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Tag: tax credits


Tax Code, Regulations and Guidance

Circling back on foreign tax credits

November 13, 2023

Via: POLITICO

A bipartisan crew of House members is urging the Treasury Department to give businesses a further break on new Foreign Tax Credit regulations. Treasury announced back in July that they were giving taxpayers a two-year reprieve from those rules, which […]


Tax Code, Regulations and Guidance

IRS Releases Proposed Rules on Selling Energy Tax Credits

June 28, 2023

Via: JD Supra

On June 14, 2023, the IRS released proposed regulations on the provisions created under the Inflation Reduction Act of 2022 (the “IRA”) that will allow developers to sell energy tax credits. Transferability is expected to supplement (and in some cases […]


Tax Code, Regulations and Guidance

8 Small Business Tax Credits That Your Company May Qualify For

April 28, 2023

Via: Fit Small Business

Business tax credits can be a powerful tool for small businesses to lower their tax bill directly. If you’re eligible for any of the tax savings credits—such as Work Opportunity Tax Credit, Employer Credit for Payroll Taxes Paid on Employee […]


Tax Code, Regulations and Guidance

IRS Issues Guidance for Energy Tax Credits in Low-Income Communities – Notice 2023-17

February 17, 2023

Via: JD Supra

The Inflation Reduction Act of 2022 (IRA) created several new tax incentives to encourage developing clean energy projects that would benefit underserved communities and individuals. Among these incentives, Congress included generous adders to the Section 48 investment tax credit (ITC) […]


Business Law & Regulations, Employment & Labor

New Federal Tax Credits Require Compliance with New Prevailing Wage and Apprenticeship Mandates on Clean Energy Construction

October 14, 2022

Via: JD Supra

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (IRA) of 2022. Among many other provisions, the IRA contains a new federal 30% tax credit for private construction, alteration or repair of qualifying clean energy projects, […]


Tax Code, Regulations and Guidance

Protecting Americans From Tax Hikes (PATH) Act Definition

October 6, 2022

Via: Investopedia

What Is the Protecting Americans From Tax Hikes (PATH) Act? The Protecting Americans from Tax Hikes (PATH) Act of 2015 is an Obama-era law that expanded or renewed a number of tax credits for individuals, families, and businesses while implementing […]


Tax Code, Regulations and Guidance

IRS Publication 970: Tax Benefits for Education Definition

September 20, 2022

Via: Investopedia

IRS Publication 970 is a document published by the Internal Revenue Service (IRS) that provides information on tax benefits available to students and families saving or paying for college. It explains the tax treatment for the most common forms of […]


Business Law & Regulations, Finance

How Do Government Subsidies Help an Industry?

September 15, 2021

Via: Investopedia

Do Subsidies Help the Economy? Government subsidies help an industry by paying for part of the cost of the production of a good or service by offering tax credits or reimbursements or by paying for part of the cost a […]


Business Law & Regulations, Finance

Deadlines for 2021 Estimated Taxes

September 9, 2021

Via: Investopedia

When Are Quarterly Taxes Due? People who work for companies have estimated taxes withheld from their paychecks, but independent contractors, business owners, and those who live on investment income are required to proactively pay estimated taxes on a quarterly basis. […]


Business Law & Regulations, Employment & Labor

Labor Shortage Draws Attention of U.S. Lawmakers

June 3, 2021

Via: The Wall Street Journal

With millions of Americans still out of work and job openings at a record high, policy makers are dealing with an unexpected problem: How to coax people back into the labor force. Congressional lawmakers from both parties are considering incentives […]


Business Law & Regulations, Employment & Labor

Employers Offer Voluntary FFCRA-Like Leave

February 3, 2021

Via: SHRM

Many employers are providing voluntary Families First Coronavirus Response Act (FFCRA) leave, even though organizations aren’t sure if they will qualify for a tax credit for doing so. Employer obligations to provide FFCRA paid sick and family leave expired at […]


Tax Code, Regulations and Guidance

Understanding State Income Tax vs. Federal Income Tax

January 30, 2020

Via: Investopedia

The United States has a multi-tiered income tax system under which taxes are imposed by federal, state, and sometimes local governments. Federal and state income taxes are similar in that they apply a percentage rate to taxable incomes, but they […]


Tax Code, Regulations and Guidance

What Are Some Ways to Minimize Tax Liability?

December 3, 2019

Via: Investopedia

Few of us want to pay more tax than we have to. Understanding the tax credits and deductions that we’re eligible for, and calculating them correctly, can mean the difference between owing more money at tax time or receiving a […]


Tax Code, Regulations and Guidance

Small Business Tax Rates: How Much Businesses Actually Pay in Taxes

March 26, 2019

Via: Fit Small Business

Based on an SBA study, small businesses pay an average tax rate of 19.8%. The actual tax rates that apply to small businesses vary significantly based on business entity, income, deductions, tax credits, and rates in effect for the year. […]