Incentives Alerts

If your organization is considering applying or has applied for the Federal Employee Retention Credit (ERC), please take time to review the official IRS requirements.
 
The IRS updated the ERC frequently asked questions. The updates include eligibility, claiming the credit, fraud, and other important information. 

Don’t miss out on the Kentucky Inventory Tax Credit! This credit is often overlooked and very lucrative for business taxpayers.

The Kentucky Inventory Tax is a nonrefundable income tax credit calculated based on personal property taxes paid on inventories.

Please contact Julie Dietz  for more information!

Are you taking advantage of one of our most popular state tax incentives?

The Idaho Investment Credit allows businesses a 3% Income Tax Credit when they purchase qualified machinery and equipment and other depreciable property.

No worries if you can't use the credit this year, the program has a 14 year carry forward.

Please contact Julie Dietz if you need more information.

South Carolina businesses may qualify for a tax credit when they hire employees who received South Carolina Temporary Assistance for Needy Families (TANF), formerly known as Family Independence (FI) payments, three months prior to hire. The credit is equal to 20% of the wages paid for each full month of employment during the first 12 months of employment; 15% of wages paid during the second 12 months of employment; and 10% of wages paid during the third 12 months of employment.

An important reminder for all companies with locations in Maryland!
A new Maryland state tax credit is available starting with tax years beginning after December 31, 2021 and before January 1, 2029. The tax credit is a 50% match state tax credit on the federal WOTC for Maryland employees.
The credit must be taken on the current return. There is no carry forward available to any other tax year.
Please contact Julie Dietz if you are interested in taking this credit.