Tax Credit Blog


Employee Retention Credits Are Being Cancelled

Finally, after the tragic year that 2020 was, things were starting to look up again. Businesses were reopening and hiring people and the economy had finally started to show signs of recovery and strength after a year of stagnation and recession. The summer of 2021 was the start of making up for that lost year. … Read more

If your revenue is down by more than 20% because of the pandemic you could be entitled to fully refundable tax credits

The CARES Act and Consolidated Appropriations Act, 2021 allows eligible businesses to claim an Employee Retention Credit (ERC) to encourage businesses to keep employees on their payroll. Subsequent legislation, like the Taxpayer Certainty and Disaster Tax Relief Act of 2020, amends and extends the benefits of the ERC (along with the availability of advance payments), … Read more

The $900 billion COVID-19 relief bill extends WOTC benefits through 12/31/2025

The Work Opportunity Tax Credit Program (“WOTC”) and the Empowerment Zone Program (“EZ”) will continue to pay hiring tax credits through 2025. The Indian Employment Tax Credit (“IETC”) was extended only through the end of 2021. If you’re taking advantage of these programs, great. If not, now’s a good time to get started. On average … Read more

Four Reasons to Hire Veterans

A persistent barrier to considering veterans for employment is perception. Notably in the movies or the news, a distorted view of veterans exists. This can be very dramatic, but it can stigmatize members of an organization that include over 2 of the most highly trained and adaptable workers possible. This stigmatization has the unfortunate result … Read more

New Unemployment Claims Remain High, Tax Credits More Lucrative

According to a News Release by the Department of Labor dated September 17th, new Unemployment Rates still remain very high with states reporting that 860,000 workers filed New applications for Unemployment claims. This was a reduction from the previous week (893,000), and lower than the rolling 4-week average, but this is still over 4 times … Read more

Employer Retention Credit in Combination with WOTC

Trying to understand the connection between the Employer Retention Credit (where an employer would get 50% of the first $10,000 they pay someone to keep them on payroll), the Work Opportunity Tax Credit (up to 40% of the person’s first year wages, depending on the category), and the Payroll Protection Program which provides small business … Read more

Coronavirus Leads to New Tax Saving Measures on the Horizon

Ken Brice here.  As someone who’s been involved with companies to help reduce their tax bite for over 20 years, I wanted to bring you up to speed on a couple of tax saving opportunities that are developing now and are important to companies in these tough times. As all companies are dealing with this … Read more

WOTC Outlook for 2020

There appear to be a number of challenges ahead of getting WOTC permanently added to the tax code.  The below is from Paul Suplizio, President of the WOTC Coalition. January 28, 2020 Renewing WOTC will be hyper-challenging this election year, not only because we’ll be lobbying candidates face-to-face at every opportunity (congresspersons and senators are … Read more