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 »
Will WOTC get renewed?
As we enter the elections and remaining part of Q4, many companies are wondering about the status of the Work Opportunity Tax Credit (WOTC) and its renewal. For those who may not know, the current WOTC program is set to expire on December 31, 2020, and unless congress passes legislation, the program will enter into a state of hiatus.
Legislative Update October 28, 2020 Read More »
IRS Issues Notice to Extend WOTC Form Filing Deadline
On April 9, IRS issued Notice 2020-23 to provide relief relating to certain deadlines for taxpayers in response to the COVID-19 national emergency, declared in March of this year. Under the notice, a “time-sensitive act” due to be performed on or after April 1, 2020 and before July 15,2020 can be performed by July 15, 2020.
IRS Extends WOTC Form Filing Deadline Read More »
Important developments are happening very rapidly. As expected, yesterday afternoon, the House voted 297-120 to approve H.R. 1865, Further Consolidated Appropriations Act, 2020, with a one-year extension of WOTC, including VOW to Hire Heroes Act and retroactive extensions for Federal Empowerment Zones (FEZ) and the Indian Employment Credit (IEC).
Breaking News: House Passes H.R. 1865 Read More »
Businesses choosing not to provide a health insurance plan directly to employees must provide reimbursement to employees for the premiums they pay for a qualified health insurance plan that they must acquire through either the health insurance exchange or independently. The IRS has posted FAQs that address the consequences of an employer reimbursing its employees for these premiums.
Health Insurance Exchange — Reimbursing Employee Premiums Read More »
