Congress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the employer beforeJanuary 1, 2013. For all other classifications, the credit ended at the close of 2011. Under the new law, … [Read more...] about New Credits for Hiring Veterans
Barrington CPA
Are You Liable for a Gift Tax Return?
Frequently, taxpayers think that gifts of cash, securities, or other assets they give to other individuals are tax-deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are related to estate tax … [Read more...] about Are You Liable for a Gift Tax Return?