With the new Tax Cut & Jobs Act Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way. Read more
Tag Archive for federal tax
Employers may want to consider the Work Opportunity Tax Credit (WOTC) for new hires. WOTC is a federal income tax credit available to employers that hire individuals from targeted groups that have traditionally faced barriers to employment.
The Veterans Opportunity to Work to Hire Heroes Act of 2011 (“VOW to Hire Heroes Act”) expanded the tax credit for veterans and the Protecting Americans from Tax Hikes of 2015 (“PATH Act”) extended WOTC through December 31, 2019. A qualified veteran is a veteran certified as any of the following: Read more
The Internal Revenue Service (hereinafter the “Service”) announced that it will commence accepting tax returns electronically filed on January 20th of 2015. Hard copy tax returns will also be accepted and processed starting on this date as well.
The Service’s decision follows the passage of the tax extenders package into law on December 19, 2014 which retroactively reinstated over 50 tax incentives that had previously expired on December 31, 2013. “We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems,” said IRS Commissioner John Koskinen in a prepared statement. “Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season.”