Update on Uncertainty: The Future of the R&D Credit
In a pivotal moment early last month, the Senate blocked bipartisan legislation that aimed to restore and expand key business tax provisions, including the vital research and development (R&D) tax credit. This vote has left American businesses in a precarious position, as the tax package also sought to address bonus depreciation and interest expense limitations. […]
Unleashing the Power of R&D Tax Credits for Manufacturing Businesses
As a manufacturing business leader, you’re constantly striving to stay ahead of the competition and drive innovation. But are you fully leveraging one of the most powerful financial tools at your disposal? The Research and Development (R&D) Tax Credit is a game-changer that can significantly boost your bottom line, yet it’s often overlooked. Let’s dive into how this underutilized incentive can fuel your company’s growth and innovation, and why you need to act now to maximize your benefits.
How Architects and Builders Benefit from the Section 179D Tax Deduction
Possessing or running more energy-efficiently built or renovated buildings may boost your cash flow by lowering your federal income tax obligation for the current year. Designers of buildings owned by the government can also often benefit from this tax-deferral method.
Unmasking Misconceptions About Cost Segregation
Cost segregation studies are a powerful tax planning strategy that can lead to tax savings for property owners. However, several common misconceptions persist despite their benefits, causing many to miss out on the potential advantages.
Let’s debunk these myths, helping you make informed decisions and maximize the benefits of cost segregation.
Boost Your Client’s Business with Cost Segregation: Unlock Hidden Tax Savings
Tax Day has come and gone, but dedicated CPA firms have already started planning how to reduce your clients’ business tax burden for next year. One powerful, often overlooked strategy is cost segregation, a method that can significantly increase your clients’ cash flow and reduce tax liability by reclassifying assets into shorter tax lives, thus accelerating tax depreciation write-offs.
Unlock Peak Efficiency with Energy Modeling: The Key to Driving Environmental Sustainability and Cost Efficiency
Understanding your building’s energy consumption before construction is vital. Energy Modeling and performance estimations allow stakeholders to gain control over potential energy expenditures, ensuring smarter, more informed decisions.
Impact of IRA and IIJA on Commercial Lighting Upgrades
Despite the uncertain economic conditions in the future, the Infrastructure Investment Jobs Act (IIJA) and the Inflation Reduction Act (IRA) for energy-efficient interior lighting renovations can provide good relief to for-profit and nonprofit organizations. Not only are the improvements financially feasible, but better lighting systems also save money as they have lower running expenses with […]
Tax Extenders Legislation Still Tied Up At the Senate
The House approved the $78 billion Tax Relief for American Families and Workers Act at the end of January and forwarded it to the Senate. However, Republicans, including ranking member Sen. Mike Crapo, R-Idaho, have opposed the idea, as the Senate Finance Committee has not yet marked up the legislation. A spokesman pointed out that […]
IRS Notice 2023 and How It Impacts R&D Tax Credits
Today, the IRS has unveiled an early release of Notice 2023-63 , designed to offer preliminary guidance aimed at clarifying the application of section 174, as modified by Pub. L. No. 115-97, often referred to as the “Tax Cuts and Jobs Act” (TCJA). This notice encompasses guidance on the following matters: 1. Capitalization and amortization of […]
Tax Relief Act: Where We Are at With the Bipartisan Bill?
The bipartisan bill offers tax incentives popular with businesses, such as full, immediate deductions for many capital investments, which the 2017 federal tax overhaul extended until 2022. It would also allow corporations to deduct domestic research and development expenditures immediately rather than over a five-year period as required under the 2017 tax legislation. According […]