TaxConnections


 

Tag Archive for Tax Credits

Tax And Business Climate In Mississippi

Monika Miles

This month we travel to the land of Dixie, the southern state of Mississippi. The state is heavily forested with over half of the state’s area covered by wild trees including mostly pine, as well as cottonwood, elm, hickory, oak, pecan, sweetgum and tupelo.

Read more

New Mexico—Tax Focus And Business Climate

Monika Miles

Welcome to the Land of Enchantment! This month we travel to the southwestern state of New Mexico. The states of New Mexico, Colorado, Arizona and Utah come together at the Four Corners in the northwestern corner of the state, the only such occurrence in the U.S. Although a large state, New Mexico has very little water, with a surface area of only about 250 square miles.

Read more

Maryland – Tax And Business Climate

Monika Miles

This month we travel to the birthplace of religious freedom in America, the state of Maryland. Formed by George Calvert in the early 17th Century, the state was intended as a refuge for persecuted Catholics from England. George Calvert was the first Lord of Baltimore and the first English proprietor of the then-Maryland colonial grant. Maryland was the seventh state to ratify the U.S. Constitution, and played a pivotal role in the founding of Washington D.C., which was established on land donated by the state.

Read more

The Service Issues New Administrative Authority Governing R&D Tax Credit Claim Filers

On Thursday, March 30th, the Department of the Treasury (hereinafter the “Treasury Department”) and Internal Revenue Service (hereinafter the “Service”) issued interim administrative guidance in the form of IRS Notice 2017-23 clarifying how eligible start-up companies (i.e., those companies with less than $ 5 million in gross receipts and earning revenue for less than 5 years) can take advantage of a new option enabling them to apply part or all of their R&D Tax Credit against their federal-level payroll tax liability, instead of their income tax liability. As a reminder prior to January 1st of 2016, taxpayers could only take the R&D Tax Credit against their income tax liability.

Read more

ACA & The Tax Provisions It Provides

Annette Nellen

Lots of drama on possible repeal/repair of the Affordable Care Act with the House vote postponed to Friday (March 24) (see CNBC story). There are a lot of tax provisions in the ACA. I’ll share a list of created of them based on when they went into effect (and the Cadillac tax has not yet gone into effect). And one provision was only added in December 2016 via bi-partisan legislation!

Read more

Canada Tax FAQs – Payroll Tax Rates For 2017

Grant Gilmour

What are the payroll tax rates changes for 2017 for withholdings?Payroll tax rates change every year and it is important for you to know the correct rates when preparing payroll remittances.

Please visit our payroll tax post for more figures and for updated rates for 2017 with 2016 comparison. Or read the entire chart below.

Read more

Hawaii – A Focus On Tax Climate And Credits

Monika Miles

Aloha! This month we travel across the ocean to the island paradise of Hawaii. In the state, you can attend a luau to experience true Hawaiian culture, relax on the beach or hike in one of the many tropical forests or mountains.

Read more

Drive Your Taxes Down: Purchasing A New Car Offers Tax Benefits

Barry Fowler

If you’re in the market for a new car or you’ve purchased one this year, you might also be in for some great tax benefits. That is, if you purchase a plug-in electric vehicle or low-speed or two-or three-wheeled vehicles.

Read more

Georgia’s State Tax Climate Is Attractive

The last of the original thirteen colonies is Georgia, the Peach State. Georgia is also known as the Empire State of the South. The state has varied terrain with mountains and natural rock in the northwest, urban areas, forest in the southern part and farmland.

Read more

A List Of Provisions Expiring In 2016

Harold Goedde

Unless Congress passes legislation to extend them, the following provisions are set to expire on December 31:

2016:

Read more

West Virginia: Focus On Tax Climate

Monika Miles

Known for its mountainous landscape and rolling hills, this month we travel east to West Virginia. The state has a rich history and is embedded in the Appalachian Mountains.

West Virginia is known for a wide range of outdoor recreational activities, such as skiing, whitewater rafting, fishing, hiking, backpacking, mountain biking and hunting. For something on the calmer side, the state offers many golf courses.

Read more

Tax Preparation Questions To Ask Yourself

Milton Boothe

When you leave your tax preparer’s office each year, there are two very important questions you should probably be asking yourself.

Question #1:

How secure is your personal information after you leave it with your tax preparer? Probably not very secure! Do they leave your paperwork lying about the place, accessible to all, after they have completed your taxes? Are their computers adequately protected by firewalls and effective anti-virus software? Is there adequate background checks done on their employees, who obviously will have unlimited access to your sensitive personal information? The honest truth is that you really don’t know.

Also, you should be concerned about hackers. These criminals have been successful in hacking into supposedly very secure government computer systems; the Office of Personnel Management, and even the IRS itself come to mind immediately. These people know that they will have access to a treasure trove of personal information if they were to hack into the computers of H&R Block, Liberty Tax, or any CPA or other tax preparation office. So what is to stop them from hacking into your tax preparer’s computer, which obviously will be a lot less protected than the government’s computers? Read more

TaxConnections