Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to employment. According to the Department of Labor, "Each year,...
IRS
Retirement Plan Startup Costs Tax Credit
A tax credit for small-employer pension plan startup costs may be awaiting you. You may be able to claim a tax credit of up to $5,000 when you set up an SEP or a SIMPLE IRA or a qualified plan such as a 401(k). You qualify to claim this credit if you meet all these...
12 Best Practices for Managing Multi-State Payroll Taxes
Mobile workers have become an important and growing part of the modern workforce. Cloud computing and ubiquitous high-speed internet have enabled many industries to support remote workers. Businesses offering either fully remote or hybrid work flexibility have...