Harris, Harvey, Neal & Co., LLP and the Halifax County Chamber of Commerce cordially invite you to join us as we present a series of programs to benefit area businesses and non-profit organizations. Admission is free and we look forward to seeing you!
Each program will take place at the Southern Virginia Higher Education Center in South Boston from 8:15 a.m. to 9:15 a.m. We’ll have coffee and light refreshments, provide you with helpful and timely information, and get you to work at a reasonable time.
Harris, Harvey, Neal & Co., LLP and the Halifax County Chamber of Commerce invite you to join us on Thursday, August 23 for a workshop that could be very beneficial to area businesses and their owners.
Our primary topic will be the Federal Work Opportunity Tax Credit; an incentive that literally any business can (and should) claim. This federal income tax credit is earned by hiring people from what are defined as “targeted economic groups”.
Benefits are dollar for dollar offsets against federal tax liabilities, and we’ll discuss how to:
Identify qualifying new hires
Estimate potential financial benefits and how/when to claim tax credits
Successfully obtain approval certification for newly hired employees
Utilize tax credits earned by “pass-through” entities like LLCs and S-corporations as they “flow-out” onto the personal tax returns of owners/investors.
The workshop will be presented by Michael L. Locher, a CPA with over 25 years of experience helping businesses successfully obtain these credits. The program has expired and then been re-instated several times in the past, and was recently extended through at least December 31, 2019.
In addition to permanent full-time positions, seasonal/temporary/part-time employees also count
New hires need only stay employed for at least 120 hours to generate benefits for the employer
There is no “recapture” or penalty if credits are clamed based on new hires who quit
Credits are calculated as a percentage of an employee’s first, and sometimes second, twelve months wages
Credits “flow-out” and are claimed on the personal tax returns of sole proprietors, s-corporation shareholders or LLC members.
As time allows, we’ll also briefly discuss the V3 Veterans Employment (Hiring) Grant, Virginia Livable Home Tax Credit, and the Federal Disabled Access Tax Credit.