IRS provides relief for certain employers claiming WOTC

Work opportunity tax credits (WOTC) is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment. On August 10, 2021, the IRS issued Notice 2021-43, which extends the 28-day deadline for employers to submit a request (Form 8850) […]

Work Opportunity Tax Credit extended through 2025

Are you a business owner thinking about hiring? There is good news in that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, […]

What’s in the Covid relief bill: Tax extenders

The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, direct payments and other tax provisions, the Taxpayer Certainty and Disaster Tax Relief Act […]

Deadline extended for WOTC certification

Employers who hired individuals who qualify for Work Opportunity Tax Credits have a little more time to request certification. The WOTC is available to employers based on a percentage of wages paid to an individual certified as a member of a targeted group, such as a person who resides in a designated empowerment zone community […]

10 year-end tax strategies to take advantage of now

In just a few months, 2020 will come to a close. There is still time, though, for strategic tax planning before the end of the year. The following are the top 10 tax strategies you can take advantage of now. Qualified Improvement Property – Review your 2018 and 2019 reinvestments to see if additional depreciation […]

Hiring this summer? You may qualify for a valuable tax credit

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted […]

WOTC is a win-win for employers and employees alike

Employers can get credit where credit is due. The Work Opportunity Tax Credit is a valuable and beneficial tool for employers to receive a tax credit for hiring certain workers who face significant barriers to employment. The Work Opportunity Tax Credit generally is based on wages paid to eligible employees during their first year of […]

‘Extender’ bill revives some expired tax provisions

Congress approved this month some last-minute tax law changes to extend some expired provisions into the 2017 tax year. The Bipartisan Budget Act of 2018 extends some tax provisions that expired at the end of 2016. It is commonly referred to as an “extender” bill because it extends expired provisions through the 2017 tax year. […]