News & Blog

The Internal Revenue Service recently published IR-2022-183 warning employers to take caution against third parties that are encouraging them to claim the Employee Retention Credit even if they may not qualify. The IRS has given multiple warning signs to look out for. These ERC mills continue to be aggressive in their tactics so the IRS has directed CPAs and taxpayers

On March 17 of this year, Senators Maggie Hassan (D-NH) and Todd Young (R-IN) reintroduced the American Innovation and Jobs Act. Also known as, “The Act,” this bill aims to expand the refundable research and development credit to more startups and small businesses. It also addresses the reversal of the 2017 tax law that clarifies the amortization rules for certain

Section 45L was originally introduced in the Federal Energy Policy Act of 2005. Since then it has expired and been extended multiple times, leaving those that use the credit in a constant bout of anxiety and subject to last-minute changes. However, in August of 2022, President Biden signed the Inflation Reduction Act into law. This act included an 11-year retroactive

Filing season is in full swing! Taxpayers are now required to amortize research and development expenses over a 5 or 15-year time period beginning in 2022 or later. This change to amortization will affect a broad range of companies and also impact how taxpayers handle their tax returns and financial statements. With the legislative push still being debated in Congress,

The first of the year has come and gone, and that means tax season has officially begun. This year, CPAs should expect a less hectic year than last after the swell of the pandemic and lockdown. However, several issues should be handled with some extra care after recent changes in legislation and tax codes. One issue that business owners are