CFPB Proposes “Ability-to-Repay” Rules in Lending

CFPB-Blog-Header

The Consumer Financial Protection Bureau (CFPB) announced on March 26th, 2015 it was considering rules that impact short-term and long-term financing by requiring lenders to take steps to make sure consumers can repay loans. The guidance notes the following: “The CFPB recognizes consumers’ need for affordable credit, but is concerned that the practices associated with [Read More…]

TCI Tax Intelligence: WOTC Transition Relief

WOTC transition relief

Situation The Work Opportunity Tax Credit (WOTC) program had been in hiatus since Jan 1, 2014.  On December 19, 2014, legislation was enacted to extend the WOTC program through December 31, 2014. While many employers may have continued to screen applicants and submit 8850s for certification during that time period, some employers either did not [Read More…]

DHS Funding/Immigration Remain in the News – E-Verify Implications

e-verify update

Funding of the Department of Homeland Security (DHS) along with President Obama’s executive order on immigration remain hot topics in the news and areas to keep a close watch on.  With the deadline to fund DHS fast approaching, the Republican and Democrat public disagreement over the immigration amendments are key.  Reuters reports that DHS has [Read More…]

WOTC Extension: Form 8850 Filing Deadline Extended

WOTC hiatus: call to action

Noting that the uncertainty around the Work Opportunity Tax Credit and its prolonged hiatus in 2014 affected employers’ hiring and tax planning strategies, the IRS has issued notice 2015-13 that provides “transition relief” for employers to submit WOTC certification requests for any employee hired between January 1, 2014 and December 31, 2014. The deadline for [Read More…]

E-Verify Mandate to Come? Survey Says…

question-marks

Last week U.S. Citizenship and Immigration Services (USCIS) took a fairly big step toward determining the fate of the much rumored E-Verify mandate.  While the details and any  timelines for a potential E-Verify mandate are still to be determined, USCIS is looking to hear from E-Verify Employers.  On February 11, 2015, USCIS published a notice [Read More…]

Expanded DACA Date Set

e-verify update

On November 20, 2014, President Obama announced a series of executive actions related to immigration.  One of these involves expanding the population eligible for the Deferred Action for Childhood Arrivals (DACA) program to people of any current age who entered the United States before the age of 16 and lived in the United States continuously since [Read More…]

Data Privacy Helps Maintain Account Security

online and internet shopping concept - happy teenage girl with laptop and credit card

The National Cyber Security Alliance (NCSA) hosts a Data Privacy Day each year on January 28. This event highlights the importance of keeping personally-identifiable information (PII) secure – which works to prevent online fraud. According to the NCSA, six in ten small businesses (59%) say they do not require any multi-factor authentication for access to any [Read More…]

WOTC: Processing 2014 Certification Requests

Washington Monument

In light of the retroactive renewal of WOTC as part of the Tax Increase Prevention Act of 2014, the Department of Labor has issued internal guidance to the State Workforce Agencies on processing of 2014 certification requests.  The guidance instructs the Workforce Agencies to begin making determinations for all certification requests for hire dates in [Read More…]

WOTC Back in Hiatus

WOTC hiatus

As of January 1, 2015, the Work Opportunity Tax Credit (WOTC) is back in hiatus.  Previously, WOTC was retroactively renewed to allow certifications for all hires made in 2014.  During hiatus all WOTC form filing rules and guidelines are in force.  The State Workforce Agencies will be accepting certification request, marking them as received timely, [Read More…]