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- Congress Extends Employers' Hiring Tax Credit for Another Year
- Employers that hire disadvantaged individuals, such as unemployed veterans, SSI recipients, and ex-felons, among others, may benefit from a substantial federal tax credit. Hiring certain new employees can qualify the employer for the Work Opportunity Tax Credit (WOTC), which Congress extended for one additional year, so that it is now available for wages paid to eligible employees who begin work before January 1, 2021.
- IRS Letters: Tax Scam or Something You Need to Address?
- Received a letter from the IRS? Stop, breathe, and contact your tax professional. Then follow these steps.
- Congress Adds More Uses for College Savings Plans (Sec 529 Plans)
- Congress originally created the Qualified State Tuition Plan, often referred to as the Sec 529 Plan, as a tax-beneficial incentive for parents, grandparents, and others to save money for an individual’s future college tuition and fees. There is no federal tax deduction for making contributions, but taxes on the earnings within a plan are not only tax-deferred while they are held in the account, they are tax-free when withdrawn to pay for qualified education expenses. Thus, the real tax benefit of these plans is the earnings within the plan accumulating tax-deferred and then being tax-free when withdrawn if used for college tuition and related qualified expenses.
- New Twist Added to the IRA-to-Charity Provision
- Ever since 2006, individuals age 70½ or older have been able to transfer up to $100,000 annually from their IRAs to qualified charities.
- No Employees This Quarter? You Still May Need to File IRS Form 941
- As an employer, you have plenty of obligations when it comes to filing taxes. Among these is the need to file IRS Form 941, the Employer’s Quarterly Federal Tax Return, on the last day of each month following the end of a quarter. Sticking to these deadlines — April 30, July 31, Oct. 31 and Jan. 31 — is essential for remaining in compliance and avoiding an inquiry from the Internal Revenue Service.
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