Research & Development Tax Credits: What You Need to Know

Businesses across industries continue to struggle during the coronavirus pandemic to ensure they can maintain adequate cash flow, meet financial obligations and keep their operations afloat.  Fortunately, the federal research and development tax credit may provide refund opportunities and provide some relief during uncertain times. 

A Closer Look at Recent Updates to §179D and §45L

In late December 2019, a long-awaited tax extenders package was signed, which includes the §179D Commercial Buildings Energy Efficiency Tax Deduction and the §45L New Energy Efficient Home Credit. This extends and provides retroactive application of the §179D Tax Deduction and the §45L Tax Credit for projects placed in service from 1/1/2018 through 12/31/2020. For more details on the changes to these programs, please see below.

Update On Georgia Entertainment Incentives Webinar Recording

This webinar discusses recent legislative, regulatory and administrative updates that affect companies claiming Georgia entertainment tax credits. Join Peter Stathopoulos, head of Bennett Thrasher’s Entertainment Practice, for a discussion.

Peter Stathopoulos Featured in Oz Magazine

In a recent article Peter Stathopoulos discusses the state of Georgia’s film industry. Thanks to tax incentives, filming continues to grow across the state, but opportunity exists for the state to invest in content creation, as investment for the booming production business, however, still flows primarily from New York or L.A.

Top 5 Impacts of ASC 606 on Manufacturing Companies

As private companies are gearing up for the implementation of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, many are wondering how this guidance will impact the manufacturing industry. For privately‐held entities, ASC 606 applies for annual periods beginning after December 15, 2018 (2019 will be the first year for December year‐ends).

Qualifying ERP Implementation for the R&D Tax Credit

Enterprise Resource Planning (“ERP”) has become an integral component of the manufacturing process as it can provide insight on vendor management, product logistics and server integration. Taxpayers may be able to qualify time for the R&D tax credit associated with developing and integrating the ERP system depending on whether it is developed primarily for internal or external use

Tim Oberst Discusses the Section 199A Deduction in Accounting Today

In an article published in Accounting Today, Bennett Thrasher partner Tim Oberst discusses the highly anticipated proposed regulations for Code Section 199A, the new 20 percent deduction on “qualified business income” of pass-through entities, released by the Treasury Department and the IRS on August 8.

Tax Return Due Dates Reminder

As the time for filing tax returns in 2018 nears its end, taxpayers should be aware of the filing deadlines applicable to their individual and business tax returns. These filing deadlines were updated by the Surface Transportation and Veterans Health Care Choice Improvement Act for tax returns filed during 2017, and continue to be effective for returns filed in 2018 and future years.

Georgia Rural Hospital Tax Credit Program

Nationwide, 4.1 million Americans pay more than $10,000 each in property taxes alone, according to ATTOM Data Solutions.  The itemized deductions of many taxpayers stand to be severely limited with the new $10,000 cap on state and local taxes enacted as part of tax reform in December of 2017, especially if multiple personal real properties are owned.

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