Key Changes to COVID-19 Incentives Paycheck Protection Loan and Employee Retention Credit

Written by Charlotte Ochs. Updated May 11, 2020.

Life is in a constant state of flux right now with the COVID-19 virus. It has affected daily life and the economy. Congress has worked to provide economic stimulus programs such as loans and credits. The intent of Congress was to stimulate the economy and help employers maintain business and retain employees to alleviate the economic hardship caused by COVID-19. However, as is typical when trying to quickly stop the negative impact of a disaster, details get omitted from the legislation and key areas need clarification as we have seen recently with the Paycheck Protection Program (PPP) and the Employee Retention Credit. More specifically, with the PPP concerning the deductibility of expenses when payments were made with debt forgiven funds and with the Employee Retention Credit in determining whether employers could claim the Employee Retention Credit when the only payments made to furloughed employees was for their health care benefits.

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WOTC 28-Day Application Processing Time - EXTENDED

Written by Stephanie Cornejo Banuelos. Updated Apr 28, 2020.

The Department of Treasury and the Internal Revenue Service (IRS) released new guidelines and provisions under NOTICE 2020-23 in response to the COVID-19 pandemic.  These measures were intended to provide relief to taxpayers in the form of extensions to time-sensitive acts. Most notably under these provisions was the extension of the tax filing deadline to July 15, 2020.

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IRS Expands Time Period to Claim R&D Tax Credits on Prior & Current Year Tax Returns

Written by Mitch Feldman. Updated Apr 17, 2020.

On April 9, 2020 the Treasury Department and the Internal Revenue Service announced another round of relief provisions in response to the COVID-19 pandemic. This new wave of relief measures is intended to provide further benefits to taxpayers in addition to the previous measures already implemented.

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Tax Incentives Play a Key Role in Assisting Businesses in the Coronavirus Stimulus Packages

Written by Darren Labrie. Updated Mar 31, 2020.

Nothing in recent history will affect the U.S. economy to the same magnitude as the global Coronavirus (COVID-19) pandemic crisis.  The effect will reach government agencies, nonprofit organization, businesses and individuals throughout the country.

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Recent Court Ruling Emphasizes Need for Effective R&D Claim Documentation

Written by John Bohannon. Updated Jul 24, 2019.

Some of you may have spent many nights in the grips of a TV crime series or real-life court case; you speculate on the accused, the innocent…the evidence. Whether fact or fiction, in these dramas, the arrest or verdict always comes down to the evidence. It can prove guilt or innocence. But without compelling evidence, justice is not served, and the appropriate outcome is mislaid.

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Work Opportunity Tax Credit and Jobs Act to Help American Workers…Permanently

Written by Rachel Zarate Brouwer. Updated May 20, 2019.

Updated May 20, 2019

Sen. Chuck Grassley (R-IA) announced late last week that lawmakers on the Senate Finance Committee will form bipartisan groups to analyze how best to address expired and soon-to-expire tax incentives, known as extenders.

Finance Committee Democrats and Republicans will convene six separate working groups to analyze tax extenders, with the two largest working groups addressing energy tax incentives and those for economic and community development.

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2018 Hurricane and Wildfire Tax Relief Act: Tax Credits Help Businesses Rebuild

Written by Stephanie Cornejo Banuelos. Updated Mar 9, 2019.

The natural world is full of awe-inspiring wonder. From simple gardens growing in our backyards, to the epic beauty of national parks like Yosemite or the Grand Canyon, Mother Nature stirs up a wide range of emotions and experiences.

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Don't Be Shocked by What May Qualify as Research Activity for Electrical Contractors

Written by Corporate Tax Incentives. Updated Feb 16, 2019.

Opinions, opinions, opinions…. everybody has them and the latest one on the application of section 41, the “R&D Tax Credit”, is fresh off the presses from the federal court in the southern district of Ohio.

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R&D Credits ‘Make the Cut’ with the Tax Cuts and Jobs Act

Written by Charlotte Ochs. Updated Jan 19, 2019.

When President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law a little over a year ago, he enacted the most sweeping update to the U.S. tax code since the 1986 tax reform enacted under President Reagan.

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Elephant in the Room: IRS Addresses WOTC Certification Delays

Written by Corporate Tax Incentives. Updated Jan 15, 2019.

There it is. Slowly lumbering around…back and forth. Everyone is keenly aware of its presence. In fact, it cannot be ignored. An immovable obstacle…a disconcerting distraction of mammoth proportions. With it comes a sense of helplessness, as your business and thousands more like it across the country are faced with the five-ton frustration of certification delays for the WOTC (Work Opportunity Tax Credit), and the burden of amended return filings.

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