EV credits valuable but complex
The recently passed Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, it’s important to review the new rules so you can maximize the credit you are allowed. North American assembly […]
Paying for college tuition? There’s a credit for that
Now that your loved one is off to school, it’s time to begin paying the tuition and other related expenses. We have a number of tax-advantaged strategies you can consider to help with the high cost of college. A couple tuition tax credits are available for those paying college tuition and fees. You can take […]
IRS updates pre-screening for Work Opportunity Tax Credits
The IRS recently updated information on the the pre-screening and certification process for Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help. To satisfy the requirement to pre-screen a job applicant, on […]
IRS to send letters in January about Child Tax Credit payments
Families who received advance Child Tax Credit payments in 2021 will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received with the amount of the credit they can claim on their 2021 tax return. To help taxpayers reconcile the advance payments, the IRS is sending in January […]
Employers eligible for tax credits for paid time off for Covid vaccine
Employers can now apply for tax credits for wages paid to employees who help family members who obtain a COVID-19 vaccination. Credits were made available to employers through the American Rescue Plan Act of 2021 (ARPA) for qualified wages paid to employees who took leave as a result of the coronavirus. According to updated guidance […]
Patience is in order if awaiting tax refund this year
If you are expecting a tax refund this year, you may have to wait a bit longer than usual. Between staff shortages, a backlog of returns from the 2020 filing season, processing Recovery Rebate Credits, validating income for the Earned Income Tax Credit and Additional Child Tax Credit – not to mention applying changes in […]
COBRA subsidy details: Notification deadline approaching
As part of the American Rescue Plan Act signed into law in March, employers can receive a 100% subsidy for extended COBRA coverage for employees who were terminated or who lost coverage because their hours were involuntarily reduced or they were involuntarily terminated, making them eligible for COBRA. While employers must bear the cost of […]
Restaurant Revitalization Grants ready to roll soon
The Small Business Administration has announced that registrations for the $28.6 billion Restaurant Revitalization Fund grants will open at 9 a.m. EST Friday, April 30, with the application officially open at noon EST Monday, May 3. The online application will remain open to any eligible establishment until all funds are exhausted. If you plan to […]
More guidance issued on Massachusetts sales and meals tax changes
We advised you a couple months ago that beginning April 1, Massachusetts had enacted accelerated remittance of sales and meals tax. Few details were available at that time, but the state has recently updated its guidance so we wanted to provide you more information. According to the state, businesses that had $150,000 or more in sales […]
More flexibility offered for employee FSA plans
Employees with flexible spending arrangements, or FSA, for health care or dependent care expenses now have a more flexibility to use these benefits. As you know, employers can offer employees FSAs to use throughout a plan year either for medical expenses or for dependent care expenses. Most FSAs contain a “use it or lose it” […]
