Welcome to the IMA Tax Policy Blog. The blog format reflects our efforts to provide IMA members with timely, relevant and thought provoking information in a form that is accessible for easy reference. IMA’s Tax Policy Blog will be updated on a regular basis. Weekly news update emails will be sent out to notify subscribers of new information posted on the blog. IMA members are welcome to submit material for the blog, or request specific information. Simply email Editor Stefany Henson at shenson@ima-net.org with your information or request. Editorial submissions are subject to review. 

Wednesday
Jan272016

WOTC Renewed Through 2019

From the G&A Partners blog …

Late last month, President Obama signed into law the Protecting Americans From Tax Hikes Act of 2015, a spending and tax bill that, among other things, extended the Work Opportunity Tax Credit (WOTC) retroactively from January 1, 2015 through December 31, 2019.

Administered by the US Department of Labor (DOL), the WOTC program is a federal financial incentive program that encourages employers to increase employment opportunities for individuals from certain targeted groups who have traditionally experienced significant barriers to employment. The potential tax benefits of participating in the WOTC are significant — employers can earn tax credits ranging from $2,400 to $9,600 per qualifying employee.

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Wednesday
Jan202016

Update on EDGE Tax Credits

Governor Rauner’s recent decision to reinstate EDGE tax credit approvals allows approved companies to begin working to fulfill the hiring and investment goals under the EDGE agreement and will be eligible for tax credits following the approval of a FY16 budget. Since taking office, the Administration has been implementing policies to ensure a more fiscally-responsible approach to EDGE agreements in order to balance investment in Illinois with taxpayer benefits. Companies will not receive credit for retained jobs, only new jobs created under the EDGE agreement. All EDGE agreements are valid for a period of 10 years.

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Wednesday
Jan202016

Five ACA Facts for Applicable Large Employers

Some of the provisions of the Affordable Care Act only affect your organization if it’s an applicable large employer. An ALE is generally one with 50 or more full-time employees, including full-time equivalent employees. The vast majority of employers will fall below the ALE threshold number of employees and, therefore, will not be subject to the employer shared responsibility provisions. If you are an ALE, here are five things to know:

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Wednesday
Jan202016

IRS Security Awareness Tax Tip Number 4 — What You Need to Know to Protect Your Passwords

It’s time to have a word about your password.

Many of us use the same sign-on and password over and over for our online accounts.

That’s why phishing scams, which often seek password information, are so successful. Once a criminal has your password for one account, it’s highly likely you’ve used the same sign-on information for other accounts.

The IRS, state revenue departments and the tax industry have teamed up to combat identity theft in the tax arena. Our theme: Taxes. Security. Together. Working in partnership with you, we can make a difference.

That’s why we have all agreed to new stronger standards that you will see when you access your tax software products for 2016 and file your taxes.

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Thursday
Jan142016

Shifting IT priorities to keep up with the speed of change

Manufacturers can stay competitive with more strategic IT planning

From IMA member McGladrey …

It is, regrettably, a common scenario: A manufacturer’s legacy accounting and business management system is essentially a series of independent spreadsheets, which are difficult to maintain and often accurate for only one or two weeks. The department uses a manual process for invoicing, slowing payments. Inventory forecasting and demand planning are also performed manually, resulting in overstock of lesser-used parts and a shortage of more critical items.

These highly inefficient, cumbersome processes seriously compromise the ability of management to make informed decisions. Sales personnel lack a clear view of current leads and opportunities; the accounting department’s slow invoice payments damage vendor relationships; inventory steadily becomes obsolete.

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