‘Tax season’—two little words that can send even the most organized business owner into a paperwork tango—a stressful dance of receipts, deductions, and calculations. But what if there was a way to transform this dreaded duty into a profitable pas de deux with the taxman? Enter the world of business tax credit optimization services. In […]
COVID-19 Employee Retention Credit comes to an end for most employers.
The Infrastructure Investment and Jobs Act, signed into law on November 15, 2021, has upended the the Employee Retention Credit (ERC) for the entire fourth quarter of 2021 for most employers.
COVID-19 Employee Retention Credit comes to an end for most employers. Read More »
On Wednesday, April 21, 2021, President Joe Biden announced a refundable tax credit available for select businesses that pay employees that need to take time off to get vaccinated for Covid-19. This is part of the administration’s effort to involve employers to promote vaccination.
New Covid-19 Vaccine Tax Credit for Select Employers Read More »
With millions of Californians out of work, on Wednesday, September 9, Gov. Gavin Newsom signed a law giving tax breaks to small businesses that hire employees over the next three months.
The incentive program will offer businesses of 100 employees or less a tax credit of $1,000 on their state tax bills for each new employee hired by December 1, 2020.
California Unveils New Hiring Credit Targeting Small Business Read More »
On April 17, the Internal Revenue Service (IRS) posted new Frequently Asked Questions (FAQ) regarding COVID-19-related tax credits for required paid leave provided by small and midsize — sick leave and family leave.
IRS Issues FAQs for Families First Coronavirus Response Act Read More »
IRS Publishes Details for 2018-2019 Disaster Relief
The Internal Revenue Service (IRS) published information and instructions for companies to claim a special retention tax credit, available for businesses impacted by 29 identified natural disasters.
IRS Publishes Details for 2018-2019 Disaster Relief Read More »
Paid Sick Leave for Workers
For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child-care leave when employee’s children’s schools are closed or child-care providers are unavailable. The Act will help the United States combat the financial strain employers are incurring as a result of the COVID-19 pandemic.
Update: Worker Paid Leave & COVID-19 Tax Credits for Select Employers Read More »
H.R. 6201 — Expected soon
The COVID-19 crisis has sparked an unprecedented response and action from Congress, urging lawmakers to work together and act swiftly to respond to economic crises looming over the country. As a result, Congress is expected to enact H.R. 6201 “Families First Coronavirus Response Act” as early as this week. Things are moving fast in Congress. Yesterday, at a lunch event, Senate Majority Leader Mitch McConnell (AL-R) said, “The Senate will not leave town until we have passed another bill to address this emergency.
Legislative Update: Congressional Action to Covid-19 Read More »
Recent Developments
The Senate Finance Committee voted the tax reform bill out of committee on Thursday, November 16 in a similar fashion to the House plan, suggesting an aligned strategy orchestrated by Republican leadership. All Democratic amendments were voted down by party-line votes. All Republican amendments were withdrawn in favor of the Chairman’s mark. As it turns out, the bill that was voted on does not reference WOTC. This likely means that WOTC will be left in place until December 31, 2019, based on the existing law.
Update: Tax Reform and the Future of WOTC Read More »
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.
North Dakota Extends and Amends Tax Credits Read More »
