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Who qualifies for which new employer tax credit?

Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through Dec. 31, 2020. Credits...

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  • June 11, 2020

Treasury, IRS provide regulations to help businesses claim credits for carbon capture

WASHINGTON –The Treasury Department and the Internal Revenue Service today issued proposed regulations to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. The proposed regulations provide guidance regarding two new credits for...

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  • June 1, 2020

Employee retention credit available for businesses affected by COVID-19

The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount...

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  • May 19, 2020

IRS: Three new credits are available to many businesses hit by COVID-19

WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. The...

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  • May 7, 2020

Employee Retention Credit available for many businesses financially impacted by COVID-19

WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by...

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  • April 1, 2020

Find tax help in several languages on IRS.gov

IRS.gov provides helpful information for taxpayers and is a great place to start for tax questions. Many products and services are offered in several foreign languages. For access to information in any of the seven languages that the IRS...

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  • March 18, 2020

IRS to restore sequestered funds (AMT only) this fiscal year to businesses affected by OMB determination

WASHINGTON – The Internal Revenue Service today announced it will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act of 1985,...

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  • January 17, 2020

Businesses should review depreciation deductions rules

Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses.  First off,...

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  • August 15, 2019