A new credit has been introduced to an already sizable list of credits offered by the State of GA. The Georgia Qualified Parolee Jobs Tax Credit, effective January 1, 2017 – December 31, 2019, is an income tax credit available to employers who hire individuals who have recently been granted parole.
Hotels are faced with rising operating costs including increased taxes, escalating minimum wage rates and high employee turnover. It can be difficult for hotels to stay profitable without compromising guest satisfaction. Taking advantage of various tax savings programs including targeted employment incentives (like the Federal Work Opportunity Tax Credit), state employment based incentives and training based incentives may help boost your hotel’s bottom line by offsetting the costs of some of the most prevalent offenders such as increased taxes, escalating minimum wage rates and high employee turnover.
Federal and state employment and job creation incentives are developed to address overarching issues of our country’s economic development. Employment tax credit programs are each unique regarding its specific goals and objectives but increasing business growth is a common focus e.g. (job creation and capital investment) and/or emphasis on employing individuals with certain barriers to employment.
The Protecting Americans from Tax Hikes Act, known as the PATH Act, protects taxpayers against fraud. Some components of the act have expired, but there are still many active components that could benefit your business.
Companies of all industries and sizes can be eligible for the federal R&D credit. As such, the credit is not limited to specific industries or company size. Any company that designs, develops, or improves products, processes, techniques, formulas, inventions, or software may be eligible.
Many businesses within the hospitality industry were negatively impacted by the string of devasting hurricanes that hit the United States and the Caribbean during the late summer and early fall of 2017. Many hotels and resorts, among other businesses, were left inoperable due to the damages their facilities sustained during Hurricanes Harvey, Irma and Maria and many of those hotels and resorts continued to pay their employees not only on the day the hurricane hit, but during their recovery efforts and while the business was left inoperable. For these businesses, the Hurricane Disaster Relief credit can bring economic relief.
Some people choose to implement energy efficiency changes into their homes and buildings solely out of concern for the environment. However, there are many cost-saving benefits that when outfitting a green building.
Myths surrounding the R&D tax credit are the reason why so many companies fail to understand the eligibility requirements. The fact is that the IRS and our government want to encourage as much research and development as possible, but the R&D regulations are constantly changing.
Architectural and Engineering (“A&E) companies often fail to realize that they can take advantage of the credit for increasing research activities (“R&D Tax Credits”) under Internal Revenue Code §41 without even being aware of the program. Some of the common misperceptions and areas often overlooked involve the following:
In response to the devastating hurricanes that struck the U.S. and its territories recently, President Trump on September 29, 2017 signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (HR 3823) to provide targeted tax relief for taxpayers impacted by Hurricane Harvey, Irma and Maria. Included in the legislation is an employee retention tax credit for qualified employers located within designated disaster areas related to the hurricanes. The tax credit is equal to 40% of qualified wages of up to $6,000 (a maximum credit of $2,400) for each qualified employee.