In June 2016, section 159 of the tax code was amended by section 162(m) of the Tax Cuts and Jobs Act (TCJA) (commonly referred to as the “Tax Cuts and Jobs Act”). This section affected a number of tax provisions that govern the treatment of qualified prior-year compensation. Specifically, the TCJA generally recognized an exception…
Beginning with Accounting 101, companies must publish financial statements, which identify the sources of funds used in connection with the provision of their products and services. The Company’s financial statements and related disclosures must identify the sources of the funds used in the production of the documents, including the existence and size of current and…
According to the IRS, employers of 100 or more employees must make good on quarterly tax payments equal to 85 percent of eligible employee wages. The IRS calls this tax credit, payroll tax credit, and it’s one of the most tax-efficient ways to give back employees. Simply put, if an employer has more than 100…
If you haven’t heard, Congress has just passed the Capps Employee Retention Credit Act. Although it was passed a week ago, the credit will not take effect until 2013. The credit is a credit-of-up-to $2,000 for employers who purchase credit insurance for employees who leave for a new job or other extenuating circumstance, such as…
The IRS recently released draft form 941 for calendar year 2017, which includes new questions about the employer credit for employee retention (ERCR) and the work opportunity tax credit (WOTC). Both credits are available only to eligible small employers, but there are several differences between them that can make planning your business’s tax liability easier…
Employees will be able to use their taxes to offset $6,000 of the credit they claim on January 1st, 2020. Taxes will begin again on March 31st, 2021 and employee retention can be used to reduce the amount of taxes you owe for taxes for the previous year. It was a relief to many companies…
