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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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States Tax Credits for High Tax States

The 10 highest income tax states for 2018 are: California 13.3% Hawaii 11% Oregon 9.9% Minnesota 9.85% Iowa 8.98% New Jersey 8.97% Vermont 8.95% District of Columbia 8.95% New York 8.82% Wisconsin 7.65% Only seven states have no personal income tax: Wyoming Washington Texas South Dakota Nevada Florida Alaska If

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WOTC Filing Extended Due To Hurricane Florence

The IRS has extended the filing deadline of certain forms for businesses in designated counties affected by Hurricane Florence. This extension includes the 8850 Form, which normally must be filed within 28 days of a new employee’s first day of work, in order for a business to request certification for

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WOTC Target Groups – Who Qualifies?

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. WOTC joins other workforce programs that incentivize workplace diversity and facilitate access to good jobs for American workers. The Protecting Americans from Tax

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Claiming the WOTC Tax Credit – Important Information

Here are some questions we get from our clients or their CPA’s: For which tax years can the WOTC credit be applied? Employers may claim the Work Opportunity Tax Credit for a total of two years. Employers who do not take the full credit amount because of the tax liability

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