Tag: tax

July 19, 2023

In a recent article by Tax Notes, tax experts expressed their concerns and hopes for the influx of funding granted to the IRS via the Inflation Reduction Act. Gray Reed Partner Joshua Smeltzer was one of the experts interviewed. Board […]

June 19, 2023

For decades, technology and automation have catalysed massive economic growth and driven improvements in working conditions for many. At the same time, they have also been a source of pessimistic forecasts about the destruction of jobs. Still, history shows us […]

June 15, 2023

On June 5, 2023, the “Decree to promote investment by taxpayers engaged in productive economic activities within the Development Hubs for the Well-being of the Isthmus of Tehuantepec” (Decree) was published in the Mexican government’s Official Gazette of the Federation […]

June 5, 2023

The system of real estate taxation in Pennsylvania is quite complex, resulting in many owners of commercial, industrial, or residential properties paying more than their “fair share” of real estate taxes. With tax appeal deadlines rapidly approaching, now is a […]

June 5, 2023

On May 31, 2023, the Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued Notice 2023-44 (the “Notice”), providing additional guidance on the program established under section 48C(e)(1) of the Internal Revenue Code of 1986, […]

May 19, 2023

Initial reports indicated that registrations for the self-assessment tax have been significantly lower than anticipated. Nonetheless, PPT still looks set to generate revenue of around HMRC’s estimated £235 million in the first year (potentially slightly more in fact). This suggests […]

May 18, 2023

On Friday, May 12, 2023, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-38 (the Notice) providing guidance regarding qualification for the domestic content bonus credit, which was added by the Inflation Reduction Act of […]

May 15, 2023

All is fair in love and war, and by fair we specifically mean the 23 percent national sales tax known as the Fair Tax. If you recall, the proposal, which would get rid of federal income, payroll and estate taxes […]

May 2, 2023

The Work Opportunity Credit (WOTC) is a federal tax credit for employers who hire and pay people who are having trouble getting into the workforce. The credit is usually equal to 40% of the qualified first-year wages of employees who […]

April 28, 2023

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 […]

April 17, 2023

THE AI TAX SCAMMERS COMETH: When Sergey Shykevich, a threat intelligence manager at the cybersecurity company Check Point Research, prompted ChatGPT to produce an example of a tax scam email containing malware, the AI chatbot spit back a grammatically immaculate […]

April 4, 2023

Sure, I could talk about the new legislation pending at the General Assembly but until we get an actual vote (instead of just committee), we’re still in speculation territory. (The CBIA has an update here.) And sure, I could talk […]

March 31, 2023

Employers who hire felons can save money on their federal income taxes through a general business credit called the Work Opportunity Tax Credit (WOTC). The nonrefundable tax credit is worth up to 40% of the first $6,000 paid in wages. […]

March 30, 2023

A long-debated initiative to increase the transfer taxes on Chicago real estate transfers on transactions over $1 million has stalled — at least for the time being. This initiative, which is often referred to as the “Bring Chicago Home” campaign, […]

March 29, 2023

Employers and some nonprofits that hire veterans can get tax credits through the Work Opportunity Tax Credit (WOTC). It cuts your tax bill by up to 40% of the wages paid, which can save you a lot of money. If […]

March 22, 2023

On March 9, 2023, President Biden released his FY2024 budget (the “FY2024 Budget”), and the U.S. Treasury released the so-called “Green Book,” which provides details related to the revenue provisions in the FY2024 Budget. Given Republican control of the House […]

March 21, 2023

Workplace violence is a serious concern for California employers in all industries, but the state’s workplace violence prevention regulations are currently applicable only to the healthcare industry. A bill recently introduced in the California legislature would require the state’s occupational […]

March 14, 2023

Processing payroll in Hawaii requires you to register for an Employee Identification Number (EIN) with the IRS. You’ll need to register with the Hawaii Department of Taxation and Department of Labor & Industrial Relations for withholding and unemployment accounts. While […]

March 8, 2023

Have you ever wondered whether you were barking up the wrong tree? That the solution to a problem may be found, not in the approach to which you were already committed and invested, but in an altogether different direction? Query […]

February 24, 2023

President Biden recently announced that the national emergency relating to the COVID-19 pandemic will end on May 11, 2023. This move may result in unexpected tax issues for employers with remote workers in states where they do not have a […]