As a follow up to the very popular blog post “Corporate Tax Professionals Surprised By Stunning ‘Spans & Layers’ Report By Bain And Company“, I want to share with you several people sent me private emails commenting on the blog post because they did not want to post publicly. However, they wanted to acknowledge the article as something that hit a nerve for them. One comment that covered the thoughts of many was “It is much harder in corporate these days as the expectation is to do much more work with much less in-house support.” Corporate tax leaders are often pushed to the limit in a more complex tax environment. As a result, the future Read more
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Business Will Surge For Tax Advisory Services Firms As Corporations Implement Spans And Layers Strategy
FLASH ALERT! WOTC: IRS Notice 2015-13: Providing Transition Relief For Employers Submitting Late WOTC Applications
We Have Been Waiting For This!
The IRS has released IRS Notice 2015-13, which provides transition relief given the late retroactive renewal of the Work Opportunity Tax Credit program in December 2014. Notice 2015-13 waves the 28-day deadline for submitting IRS Form 8850 (the WOTC Pre-screen Notice) for qualifying employees hired in 2014. The extended deadline for submitting the applications for affected employees is now April 30, 2015.
From the Notice:
CPAs: Review California Clients Today for Enterprise Zone Credits (Up to $50,000 Per Qualified Employee)
On June 27, 2013, the California State Assembly passed AB 93, which eliminates the current Enterprise Zone (EZ) program, replacing it with a new set of incentives, which will be statewide in application. This change requires businesses to take action now to get the most out of existing credits while also preparing to take advantage of the new credits that will be effective January 1, 2014.
The EZ program was first established in 1986 and has been used to attract business to depressed areas in California and to support new and existing businesses located in depressed areas of the state. The program has allowed qualified businesses to claim hiring credits on qualified employees and sales tax credits on qualified purchases.
Do your clients need help understanding the immediate steps they must take? If your clients (CPAs: review your California clients) are in one of California’s 42 EZs, pay California income tax, and have employees, they are a prime candidate to review the various credits that remain available. These credits and refunds can be reviewed for the last four (4) open tax years. The time to act is now. After December 31, 2013 — your clients will have forfeited up to $50,000 per qualified employee. Read more