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...
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: WyomingWashingtonTexasSouth DakotaNevadaFloridaAlaska If you are a business owner in a high-tax state,...
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...
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...
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...