IRS issues Notice to extend WOTC form filing deadline

On April 9, IRS issued Notice 2020-23 to provide relief relating to certain deadlines for taxpayers in response to the COVID-19 national emergency, declared in March of this year. Under the notice, a “time sensitive act” due to be performed on or after April 1, 2020, and before July 15, 2020, can be performed by July 15, 2020.   While WOTC and Form 8850 were not explicitly mentioned in the notice, the Notice explicitly includes as an “Affected Taxpayer...
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IRS issues FAQ's for Family-First Coronavirus Response Act

  ClicOn April 17, the Internal Revenue Service (IRS) posted new Frequently Asked Questions (FAQ) regarding COVID-19-related Tax Credits for required paid-leave provided by small and midsize businesses -- sick leave and family leave.   General Summary: The Families First Coronavirus Response Act (the "FFCRA"), signed by President T...
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Retention Tax Credit Opportunity

Earlier today, the U.S. Senate Finance Committee today released a series of Frequently Asked Questions (FAQs) prepared by the committee’s Republican staff to address the employee retention credit provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES ) Act (Pub. L. No. 116- 136).    Please note that these FAQs are for informational purposes and should not be relied on for legal advice. What businesses qualify for the employee retention credit? 
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CARES Act - signed into law

On Friday, March 27, President Donald Trump signed  the “Coronavirus and Economic Security Act” (also known as the CARES Act) into law, after a voice-vote approval earlier that day by the U.S. House of Representatives and an unanimous vote by the U.S. Senate on Wednesday of last week.  The CARES Act, estimated at $2.2T is the largest economic stimulus ever approved in the history of the country.  The stimulus bill delivers extraordinary spending to confront the country’s disruption due ...
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IRS publishes details for 2018-2019 Disaster Relief

IRS published information and instructions for companies to claim a special retention tax credit, available for businesses impacted by 29 identified natural disasters. Disaster Relief Highlights: Businesses that retained employees during these disasters are entitled to claim a tax credit equivalent up to $2,400 per eligible employee The identified disasters include Hurricanes Michael, Harvey, Texas’ severe storms, as well as California’s wildfires, to name a few Disaster Relief Zones include select counties within California, Texas, Flor...
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Update: Worker Paid-Leave & COVID-19 Tax Credits for select employers

Paid Sick-Leave for Workers  For COVID-19 related reasons, employees receive up to 80 hours of paid sick-leave and expanded paid childcare leave when employees’ children’s schools are closed or childcare providers are unavailable.  The Act will help the United States combat the financial strain employers are incurring as a result of the COVID-19 pandemic.   American businesses with fewer than 500 employees will r...
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Important Update: Family-first Coronavirus Response Act - signed into law

H.R. 6201 - Enacted this week
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Legislative Update: Congressional Action to COVID-19

H.R. 6201 - Expected soon The COVID-19 crisis has sparked an unprecedented response and action from Congress, urging lawmakers to work together and act swiftly to respond to the economic crisis looming over the country. As a result, Congress is expected to enact H.R. 6201 "Families First Coronavirus Response Act" as early as this week. Things are moving fast in Congress.  Yesterday, at a lunch event, Senate Majority Leader Mitch McConnell (AL-R) said “The Senate will not leave town until we have passed another bill to address this emergency....
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Walton's response to COVID-19 Crisis

As we navigate through this unprecedented environment, I felt it is important to take a moment to express our hope for you and your employee’s good and continuing health in this difficult time and to inform you of Walton’s plans to continue to deliver service and support for our clients. Walton has operational and technical services that are centralized to deliver support to our clients and distributed for technical operations.  To ensure the safety and well-being of our employees, Walton is employing additional safety measures that will allow us to continue to opera...
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Important News: WOTC is renewed!

On Friday, December 20th, President Trump signed H.R. 1865 into law.  This provides a one-year extension for the Work Opportunity Tax Credit (WOTC), including VOW To Hire Heroes tax credits, and retroactive extensions through 2020 for Federal Empowerment Zone and Indian Employment Credit.
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