Tax credit

Practice

Why Extending R&D Credit Should Matter to Small Businesses

Despite the credit’s current uncertainty in Congress, experts say that small business owners should pay attention to lawmakers’ discussions because of the provisions the tax break could provide their companies once a compromise is reached.
Tax

Don't Ignore This Tax Credit for Retirement Savings

Due to an underpublicized break for retirement contributions, certain taxpayers may cut their current tax bill while stockpiling funds for the future. The IRS recently reminded taxpayers of the "retirement saver's credit."
Tax

Shutdown Won't Halt October 15 Filing Extension Deadline

Despite the federal government shutdown that went into effect October 1, the deadline for many of the more than twelve million taxpayers who requested an automatic six-month extension from the IRS to file their 2012 tax returns and make payments will remain October 15.
Tax

IRS Issues Guidance on Health Insurance Credit

Small businesses may already be eligible for a special tax credit for providing health insurance. After issuing guidance on the credit in the form of several notices the past few years, the IRS has now released new proposed regulations summarizing the rules.
Tax

New Orleans Saints Coach Sean Payton Settles Tax Credit Lawsuit

Twenty-seven investors, including Saints coach Sean Payton, wanted to reduce their overall state income tax liabilities by investing in movie production tax credits. But the film studio was defunct, and the tax credits didn't exist.
Tax

Tax Breaks for Film Producers Lure 'Star Wars' to United Kingdom

It was recently announced that Walt Disney Company–owned Lucasfilm Ltd. is planning to shoot and produce the next Star Wars movie in the United Kingdom. Chancellor George Osborne said the announcement is "clear evidence" the country's film tax incentives are working.
Tax

Tax Refunds Delayed Due to Problem with Form 8863 Issued Sooner than Expected

On March 27, the IRS announced the expedited processing of some 600,000 tax returns filing Form 8863, Education Credits, that were delayed due to "a problem with a limited number of software company products."
Tax

Hollywood Hands Michigan an Empty Bag

A few years ago, with giant auto manufacturing plants sitting empty and the economy dragging, Michigan threw open its doors, literally inviting Hollywood to come in and produce films economically. The bait was federal film credits, which movie producers covet.
Tax

IRS Warns of Delays with Schedule 8812 and Form 8867

The IRS is warning tax preparers of possible delays in processing tax returns or issuing refunds for two different forms, Schedule 8812 and Form 8867, because they either have been prepared incorrectly or are incomplete.
Tax

Nation's Top Tax Advocate Calls for Tax Reform

National Taxpayer Advocate Nina E. Olson cited the need for comprehensive tax reform as the top priority in her annual report to Congress. The report identifies problems facing taxpayers and advises Congress to take significant steps to simplify matters.
Tax

New Tax Law Emerges Beyond the Fiscal Cliff

The agreement hammered out in the Senate, and subsequently approved by the House on January 1, pulled the nation back from the edge of the fiscal cliff. President Obama signed the "American Taxpayer Relief Act" into law on January 2. Here's an overview of the key tax provisions in store for individual and business clients in 2013.
Tax

A Call to Arms: Tax Breaks for Hiring Vets

Employers can claim a Work Opportunity Tax Credit by hiring veterans who start work before January 1, 2013, but they must file Form 8850 within twenty-eight days after the qualified veteran begins work.