On Friday, December 18, 2015, President Obama signed into law H.R. 2029 – Consolidated Appropriations Act, 2016. This measure is the vehicle for the Consolidated Appropriations Act, 2016 and the Protecting Americans from Tax Hikes Act of 2015, in which the tax extenders have been renewed for various periods and, in some cases, expanded.
Tax Extenders Signed into Law Read More »
The senate voted 53-33 to pass H.R. 2029, the Omnibus appropriations and tax extenders bill and sent the bill to the President for his signature. The bill contains a five-year retroactive extension of WOTC and the VOW to Hire Heroes Act tax credits for hiring veterans. The President has said he will sign the bill. He has until midnight December 22 to do so because government funding runs out at that time.
WOTC Five-Year Extension Read More »
The House has approved H.R. 2029 as amended with The Protecting Americans from Tax Hikes Act, which both renews and expands various tax credit programs. In particular, the Work Opportunity Tax Credit program (WOTC) will be renewed for a period of 5 years, with a retroactive start date of January 1, 2015 through December 31, 2019.
Tax Credit Extenders H.R. 2029 Amendment #2 Passes House Read More »
H.R. 2029 has been amended with the The Protecting Americans from Tax Hikes Act to both renew and expand various credit programs. In particular, the Work Opportunity Tax Credit program (WOTC) will be renewed for a period of 5 years, with a retroactive start date of January 1, 2015 through December 31, 2019. Also included in the renewal of WOTC is an expansion in which a new target group has been added to the existing 9 groups. The new target group is the long-term unemployment recipient, which includes individuals who have been receiving federal or state unemploy
Tax Credit Extenders Renewal Continues to Move Forward Read More »
Many states offer lucrative tax credits to encourage businesses to relocate, hire, or invest within a state’s borders. These incentives are a no-brainer for smart executives. But after the deal is done, many companies struggle to capture all of the intended tax credits because of missed deadlines on capital investment and hiring.
Problem: Leaving Tax Credits on the Table because of Missed Deadlines
Solution: ICS Compliance Monitor
State Tax Credits and Incentives: Know Where You Stand Read More »
“Hey, did you leave $9,600 sitting on the table?”
If you didn’t consider hiring a military veteran for your last open position, then yes, you left a potential $9,600 of tax credits sitting on the table. Why do employers ignore a tax credit of up to almost $10,000 for hiring some of the most qualified workers in the market today? Recruiters and HR professionals often say it is too hard and takes too much time to find qualified military veterans.
Why Companies Ignore Free Money Read More »
Ways and Means Chairman Kevin Brady sent to the House Rules Committee last night a 2-year tax extenders bill tabled as a House amendment to a Senate Amendment H.R. 34, “Tax Increase Prevention and Real Estate Investment Act of 2015.” This bill is only one option currently on the table with other options being a
WOTC Extension Discussion Progresses Read More »
For decades now, the Work Opportunity Tax Credit (WOTC) has brought big money back to companies. In the olden days, AKA 90’s, WOTC was frankly a pain to deal with. Paper forms, discrepancies between federal and local documentation requirements, the hassle of just identifying and certifying applicants meant that smart companies chose to completely outsource the entire process. Times have changed. Scrunchies, JNCO jeans, and painful WOTC practices are out. So why are you still using the same WOTC payment structure?
Can the Same WOTC Tax Credits Cost 50% Less? Read More »
The emergency rules (originally set in place July 1, 2015) to set fees associated with various Louisiana corporate and personal income tax, sales and use tax, and property tax credit and incentive programs have been extended. These programs include:
Louisiana Department of Economic Development Extends Credit Fee Emergency Rules Read More »
The Utah veteran credit for recently deployed veterans will no longer be available beginning in 2016. A Utah State Tax Commission notice indicates that the non-refundable credit against corporate income tax will be removed form the 2016 corporate tax return and may not be claimed or carried forward. The removal is taking place due to the following having been met: (1) the total amount of the credit claimed is less than $10,000; (2) less than 10 persons file a return claiming the credit; and (3) a period of two taxable years has passed after the taxable year in which either (1) and/or (2) occurred.
Utah Veteran Credit Removed Read More »
