Bennett Thrasher offers an overview of the ERC, the process and deadlines for claiming it and possible scams that employers may face related to it. Learn more.
The Inflation Reduction Act of 2022 (IRA), signed into law last August, included a wide variety of tax incentives for clean energy. Learn more.
The IRS recently warned employers to be wary of third parties advising them to claim the Employee Retention Credit when they may not qualify. Learn more.
Section 174 changes take effect in the first tax year after December 31, 2021, beginning with the midpoint of the taxable year in which the expenses are paid or incurred. Learn more.
On November 30, 2022, the IRS issued Notice 2022-61, providing guidance on the prevailing wage and apprenticeship requirements that apply to Section 179D and Section 45L, as amended by the Inflation Reduction Act of 2022.
With the rise in the annual inflation rate, President Biden signed the Inflation Reduction Act of 2022 into law on August 16, 2022. This legislation provides an array of methods to combat inflation, including the expansion of the Research and Development (“R&D”) Tax Credit.
It’s Time to Track Section 174 Research and Development (R&D) Expenses – Interplay with the R&D Tax Credit
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.
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.
The Consolidated Appropriations Act, 2021 made the §179D Tax Deduction permanent. Baseline requirements for the qualification of the §179D Tax Deduction will remain ASHRAE 90.1-2007.
Bennett Thrasher is proud to celebrate global independent accounting association DFK International’s 60th anniversary. We are proud to have been a member of DFK International for 21 years – an association which benefits both our firm and our clients.