Payroll Tax Cut Extension Approved

Congress has approved a two-month renewal of payroll tax cuts for 160 million workers and unemployment benefits for millions of Americans. As a result of this extension, the payroll tax rate will be kept at 4.2 percent until the end of February. At this juncture, conferees will be appointed by the Senate in order to complete the 12 month bill.

As such, WOTC and the tax extenders will expire on January 1st; however, there is still an opportunity for an extension to be incorporated into the payroll bill.

Walton again encourages employers benefiting from these tax credits programs to contact their congressional representatives to communicate the benefits these programs provide to their business.

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Walton Management Services, Inc. (WMS) secures and administers valuable government incentives for clients nationwide, thereby improving their financial performance and reducing their effective tax rate. Serving Fortune 50 to promising new ventures, Walton’s comprehensive financial incentive analysis identifies opportunities including: WOTC and other Federal Hiring Credits, Federal Empowerment Zones/Renewal Communities, State Enterprise Zones, Sales Tax Reductions, Exemptions and Refunds, State Point of Hire Credits, Jobs Tax Credits, Job Training Credits, and Site Location Services. To learn more about Walton Management Services and its incentive processing solution NetCentives™, a web-based, tax credit management solution, visit www.waltonmanagement.com or call 1-800-221-0832.

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Posted in Federal Tax Credits, Tax Credits, Tax Incentive Programs, Work Opportunity Tax Credits (WOTC)

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