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WOTC 28-Day Deadline Extended Due To Covid-19

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

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IRS ISSUES GUIDANCE ON JULY 15 TAX DEADLINE

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

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Tax Extenders Passed By House – Extends WOTC Through 2020

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

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Senate Introduces WOTC Permanency Bill

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

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DESPITE SHUTDOWN, IRS PROCESSING TAX REFUNDS QUICKLY

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.

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IRS ALLOWS STAFFING FIRMS TO UTILIZE PASS-THROUGH DEDUCTION

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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