In the Tax Tip 2024-58, the IRS gave details about the Employer-Provided Childcare Tax Credit of up to $150k to offset 10% of qualified childcare resource and referral costs and 25% of qualified childcare facility costs. To claim the credit, the employer will have to complete Form 8882 Credit for Employer-Provided Childcare Facilities and Services
On an email reminder sent last week, the City of Philadelphia requires businesses to give notifications to their employees about a) The Federal Earned Income Tax Credit (EITC) and b) Philadelphia Wage Tax Refund Program on electronic or printed copy and no later than February 1, 2022. The Federal Earned Income Tax Credit (EITC)
If you are closing your business, you need to communicate to the tax authorities (Federal, State and local) which requires filing a final tax return, pay any liabilities to employees or vendors, pay any taxes outstanding, etc. Additionally, you need to keep the business records for a few years based on the period of limitations
As part of the Issue Number: IR-2021-186 and , the IRS reminded business owners the differences between independent contractors and employees. Independent contractor vs. employee Whether a worker is an independent contractor or an employee depends on the relationship between the worker and the business. Generally, there are three categories to examine: Behavioral Control −
