The provision permanently extends the 20 percent employer wage credit for employees called to active military duty. Extension and modification of employer wage credit for employees who are active duty members of the uniformed services. Additionally, beginning in 2016 eligible small businesses ($50 million or less in gross receipts) may claim the credit against alternative minimum tax (AMT) liability, and the credit can be utilized by certain small businesses against the employer’s payroll tax (i.e., FICA) liability.Ģ. The provision permanently extends the research and development (R&D) tax credit. Extension and modification of research credit. (And, as we always note: Any tax-related decision you make should be discussed with your accountant and other financial advisors as each situation is unique.) Business-related provisions in the 2016 ‘omnibus’ spending billġ. The following is a list of provisions in the legislation that can be found in a more comprehensive version in this PDF provided by the Senate Finance Committee. The legislation included some long-sought small-business tax provisions, including the capital investment depreciation provision called Section 109. (Updated) Today (), President Obama signed into law a $1.1 trillion spending bill that was passed with bipartisan votes in both the Senate and House of Representatives.
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