News

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,

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,

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

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

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

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

The Governor’s Office of Business and Economic Development (GO-Biz) is hosting an additional online webinar on the California Competes Tax Credit (CCTC) on Wednesday, August 12th from 10-11am PDT.  Interested parties can register here. The CCTC is focused on attracting and retaining business in California.  GO-Biz evaluates the most competitive applications based on various factors required by

The IRS issued Notice 2015-13 on February 19, 2015 allowing taxpayers to certify qualified employees hired in 2014 under the Work Opportunity Tax Credit (WOTC) program.  The standard application period for claiming WOTC is 28 days from the employee’s start date so this is a significant retroactive opportunity to reduce federal tax.  Taxpayers must submit applications no later than

The deadline to submit California Competes Tax Credit applications for round 2 of the 2014-2015 fiscal year is 11:59 p.m. (PST) on February 2nd.  Applicants unable to meet this deadline may submit an application during the next round beginning on March 9th. $75 million is available for this application period and taxpayers should visit http://www.business.ca.gov/Programs/CaliforniaCompetesTaxCredit.aspx.  Do not

The IRS released proposed regulations (REG-153656-03) addressing internal-use software (IUS) under §41 on January 16, 2015.  The proposed regulations define IUS as software “…developed by the taxpayer for use in general and administrative functions that facilitate or support the conduct of the taxpayer’s trade or business”. Expenses related to IUS are generally not eligible for