Employer Notice: IRS Issues Federal Tax Reform Paycheck Withholding Guidance
On January 11, 2018, the Internal Revenue Service (IRS) released Notice 1036, which provides guidance on tax withholding from employees' paychecks under the new tax reform legislation that was signed into law late last year. The IRS is “instructing employers to implement the new withholding tables by February 15, 2018”.
Full text of the IRS notice is available here.
GCP leadership and staff worked closely with Congressional leaders to preserve key economic development tools, like the New Market Tax Credit and Historic Tax Credit, in the tax reform package that was approved.
In addition, the newly revised tax code states:
• C Corporations will be taxed at a flat rate of 21%, down from the previous 35% rate.
• A new 20% deduction for eligible pass-through business income will be available through 2025.
• Temporary tax rate cuts will be enforced on nearly all individuals through 2025, the top rate is lowered from 39.6% to 37%.
• Business expensing will be expanded by raising the cap on deductible business investments and making HVAC equipment installed in commercial buildings eligible.
Supplementary tax guidance, from federal authorities, is expected in the weeks and months ahead.
Mentors Needed for Esperanza’s One-on-One Mentoring Program
Esperanza's One-on-One Mentoring program
is a gender-specific program for students in 6th-12th grade. Through America Mentors, a mentoring software aimed at helping first-generation, low-income students persist to graduation, student mentees are matched with mentors based on similar interests, fields of study, or career paths.
Once the mentor successfully passes Esperanza's intake process, the mentor is required to communicate a minimum of four hours per month with the student mentee, including at least one face to face meeting. The four hours are very flexible and can be broken down into various interactions, or can be satisfied in just a single meeting. Emailing, texting, social media, phone calls, video chatting, etc., can all be counted toward the four hours but we still encourage at least one face to face interaction.
If you're interested in learning more and/or applying for the One-on-One Mentoring Program, email Adria Chavers at firstname.lastname@example.org. Adria is the Volunteer & Alumni Relations Coordinator at Esperanza.
We hope that you will consider mentoring a student this school year!
Help CMSD 11th-Graders Develop Job-Interviewing Skills
As part of our college and career readiness work with the Cleveland Metropolitan School District Academies of Cleveland schools, we are identifying business professionals who are interested in helping students prepare for real-life job interviews.
Volunteers are needed to conduct mock interviews with 11-graders on Wednesday, March 21st from 9 to 11 a.m. Your role will be to act as the interviewer and provide constructive feedback. We are recruiting volunteers for each of the five Academies of Cleveland Schools, Jane Addams Business Careers Center, Washington Park Environmental Studies, Max S. Hayes High School, Garrett Morgan High School, and Martin Luther King Jr. Career Campus. You can select which of the five schools you would like to go to, or we will assign you a school, as needed.
Please contact Angela Finding at 216.592.2385 or email@example.com with questions or to volunteer.