New COVID-19 Vaccine tax credit for select employers

On Wednesday, April 21,2021, President Joe Biden announced a refundable tax credit available for select businesses that pay employees that need to take time off to get vaccinated for COVID-19.  This is part of the administration’s effort to involve employers to promote vaccination. "Today we hit 200 million shots," Biden said. "It's an incredible achievement for the nation. I'm calling on every employer, large and small, in every state to give employees the time off they need with pay to get vaccinated," said the President. Here are the ...
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The challenges of managing a remote workforce

It's hard to imagine that already a yea...
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Legislative Update October 28, 2020

Will WOTC get renewed? As we enter the elections and remaining part of Q4, many companies are wondering about the status of the Work Opportunity Tax Credit (WOTC) and its renewal.  For those who may not know, the current WOTC program is set to expire on December 31, 2020 and unless congress passes legislation, the program will enter into a state of hiatus.   Hiatuses are not uncommon for WOTC.  In fact, since WOTC was created in 1996, it has had its share of hiatuses, which generally means that employers continue to screen and file th...
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California unveils new hiring credit targeting small businesses

With millions of Californians out of work, on Wednesday, September 9, Gov. Gavin Newsom signed a law giving tax breaks to small businesses that hire employees over the next three months.   The incentive program will offer businesses of 100 employees or less a tax credit of $1,000 on their state tax bills for each new employee hired by Dec. 1, 2020.  The credit only applies to businesses that have lost at least 50% of its revenue from April to June 2020, compared to the same time period in 2019.The credit is capped at $100 million statewide, or $100,000 for...
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Legislative Update - July 29, 2020

New Stimulus Bill in the works:
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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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