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For Employers in Puerto Rico Impacted by Last Year’s Catastrophic Hurricanes: You May Now Be Eligible to Claim a Special Tax Credit

For Employers in Puerto Rico Impacted by Last Year’s Catastrophic Hurricanes: You May Now Be Eligible to Claim a Special Tax Credit

Almost a year after Hurricanes Irma and Maria devastated Puerto Rico, an unincorporated territory of the United States, the island continues to face significant recovery challenges. However, as the government works to fully restore the electric grid, roads, and other infrastructure, more help is on the way for employers in Puerto Rico starting in early June – in the form of an Employee Retention Credit (ERC) that will be paid out as a direct-cash grant. Unfortunately, receiving the Puerto Rico ERC isn’t automatic. To claim the ERC, employers must meet certain requirements, provide a substantial amount of complex documentation, accurately calculate the amount for which you are eligible, and correctly apply for the ERC online. Navigating this process takes time and expertise that many employers may not have – but how many businesses can afford to leave money on the table? First, Some Background After successive hurricanes hit Texas, Florida, Georgia, Puerto Rico, and the U.S. Virgin Islands, the U.S. Congress acted quickly to provide tax relief for impacted...

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Maximize Your Tax Credits Capture – From Employee Retention Credit and Beyond

Maximize Your Tax Credits Capture – From Employee Retention Credit and Beyond

As year-end approaches, many companies often lose or overlook tax credit opportunities for which they may be eligible. Whether it’s changes to the Work Opportunity Tax Credit (WOTC) program or federal responses to the recent disasters, how do Finance and HR leaders keep up with the latest legislative updates, technologies and strategies to capture tax credits that may help their bottom line? Join our ADP tax credits thought leaders on December 14th for this free webinar as they help you navigate the myriad of tax credits, including the Employee Retention Credit and the latest news on the WOTC program. You will also learn best practices and how to incorporate a strong foundation of technology and analytics to not only help pursue new eligible tax credit opportunities, but also help optimize the value of each credit. What you’ll learn about: The latest federal legislative and tax reform updates on the WOTC program and the Employee Retention Credit How you can better integrate a winning compliance strategy that may benefit your...

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Fact or Fiction? The Truth About Research & Development Tax Credits

Fact or Fiction? The Truth About Research & Development Tax Credits

Among the many tax credits and incentives the federal government provides to U.S. businesses, the research and development (“R&D”) tax credit remains largely overlooked and underutilized, meaning companies may be missing out on claiming up to thousands of dollars of credits. And probably for good reason. The phrases “research and development” and “R&D” usually bring images of lab coats and microscopes to mind. However, the federal R&D tax credit laws define “research and development” so that it can take on a much broader meaning. In fact, you may now be able to recover a significant return on your investments that involve the improvement or development of manufacturing processes, software, products, techniques, and formulas. Join us on September 28th with other business owners, HR leaders and finance execs like yourself and get the facts behind R&D tax credits, including critical insights and best practices on how companies like yours can get the tax credits for which you are eligible, so that you can have a stronger balance sheet. What You...

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New House Bill Could Make WOTC Permanent

New House Bill Could Make WOTC Permanent

On August 11, 2017, House of Representatives (H.R.) Bill 3652 was introduced and, if passed, would amend the Internal Revenue Code to make the Work Opportunity Tax Credit (WOTC) permanent for qualified new hires who begin work after December 31, 2019. What you need to know: The Bill has officially moved to the House Ways & Means Committee for consideration. With processes to reform the tax code scheduled to begin in September, the Ways & Means Committee may be delayed in considering H.R. Bill 3652. The Congressional Joint Committee on Taxation (JCT) will need to score this legislation and estimate its cost over a 10 year period—it’s unlikely we’d see a vote without this information. Other ways to stay informed: Follow this bill at: https://www.congress.gov/bill/115th-congress/house-bill/3652 Read more about WOTCs here: Cost Reduction Opportunities Using Tax Credits: The Financial Advantage Learn more about opportunities for tax credits savings at: Maximize Your Employment Tax Credits and...

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Georgia Revamps Quality Jobs Tax Credit Program

Georgia Revamps Quality Jobs Tax Credit Program

With the enactment of House Bill 265, the State of Georgia has passed two significant changes to its Quality Jobs Tax Credit program, effective with tax years beginning on or after January 1, 2017. These changes are: Increasing the hiring period for meeting the job increase threshold, and Implementing a new investment requirement in order to be eligible for subsequent job creation periods. Prior to HB 265, Georgia law required that a taxpayer must create at least 50 new quality jobs within one year of when the employer first began withholding taxes in Georgia in order to be eligible for the Quality Jobs Tax Credit.1 Effective for tax years beginning on or after January 1, 2017, a taxpayer will now have two years in order to meet the 50 quality jobs requirement if the taxpayer first withholds taxes in Georgia after January 1, 2017. HB 265 also enacted a new investment requirement in order for taxpayers to be eligible for the extended two year job creation periods. Effective for...

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