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It’s Time to Track Section 174 Research and Development (R&D) Expenses – Interplay with the R&D Tax Credit

By Business Tax, Credits & Incentives, Insights, Tax Planning & Consulting

Effective for tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act (“TCJA”) of 2017 changed the treatment of Internal Revenue Code (“IRC”) Section 174 costs requiring that Research and Development (R&D) costs be capitalized and amortized over a period of 5-years for domestic expenses and 15-years for offshore expenses. Although many hoped that this unfavorable provision from the TCJA would be postponed or removed prior to December 31, 2021, the change remains in effect in 2022.

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There’s Still Time to Claim the Employee Retention Credit

By Credits & Incentives, Insights, Tax Planning & Consulting

The Employee Retention Credit (ERC) has proven to be a valuable benefit for businesses affected economically by COVID-19. The credit’s complicated eligibility rules, however, may have prevented some businesses from taking advantage of the financial relief it offers. The good news is there’s still time to take advantage of the ERC and our professionals are here to help.

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Boost Cash Flow with a Cost Segregation Study

By Credits & Incentives, Insights, Tax Planning & Consulting

If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reduce your taxes and boost your cash flow. Even if you invested in real property in previous years, you may still have an opportunity to perform a lookback study and catch up on the deductions you missed.

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Employee Retention Credit for Recovery Startup Businesses

By Credits & Incentives, Insights, Tax Planning & Consulting

The CARES Act was signed into law on March 27, 2020, and provides financial assistance to businesses through the ability to claim an Employee Retention Credit (“ERC”). An ERC is a refundable tax credit against certain payroll taxes in 2020 and 2021. The ERC was expanded via the signing of the American Rescue Plan Act into law on March 11, 2021, thereby allowing all newly found businesses to receive funds as a Recovery Startup Business for qualified wages paid during the third and fourth quarter of 2021.

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Employee Retention Credit Update for the Restaurant Industry

By Business Tax, Credits & Incentives, Insights, Tax Planning & Consulting

Navigating COVID-19 has been complicated for all businesses and particularly difficult for those in the restaurant industry, given inconsistent mask mandates, spike in Delta variant cases, questions surrounding requirements for employee and patron vaccinations, as well as labor and supply shortages. One silver lining, however, has been the Employee Retention Credit (ERC), but questions still remain about this tax incentive and its status as a COVID-19 government relief program.

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