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 ...
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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 ...
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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 ...
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Tax Alert: Bill to Extend WOTC, IEC, FEZ, and Disaster Relief Signed into Law
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, ...
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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 ...
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House Panel Approves Bills on Tax Extenders, Expanding WOTC Tax Credits
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 ...
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U.S. Senators Introduce Bipartisan Bill to Make Work Opportunity Tax Credit Permanent
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 ...
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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 ...
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An Important Message Regarding the Future of the CDPAP Program
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 ...
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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 ...
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