Work Opportunity Tax Credit Reauthorized Through 2025

Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to employment. According to the Department of Labor, “Each year,...

Employers Get Tax Breaks for Vaccination Leave

Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from...

DHS Adding 22,000 to H-2B Program

The Department of Homeland Security has announced it is “taking action to ensure that American businesses are equipped with the resources needed to recover successfully and contribute to the economic health of local communities.” Citing increased labor...

IRS offers safe harbor for claiming PPP loan deductions

Reposted from an AccountingToday April 22, 2021 news article. The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year. The Internal...

Do You Need an Economic Injury Disaster Loan?

Even before the pandemic, the Small Business Administration offered Economic Injury Disaster Loans for “losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) for both personal and business” expenses and for...

IRS Provides Additional Guidance on Food Deduction

The IRS has issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a...
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