Tag: tax credit

Tax credits for new clean vehicles purchased in 2023 or after

If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you information about...

Compliance risk for people and businesses claiming Employee Retention Tax Credit improperly

The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file. The IRS and tax professionals continue...

Work Opportunity Tax Credit incentivizes businesses to hire targeted groups

The Work Opportunity Tax Credit, or WOTC, is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC may be claimed by any employer that hires and pays...

The benefits of hiring veterans

It's a good business decision to hire veterans as studies have shown that veterans are more productive and have higher retention rates. The Institute for Veterans and Military Families (IVMF) published this titled brief which draws from academic literature to...

Tax credit can help employers hiring new workers

With many businesses facing a tight job market, the IRS is reminding employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers. The Work Opportunity Tax...