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IRS Releases Final Internal-Use Software Regulations

The R&D Tax Credit rules generally prohibit time and expense incurred in the development of internal-use software (IUS) with certain exceptions.  The final regulations (TD 9786) released last week address various issues regarding IUS for purposes of the R&D Tax Credit and finalize the proposed regulations issued in January 2015.  Prior to the proposed regulations, the

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Manufacturing Day 2016

Manufacturing Day 2016 was a great success!  We had an opportunity to spend time with our manufacturing clients celebrating their achievements as we look forward with them to new challenges.  The manufacturing industry makes nearly half of all R&D Tax Credit claims according to statistics released by the IRS and yet it remains underutilized so this

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WOTC Reminder

The deadline to submit Work Opportunity Tax Credit (WOTC) applications for qualified employees hired January 1, 2015 through August 31, 2016 is September 28, 2016 under IRS Notice 2016-40.  WOTC forms must typically be completed on or before offer of employment and filed with the designated local agency (DLA) not later than 28 days after the

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GO-Biz Now Accepting Applications for $75M CCTC

The Governor’s Office of Business and Economic Development (GO-Biz) is now accepting California Competes Tax Credit (CCTC) applications for fiscal year 2016-2017.  GO-Biz will award $75 million to businesses that are expanding operations in the state during this initial round of applications.  The deadline to submit applications is Monday, August 22, 2016, at 11:59 PM (PDT).  The online

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GO-Biz to Award $243.3M California Competes Tax Credits

The Governor’s Office of Business and Economic Development (GO-Biz) will award $243.3 million California Competes Tax Credits (CCTC) in fiscal year 2016-17 during the following application periods: 1. July 25, 2016 through August 22, 2016 ($75 million available) 2. January 2, 2017 through January 23, 2017 ($100 million available) 3. March 6, 2017 through March 27,

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Empowerment Zone Designations Extended

The IRS announced this week that Empowerment Zone designations would be extended through the end of 2016.  Empowerment Zones are economically distressed urban and rural areas. Employers may receive a credit that is 20% of the qualified employee’s wages (up to $15,000).  The credit is claimed on Form 8844.  Empowerment Zones in California include Fresno,

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IRS Offers Additional WOTC Transition Relief

The IRS has issued Notice 2016-40 extending the deadline for submitting Work Opportunity Tax Credit (WOTC) applications for qualified employees hired January 1, 2015 through August 31, 2016. The deadline is now September 28, 2016.  IRS Notice 2016-12 had previously permitted retroactive vouchering through June 29, 2016.  WOTC applications are typically due within 28 days of an employee’s

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California Competes Tax Credit Committee Meeting

The California Competes Tax Credit (CCTC) Committee will meet to vote on the latest round of applications.  The Governor’s Office of Business and Economic Development (GO-Biz) is expected to award more than $45 million in tax credits during this round.  The meeting will be held on Thursday, June 16, 2016 at 1:30 PM at the following location: Department

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WOTC Deadline

The deadline to claim the Work Opportunity Tax Credit (WOTC) for employees hired on or after January 1, 2015 and on or before May 31, 2016 is June 29, 2016.  WOTC is a federal tax credit that can be as much as $9,600 per qualified employee.  WOTC applications are typically due within 28 days of

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GO-Biz to Award $75M in California Competes Tax Credits

The Governor’s Office of Business and Economic Development (GO-Biz) is now accepting the second round of California Competes Tax Credit (CCTC) applications for fiscal year 2015-2016.  The CCTC is a California income tax credit available to businesses that want to relocate to California or remain and grow in the state.  $75 million is available for this round of

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