IRS Issues Notice on State and Local Tax Deductions
The U.S. Department of the Treasury and the IRS have issued a notice stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal law controls the characterization of the ...
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Staffing Employment Robust in April
Temporary help employment edged up 0.3% from March to April, and was 3.9% higher than in April 2017, according to seasonally adjusted data released today by the U.S. Bureau of Labor Statistics. Year-to-year staffing job growth has averaged 3.8% per month in the first four ...
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Trump Signs Executive Order Mandating Work for Welfare Recipients
President Donald Trump quietly issued an executive order on April 10 calling for federal government agencies to enforce new requirements for low-income recipients of food assistance, Medicaid, and low-income housing subsidies to join the work force or lose their benefits. The move is part of ...
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What Are Tax Credits? What Small Businesses Need to Know
Tax credits vary widely and reduce taxes owed dollar for dollar. But what are tax credits, exactly? Tax credits differ from tax deductions, which most small businesses claim for expenses like office supplies and employee wages, in that deductions serve to reduce taxable income, resulting in lower ...
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WOTC Tax Credits Survive Tax Reform!
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act {see Business Tax Reform, Section E (4) page 287} which President Trump signed into law on Dec. 22, 2017, confirming that “WOTC remains active and will continue to stay”. This is excellent news for companies nationwide, especially those with ...
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