Work Opportunity Tax Credit Reauthorized Through 2025
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, employers claim over $1 billion in tax credits under the WOTC program.” Since 1996, Congress […]
How Nonprofits Should Handle Tax Form 990
Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated […]
401(k) Plans: Know the Rules
If you offer a 401(k) plan — in any of its various flavors — to your employees, everyone should know the tax rules that govern them. Although the details can get very technical, you can learn the basics. To start with, many companies find that since a 401(k) plan is much prized by employees, it’s […]
IRS Adjusts HSA Limits for 2022
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans. The figures for 2022: Self-only: $3,650 (a $50 increase from 2021). Family: $7,300 (a $100 increase from 2021). According to the Society for Human Resource Management, the government bases its decision on the Consumer Price […]
How Nonprofits Should Handle Tax Form 990
Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated […]
401(k) Plans: Know the Rules
If you offer a 401(k) plan — in any of its various flavors — to your employees, everyone should know the tax rules that govern them. Although the details can get very technical, you can learn the basics. To start with, many companies find that since a 401(k) plan is much prized by employees, it’s […]
