NY COVID-19 Capital Costs Tax Credit Program
New York State Governor Kathy Hochul announced that applications are now being accepted from small businesses with 100 or fewer employees for a new tax credit program that will allow them to recoup costs incurred to increase COVID-19 safety during 2021 and 2022. Applications for the COVID-19 …
Myths about the ERC
The employee retention tax credit is overlooked by many organizations that might be eligible to take advantage of the credit. The ERC applies for 2020 and 2021 and there is a three-year window to file an amended return. Since this credit applies to quarterly activities …
NEW! Inflation Reduction Act changes 179D building deduction
The Section 179D Energy Efficient Commercial Building Deduction provides a deduction of up to $1.88 per square foot for both building owners who construct new or renovate existing energy efficient buildings as well as designers of government-owned buildings. The Inflation Reduction Act of 2022 recently …
Inflation Reduction Act Doubles the R&D Tax Credit for Startups
The Inflation Reduction Act of 2022 will double the maximum R&D tax credit that a startup can take to reduce their payroll taxes from $250,000 to $500,000. Since the tax credit is taken against payroll taxes, even unprofitable startups can take advantage of this incentive …
Is Double-Dipping Allowed on ERC, WOTC, and PPP Loan Wages?
Many clients are asking us: May I use the same payroll for PPP forgiveness, the ERC, FFCRA, and WOTC? Although there is no IRS rule prohibiting you from using the same pay period’s payroll for each of these credit and relief options, your organization must …
IRS provide additional guidance to employers claiming the Employee Retention Credit, including for the third and fourth quarters of 2021
Under the new notice, an ERC may be claimed by an eligible employer for qualified wages paid in the third and fourth calendar quarters of 2021. An eligible employer is an employer carrying on a trade or business (1) whose trade or business’s operation is …
Rep. Delgado Reintroduces Bipartisan Military Spouse Hiring Act – WOTC
Press Release From US Congressman Antonio Delgado: RHINEBECK, NY – Today, U.S. Representative Antonio Delgado (NY-19), along with Reps. Jimmy Panetta (CA-20), Don Beyer (VA-08), Mike Kelly (PA-16), Cathy McMorris Rodgers (WA-05), and Don Bacon (NE-02) reintroduced the Military Spouse Hiring Act, bipartisan legislation that incentivizes …
REPS. SUOZZI, HORSFORD, BEYER, SCHNEIDER, MOORE INTRODUCE LEGISLATION TO HELP DISADVANTAGED POPULATIONS GET BACK TO WORK
Press Release: Legislation would Increase the Amount of the Work Opportunity Tax Credit, a proven tax credit that helps disadvantaged groups find jobs. Today, Representatives Tom Suozzi (D-NY), Steven Horsford (D-NV), Don Beyer (D-VA), Brad Schneider (D-IL), and Gwen Moore (D-WI) introduced legislation that would …
ERC – Employee Retention Credit – $19,000 Refundable Tax Credit Per Eligible Employee
Retain your employees—receive a 50% or 70% payroll tax credit! The purpose of the Employee Retention Credit is to encourage employers to keep employees on the payroll, even if they are not working during the covered period due to the effects of the coronavirus outbreak. …
WOTC Extended For 5 Years! Great News for Employers!
The Omnibus Spending Bill has now been signed into law finalizing a five-year extension of the Work Opportunity Tax Credit (WOTC) program. The new expiration date for the program is December 31, 2025. The bill also extended the Federal Empowerment Zone program (FEZ) for 5 …
