Tag Archives: Tax Credits + Incentives

Benefiting from the Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010?

Calling it “how we’re going to spark demand, spur hiring and strengthen our economy,” President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (Tax Relief Act) on December 17, 2010.

The new law includes temporary provisions to extend a broad range of currently expiring or expired tax rates and benefits, as well as changes to the expired-for-2010-only federal estate tax.

There are no revenue offsets as Congress circumvented PAYGO budgeting rules by designating each provision of the Act (continue reading…)

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Caring for a Grandchild?

Sam lives with his grandparents. They became his primary caregivers after his parents died in a tragic accident.

Jeffrey also lives with his grandparents. He never knew his father and, recently, his mother has been battling a substance abuse problem.

Sara’s parents are working overseas in a dangerous corner of the world, so Sara has been living with her grandmother for nearly three years.

More than six percent of children in the United States live with their grandparents—the highest rate in decades. In (continue reading…)

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Own or Operate a U.S. Business with Foreign Operations?

To pay for newly enacted legislation that temporarily increases federal medical assistance for states and appropriates funds for education and jobs, the Education Jobs Act of 2010 includes a number of international tax provisions―including new restrictions on the use of foreign tax credits by U.S. corporations with foreign operations.

The new foreign tax provisions stem from a concern that U.S. multinational corporations are able to shift income to foreign affiliates and operations in low-tax jurisdictions in order to reduce or avoid (continue reading…)

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Looking for a New Job? Or Know Someone Who Is?

If so, you’re not alone.  With an unemployment rate over nine percent, more than 14 million Americans are unemployed and looking for work. Others are underemployed and seeking better jobs.

Unfortunately, the expenses you incur to find a new job generally fall at a time when you’re least able to afford them. To help with these costs, the federal government offers a number of income tax deductions and tax credits.

You’re allowed to deduct certain job search expenses, job-related moving expenses, and (continue reading…)

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Have a Pre-Existing Condition? Need Help Researching Health Insurance Options? Have Questions About Health Care Reform?

HealthCare.gov launched this week.

The web-based portal provides a centralized, online resource for information on provisions of this year’s Affordable Care Act, as well as tools to help you research your health insurance options, learn more about preventive care, and even compare the quality of care provided by participating hospitals.
 
Next month, Washington State’s Pre-Existing Condition Insurance Plan will offer coverage to eligible Washington residents. You can find information on the plan’s eligibility requirements, benefits and costs on HealthCare.gov.  

The portal also provides information on a (continue reading…)

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Eligible for a Therapeutic Discovery Tax Credit or Grant for Your Biotech Firm?

To provide funding for crucial biotech projects and create jobs during these challenging economic times, Congress created a two-year qualifying therapeutic discovery project program as part of this year’s health reform legislation. On May 21, 2010, the IRS issued Notice 2010-45 providing guidance for firms interested in participating in the program. However, unlike other federal tax credits, it’s not available to every firm that meets the general requirements of the program. Instead, biotech firms must complete an application process that has their project(s) competing against those of other biotech firms for the limited pool of funds.

Continue reading →

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Thinking of Hiring Your Spouse?

If you’ve considered hiring–or rehiring–your spouse to work in your family business but couldn’t quite make the numbers work, important federal tax benefits in this year’s HIRE Act may tip the balance.

Tax Benefits in the HIRE Act
Major provisions of the Act include a payroll tax holiday for an employer that hires a displaced worker and a retained worker credit if the employer continues that employment for at least 52 weeks.

Qualifying Hires
Among the HIRE Act’s criteria for a qualified new hire, (continue reading…)

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Paying Estimated Taxes?

According to Benjamin Franklin, a “great part of the miseries of mankind are brought upon them by false estimates they have made of the value of things.”

He wasn’t talking about estimated taxes–but he could have been.

Although taxes have been referred to as a persistent duty, it wasn’t until 1943 that the Current Tax Payment Act first required employers to withhold taxes and pay them quarterly.

Today, quarterly tax payments are also mandatory for the self-employed and anyone else earning taxable income (continue reading…)

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Eligible for the New Small-Employer Health Care Credit?

Small employers simply pay more for health coverage than their large-company counterparts. It’s a fact–their premiums are higher and they also pay more in administrative costs.

As a consequence, they’re less likely to provide their employees with health insurance. Roughly half of all businesses with nine or fewer employees offer coverage while 98 percent of companies with 200 or more employees do. And the situation is worse for the self-employed. The numbers help to explain why so many of America’s uninsured (continue reading…)

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Looking for an Incentive to Hire?

The bipartisan Hiring Incentives to Restore Employment Act, or HIRE, was signed into law on March 18, 2010 to promote job creation and sustained employment.

According to President Obama, “”It is the first of what I hope will be a series of jobs packages that help to continue to put people back to work.”

Major hiring provisions of the Act include a payroll tax holiday for an employer that hires a displaced worker and a retained worker credit if the employer continues (continue reading…)

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