The IRS is giving employers three additional months to comply with the rules for claiming the Work Opportunity Tax Credit (WOTC). The WOTC is available to employers who hire workers any one of several “target” groups.
For tax year 2016, the Internal Revenue Service has announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments.
Because of the income ranges bracketing the marginal tax rates have increased, a single filer with taxable income of $50,000 should owe $22.50 less next year due to the adjustments to the income tax rate brackets between 2015 and 2016.
People whose income is the same compared to last year may enjoy a lower effective tax rate while taxpayers that fail to comply with return filing and tax payment requirements will face larger penalties in 2016 because of a combination of legislative ...