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 ...
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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 ...
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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 ...
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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. ...
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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 ...
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WOTC is a Tax Credit, not a Deduction. What’s the Difference?
You may know claiming tax deductions and tax credits can help lower the amount of tax you owe, but do you know the difference between the two? What is a tax deduction? A deduction reduces the amount of income you pay taxes on, which means ...
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Expanding WOTC For Student Veterans
U.S. Senator Heidi Heitkamp recently announced that she introduced bipartisan legislation that would allow more student veterans in North Dakota and across the country to take advantage of paid internships and part-time work while furthering their educations after their military service. Many student veterans have ...
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IRS Announces New Employer Tax Credit for Paid Family and Medical Leave
As reported by the CPA Practice Advisor: The IRS has announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition, eligible employers who set up qualifying ...
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WOTC Hiring Credit Passes Committee Vote In California
We are pleased to report that on August 8th, AB-916 , the bill proposing the state WOTC program, was passed by bipartisan unanimous 7-0 vote in the Senate Governance and Finance Committee. As the bill continues to progress through the committees, including the Senate Appropriations ...
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WOTC 28-Day Deadline Explained
The Work Opportunity Tax Credit (WOTC) is a federal program, and it is administered at a state level via State Workforce Agencies who handle the review, processing and distribution of certifications (or denials). State Agencies require employers, or service providers like WOTC.com, submitting WOTC applications to ...
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