The Work Opportunity Tax Credit is a long-standing tax benefit that encourages employers to hire employees from ten targeted groups facing barriers to employment.
One challenge manufacturing businesses face year in and year out is taxes. Even with a good CPA working alongside them, no business owner looks forward to dealing with taxes, let alone paying a tax bill. The good news? There are tax breaks specifically designed for manufacturers to help lower your tax liability. We’re here to tell you about two tax credits and two tax exemptions that every manufacturer should know about.
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The Paycheck Protection Program (PPP) is in the forgiveness stage for most businesses. Here’s an overview on how to navigate the PPP loan forgiveness process.
Remote employees can complicate taxes for businesses. In most cases, having a remote employee creates nexus or the obligation to file tax returns and pay taxes in the local jurisdiction and/or state that an employee works.
There are many different ways a business owner can transfer a family-owned business to the next generation. Each method comes with its own set of risks and benefits, especially when it comes to tax implications associated with the transfer or sale.
Businesses who are subject to Virginia income tax may need to file a one-time Unitary Business Report by July 1, 2021. If your company is required to file this report but fails to file by July 1, your business will be subject to a $10,000 fine. This new filing requirement affects businesses that are part of a “unitary business.”