Archive: tax credit

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Tax Credits Available to Hospitality Owners for Hiring Employees from “Targeted Groups”

As labor costs continue to rise for most hospitality owners, as well as employers in other industries, there is a tax credit available that can assist in mitigating some of the labor costs to the business owner. The Work Opportunity Tax Credit is available to business owners on qualified first- and/or second-year wages that are […]

Refundable Tax Credit For D.C. Retail Businesses

Businesses in the District of Columbia should not overlook the Small Retailer Property Tax Relief Credit. The term “small retailer” implies a narrow scope of eligible businesses, but the credit applies to more business activities than the program’s name suggests. Plus, the credit is easy to claim and refundable.  For tax years beginning on or […]

Maryland Offers Physician Tax Credit

Maryland is launching a new program aimed at bringing physicians to underserved areas of the state. As of June 1, 2016, Maryland physicians can earn a credit reducing state income tax from $1,000 up to $10,000 by serving as a preceptor to medical students in areas with health care workforce shortages. According to the American Association […]

Additional Extension: Work Opportunity Tax Credit

On June 17, 2016, the IRS issued Notice 2016-40, which extends the transition relief period for employers claiming the Work Opportunity Tax Credit (WOTC) for new qualifying employees until September 28, 2016. Specifically, the notice grants an extension of time to submit Form 8850, Pre-Screening Notice and Certification Request to the Designated Local Agency to certify […]

How to Get Your ACA Tax Credit When You’re a Tax-Exempt Organization

Under the Affordable Care Act (ACA), a small employer can claim a portion of insurance premiums paid as a tax credit. But what do you do if you are a tax-exempt organization? Don’t worry! You can still claim the credit if your organization is eligible. Eligible tax-exempt organizations can claim up to 35% of premiums paid. […]

Changes to the Healthcare Tax Credit for Small Business Employers

As small businesses work to keep up with the evolving state of healthcare in the U.S., recent tax changes may be a double-edged sword for employers. The good news is that the available tax credit, for plan years beginning after December 31, 2013, has increased from 35 percent up to 50 percent of premiums paid […]

Tax Credit for Hiring Veterans

There is a maximum tax credit of $6,240 per worker available for nonprofit organizations hiring veterans who are employed before year end.  Details, factors, and deadlines can be found here on the IRS website.

The Basics to Know About Foreign Tax Credits

1. Foreign Taxes Paid by a U.S. Company Conducting Business Activities Directly in a Foreign Country or through a Foreign Branch C Corporation – A U.S. company that is a C corporation which conducts business in a foreign country directly or through a foreign branch may claim a foreign tax credit for foreign taxes paid […]

Maryland Tax Alert: Securing a Big Tax Credit for Security Clearance and SCIF Expenses

Maryland recently enacted a new income tax credit for individuals and corporations for qualifying expenses with respect to: (1) security clearance administrative expenses incurred with regard to an employee in the State; and/or, (2) construction and equipment costs incurred to construct or renovate sensitive compartmented information facilities (SCIF) located in Maryland. Credit Amount: The credit […]

Opportunity for Maryland Taxpayers: Get Credit for Taxes Paid to Other States!

Maryland taxpayers who were not permitted to claim a credit for personal income taxes paid to other states against their local income tax (i.e., City, County or Town) may still claim such a credit on a timely filed protective claim for refund for a tax year with respect to which such opportunity is still available. […]