The Impact of Tax Law Changes on Staffing Firms and How to Adapt
Tax law changes impact your staffing firm. Examples in 2024 include proposed amendments to corporate tax rates, alterations in tax deductions and credits, and changes in depreciation rules. As a result, you must adapt to these changes to remain compliant. Tax law changes can affect your staffing firm’s tax strategies. For instance, a comprehensive review […]
Future-Proofing Your Business with Tax Credits
Are you using tax credits to future-proof your staffing firm? Reducing your firm’s taxable income helps build resilience and support long-term success. Strategic planning and sustainable practices can maximize your tax incentives over time. Staying informed about changes in tax laws and regulations helps attain these objectives. Learn more about future-proofing your staffing firm with […]
Understanding the Empowerment Zone Employment Credit (EZEC)
An Empowerment Zone is a specific geographic area with high unemployment levels and poverty. Staffing agencies within these Zones are incentivized to employ residents and claim the Employment Zone Employment Credit (EZEC). The tax credit equals 20% of the first $15,000 of wages paid to eligible employees who live and work within the zone. The […]
Processing Tax Credits: Common Mistakes Staffing Firms Should Avoid
Many staffing firms qualify for tax credits. For instance, the Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who recruit and retain veterans, food stamp recipients, and other individuals from target groups that historically faced barriers securing employment. The program creates economic opportunities that lessen the burden on other government […]
State vs. Federal Tax Credits: Which Benefits Staffing Firms More?
Staffing firms might qualify for federal or state tax credits. Understanding which tax credits benefit staffing firms more helps determine which ones to apply for. Eligibility requirements differ for federal and state tax credits. Therefore, staffing firms that qualify for these credits should begin the application process today. Federal or State Hiring Credits Hiring and […]
How AI and Automation Are Revolutionizing Tax Consulting
Artificial intelligence (AI) and automation are revolutionizing tax consulting within the staffing industry. These technologies enhance accuracy, streamline tax credit management, and reduce the time and effort involved in tax operations. Using AI to automate tax operations increases efficiency and accuracy while maintaining compliance with complex, changing tax laws and regulations. These activities help optimize […]