Section 179

Leave a Comment / Work Opportunity Tax Credits /

The PATH Act increased the expensing break for qualifying real-estate improvements. It also made it easier for improvements and expenses to qualify for bonus first-year depreciation, but the determinations of qualifying improvements and expenses are more complex. The detail of those new complications is lengthy. However, as summarized by Thomas Reuters in their Checkpoint New dated March 8, 2016, as a general rule, the cost of commercial real-estate improvements is recovered over a period of 39 years via straight-line depreciation only.

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train station | WOTC Program Transitional Relief Announced

WOTC Program Transitional Relief Announced

Leave a Comment / Work Opportunity Tax Credits /

Recently released IRS Notice 2016-22 provides for a transitional relief period for the Work Opportunity Tax Credit (WOTC) program. This provides business with the opportunity to retroactively capture the WOTC program for hires made prior to its reauthorization i.e., the “hiatus” or period of time in which the WOTC program was expired due to Congressional inaction on the tax extenders bill.B

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North Dakota

North Dakota Extends and Amends Tax Credits

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North Dakota allows primary sector businesses to claim a tax credit against the purchase of machinery and equipment used in the automation of a manufacturing process. While this tax credit has been extended to the 2016 and 2017 tax years, the funding for the tax credit program has been reduced to $500,000 per year from the current $2M for the 2015 calendar year.

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2016 Tax Reform to be Considered by House Ways and Means Committee

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According to a press release on January 19, 2016, House Ways and Means Committee Chairman Kevin Brady (R-TX) announced that the Committee will hold its first hearing of the year Tuesday, January 26, 2016.

The hearing will focus on pro-growth policies that will help create jobs, increase paychecks, and expand opportunities.

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Georgia Qualified Education Expense Credit Cap Announced

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As of January 4, 2016, the Georgia qualified education expense credit cap of $58 million for calendar year 2016 already has been reached. All applications received on January 4, 2016 were prorated down to $58 million. The proration percentage is anticipated to be 53.36%. The Department is in the process of mailing pre-approval letters for

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