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 All Republican amendments were withdrawn in favor of the Chairman’s mark.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 »
On January 11, 2016, the solution for which many New Jersey businesses had been waiting finally arrived. Governor Christie signed the bipartisan P.L. 2015, c. 194 into law, permitting the voluntary conversion of outstanding Business Employment Incentive Program (BEIP) grant commitments into refundable tax credits.
New Jersey BEIP Funding Finally Addressed Read More »
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 »
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 »
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 »
