Tax credits

Rep. Pete Olson, a Republican from Texas, has introduced a bill that would offer tax incentives to employers who train workers about best practices for reducing the spread of COVID-19 in the workplace.

Final rules have been released for claiming the rehabilitation credit under the Tax Cuts and Jobs Act.

The Internal Revenue Service plans to correct penalties mistakenly levied on employers who reduced their tax deposits because they expected to claim some of the new tax credits to which they’re entitled.

President Donald Trump said he’ll punish American companies that move jobs abroad and reward firms with tax breaks for shifting work from China to the U.S., proposals aimed at hastening the decoupling of the world’s largest economies.

Among the pandemic-related issues covered are how to handle the Paycheck Protection Program and other stimulus efforts.

The GOP legislation includes a second tranche of stimulus payments, structured the same way as the earlier round, in March, along with tax credits for businesses.

New regulations to help employers reconcile any advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary, in line with the CARES Act and the Families First Act.

Senate and House Republicans introduced legislation that would give businesses refundable tax credits against payroll taxes to meet some of the expenses associated with reopening during the novel coronavirus pandemic.

The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19.

By incentivizing businesses to rehire employees laid off or furloughed due to COVID-19, states will generate a faster economic recovery and provide valuable assistance for companies to get back on their feet.