If you’re a business owner, CPA or hiring executive, this is for you. Everyone knows that hiring veterans is both the right thing and the smart thing to do for many reasons.
Military veterans bring a unique set of skills to the civilian labor market. Few organizations like the military can teach, enforce and reward the characteristics of teamwork, initiative, leadership, organization and mission.
The military is also a highly diverse and talented group of people. As a result, veterans have deep experience working well with others. That experience instills respect and the ability to adapt and excel in a wide variety of circumstances. (more…)
It’s Independence Day! The birthday of our nation! A day to celebrate freedom and many time-honored American traditions.
Writing of this great event in 1776, yet-to-be future President John Adams said, “It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires, and illuminations, from one end of this continent to the other, from this time forward forever more!” (source)
Americans today still take great pride and pleasure fulfilling Mr. Adams’ vision. And amidst the celebrating, the BBQs, fireworks and parades, we remember our nation’s many generations of soldiers. These are America’s finest, the men and women whose blood, sweat, tears and love make America possible.
A little good news for employers and foster youth living in New Mexico. Republican Governor Susana Martinez has signed into law a bill providing a $1,000 tax credit to employers that hire qualifying foster youth.
Although the New Mexico Foster Youth Tax Credit was signed on March 1, the law does not go into effect until July 1. Beginning then, employers may claim a tax credit of up to $1,000 per each qualifying foster youth they hire.
The $1,000 is based on the qualifying youth’s first full year of employment. If a youth does not remain employed for an entire year, the employer may claim a pro-rated portion of the $1,000 based on the percentage of a year worked. For example, work half a year, claim half the credit or $500.
Employers interested in the Work Opportunity Tax Credit (WOTC) and the federal Empowerment Zone program received good news this morning. Just after 5:30 AM, President Donald Trump announced that he had signed the Bipartisan Budget Act of 2018.
With this deal, numerous expired tax benefits were retroactively reauthorized including federal Empowerment Zones. Renewing Empowerment Zones also impacts the WOTC program.
Qualification under WOTC Target Groups D and F, “Designated Community Resident” and “Summer Youth,” respectively, among other things requires that an employee reside within an authorized Empowerment Zone. (more…)