Tax Credits and Incentives Articles
Employee Retention and Family and Medical Leave Tax Credits
Posted by Timothy Bubar on February 11, 2021
The new Consolidated Appropriations Act provides employers with some payroll-related tax breaks. This article looks at the extended and modified employee retention tax credit and family and medical leave credit. It also explains how the law affects a 2020 executive order that enabled employers to postpone payment of certain withholdings.
Treasury Releases Foreign Tax Credit Regulations
Posted by Amanda Mooney on October 22, 2020
On September 29, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) released an early version of final regulations (the 2020 FTC final regulations) for publication in the Federal Register.
Take Aim at Tax Credit for Hiring Target Workers
Posted by Kristin Re’ on October 07, 2020
Manufacturers that laid off workers during the COVID-19 crisis may be restaffing their operations. Others that produce essential goods or implemented pivot strategies may be looking to hire new workers to keep up with demand. If your business is actively recruiting, consider certain “target” groups that could qualify for the Work Opportunity Tax Credit.
Start-Ups Can Increase Cash Savings by Claiming R&D Payroll Credits Along with COVID-19 Aid Packages
Posted by Kristin Re’ on May 01, 2020
Start-ups that are eligible to claim the R&D credit for payroll tax offset can increase the cash benefit by also taking advantage of recent novel coronavirus (COVID-19) aid packages.
New York State Budget Approval Adds Two Additional Tax Credit Programs
Posted by Kelsey Weigel on April 27, 2020
Included as part of the recently signed 2021 New York state budget, the Excelsior Jobs Program has been expanded to allow for a higher amount of tax credits for companies working on green projects.
7 Valuable Tax Credits for Small Businesses
Posted by Michē Needham on March 06, 2020
Unlike tax deductions, tax credits reduce your tax bill, dollar for dollar. But some taxpayers who file their own returns risk overlooking these lucrative tax-saving opportunities. Here's an overview of seven popular credits for small business owners to consider on their 2019 tax returns and beyond. Several of these breaks have been recently increased or extended by Congress.
New Law Provides Manufacturers With Tax-Saving Opportunities
Posted by Cory Van Deusen V on January 29, 2020
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extends various business credits and incentives, repeals a tax aimed at manufacturing companies and creates a new credit for employers in disaster areas.
Federal Opportunity Zones: Investment and Deferral Strategy
Posted by Brian Kern on January 06, 2020
With the passage of tax reform legislation knows as the Tax Cuts and Jobs Act (TCJA), a significant opportunity exists for investors to defer capital gains tax owed.
Final Regulations Limit Federal Charitable Contribution Deductions in Connection With Receipt of State Tax Credits
Posted by Mark Stack on August 12, 2019
On June 13, 2019, the IRS and Treasury Department issued final regulations under Section 170, limiting federal charitable contribution deductions when taxpayers receive or expect to receive state or local tax (SALT) credits in return for charitable donations.
IRS and Treasury Release Second Set of Opportunity Zone Guidance
Posted by Cory Van Deusen V on June 14, 2019
On April 17, 2019, the IRS and Treasury issued its much anticipated second set of proposed regulations under Internal Revenue Code, Section 1400Z-2, Special rules for capital gains invested in opportunity zones.