Last week, on August 5th, the Senate Finance Committee reported its version of the 2015 tax extenders bill, S 1946, The Tax Extension Relief Act of 2015.
“The Committee on Finance, having considered an original bill, S. 1946, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes, reports favorably thereon without amendment and recommends that the bill do pass.”
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The Senate Finance Committee has scheduled a hearing to consider the Chairman’s markup of a new tax extenders bill. The Committee will consider the bill on Tuesday, July 21. In its current form, the bill would give the Work Opportunity Tax Credit a 2-year retroactive extension — January 1, 2015 through December 31, 2016. (more…)
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Senator Tom Udall of New Mexico has reintroduced legislation that would extend the Work Opportunity Tax Credit’s veteran target groups through 2018 (and retroactively to January 1, 2014). The bill would not extend non-veteran target groups. (more…)
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It is time to think about updating your Work Opportunity Tax Credit (WOTC) pre-screening documents.
The IRS’ latest revision to Form IRS 8850, “Pre-Screening Notice and Certification Request for the Work Opportunity Credit” is dated March 2015. I do not notice any material changes to the form. (more…)
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From the Florida Times Union,
The state Enterprise Zone program is scheduled to end at the end of the year, according to state law. So far, no lawmakers have filed bills that would keep the program going, although House Bill 7067 would allow local governments to control similar programs without state help or money.
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We have been waiting for this!
The IRS has released IRS Notice 2015-13, which provides transition relief given the late retroactive renewal of the Work Opportunity Tax Credit program in December 2014.
Notice 2015-13 waves the 28-day deadline for submitting IRS Form 8850 (the WOTC Pre-screen Notice) for qualifying employees hired in 2014. The extended deadline for submitting the applications for affected employees is now April 30, 2015. From the Notice: (more…)
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On Friday Pres. Obama signed HR 5771, the Tax Increase Prevention Act of 2014 into law. While employers can be glad their efforts to utilize the Work Opportunity Tax Credit and other tax incentives during 2014 were not wasted, we are now faced with a new expiration date approaching in only 12 days. (more…)
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Last night the House of Representatives passed a massive $1 trillion spending bill, after which House members began skipping town. Unfortunately, the spending bill was viewed as the final hurtle to jump on members’ way to Christmas vacation.
With the House no longer in session, the Senate is left with the option of passing HR 5771 (tax extenders) as it was originally delivered by the House or simply letting it die. Amendments to the bill would require it to go back to the House for approval but that is no longer an option. (more…)
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Tonight, I am passing along observations from Paul Suplizio about the US Senate’s progress towards a tax-extenders bill. Additional action on the floor is anticipated by Thursday. So far, however, Democrat and Republican Senate Leaders have not revealed the nature of any agreements they might have reached. (more…)
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Today, the U.S. House of Representatives is expected to vote on (and pass) HR 5771– the Tax Increase Prevention Act of 2014. This will be Congress’ first solid step in some time toward passage of tax extenders. HOWEVER, in its current form the bill’s provisions fall short of expectations. (more…)
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