The Department of the Treasury and the Internal Revenue Service (IRS) recently issued Notice 2020-23. In addition to other relief, the notice extends the due date for certain time sensitive acts specified in Revenue Procedure 2018-58, 2018-50 IRB 990. Under the notice, a time sensitive act due to be performed
As a result of the COVID-19 Pandemic, the treasury is moving Tax Day from April 15, 2020 to July 15, 2020. The IRS just released Notice 2020-18 providing additional details of this postponement, which: 1) Automatically postpones the due date for affected taxpayers with returns or making payments due April
The bipartisan spending bill to extend the Work Opportunity Tax Credit (WOTC), the Federal Empowerment Zones Program (FEZ), the Indian Employment Credit (IEC), and Disaster Relief Tax Credits through 2020 has been signed by President Trump and is now law. The extension of these programs, and the $2.5 million increase
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extends the Work Opportunity Tax Credit (WOTC) another year, through December 31, 2020. Empowerment Zone tax benefits, which expired in 2017, have been retroactively renewed for 2018, 2019, and 2020. Click HERE to read the bill. Employers take note: The
On June 20, 2019, the House Ways and Means Committee advanced Democratic legislation to extend expired and expiring tax breaks and to expand tax credits that benefit workers, families, and businesses. The committee passed by a party-line vote of 25-17 a bill to extend through 2020 a host of tax
WASHINGTON, D.C. – On Tuesday, April 2nd, U.S. Senator Bob Menendez and Senators Ben Cardin (D-Md.), Sherrod Brown (D-Ohio), Rob Portman (R-Ohio), Roy Blunt (R-Mo.) and Bill Cassidy (R-La.) introduced the Work Opportunity Tax Credit (WOTC) & Jobs Act to make permanent the WOTC, which encourages employers to hire individuals who
A bill that would make the Work Opportunity Tax Credit (WOTC) permanent was introduced in the U.S. Senate this week. The bill, called the Work Opportunity Tax Credit & Jobs Act of 2019, was introduced by Senators Roy Blunt (R-MO), Sherrod Brown (D-OH), Ben Cardin (D-MD), Bill Cassidy (R-LA), Bob
NY Governor Cuomo is looking to end the Consumer Directed Personal Assistance Program (CDPAP) as we know it today. Long story short: This budget will repeal the law that made CDPAP and replace it with a stripped down version that eliminates 9 out of every 10 FIs in the state. The ultimate
With the government shutdown over and the IRS reopened, what can be expected? Currently, the IRS has an estimated five million unanswered inquires that took place during the shutdown. Additionally, it is estimated that they have already received several million tax returns since the filing season started on January 28.
The IRS issued final regulations on January 17 that allow staffing firms to take advantage of the new tax deduction for “pass-through” businesses, provided for in the Tax Cuts and Jobs Act of 2017. Many of the staffing firms we encounter are pass-through businesses and should substantially benefit from the
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