Tax Credit Session-Harris, Harvey, Neal & Co and Halifax County Chamber of Commerce

Harris, Harvey, Neal & Co., LLP and the Halifax County Chamber of Commerce cordially invite you to join us as we present a series of programs to benefit area businesses and non-profit organizations.  Admission is free and we look forward to seeing you!
 
Each program will take place at the Southern Virginia Higher Education Center in South Boston from 8:15 a.m. to 9:15 a.m.  We’ll have coffee and light refreshments, provide you with helpful and timely information, and get you to work at a reasonable time. 
 
Harris, Harvey, Neal & Co., LLP and the Halifax County Chamber of Commerce invite you to join us on Thursday, August 23 for a workshop that could be very beneficial to area businesses and their owners.
 
Our primary topic will be the Federal Work Opportunity Tax Credit; an incentive that literally any business can (and should) claim.  This federal income tax credit is earned by hiring people from what are defined as “targeted economic groups”. 
 
Benefits are dollar for dollar offsets against federal tax liabilities, and we’ll discuss how to:
 

1. Identify qualifying new hires
2. Estimate potential financial benefits and how/when to claim tax credits
3. Successfully obtain approval certification for newly hired employees
4. Utilize tax credits earned by “pass-through” entities like LLCs and S-corporations as they “flow-out” onto the personal tax returns of owners/investors.

• In addition to permanent full-time positions, seasonal/temporary/part-time employees also count
• New hires need only stay employed for at least 120 hours to generate benefits for the employer
• There is no “recapture” or penalty if credits are clamed based on new hires who quit
• Credits are calculated as a percentage of an employee’s first, and sometimes second, twelve months wages
• Credits “flow-out” and are claimed on the personal tax returns of sole proprietors, s-corporation shareholders or LLC members.