News & Blog

Tax season is always a complex, hectic time of year, but with the right tax planning strategy, it can also be rewarding. Businesses in the food and beverage industry in particular have the opportunity to maximize their savings and earn lucrative returns through several underutilized tax benefits and filing strategies.    Our national tax experts will walk you through our

The Employee Retention Credit (ERC), originally passed in March of 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was designed to help businesses keep their workers employed throughout the pandemic. The credit has undergone several modifications since 2020, with the most recent change passing on Nov. 15, 2021, and many businesses have declined to claim the credit

At the start of 2022, companies were notified that they must amortize their R&D expenses over five years. This is in contrast to past years when they were able to immediately deduct research and development expenses from their taxable income. The United States government created this delay in amortization to raise federal tax, but only in the short term.  

Research and Development (R&D) tax credits are incentives designed to attract organizations with high research and development expenditures to the U.S. Research and development expenditures include performing activities related to the development, design, or improvement of products, processes, formulas, or software. Section 174 of the R&D and its regulations have allowed firms to expense research spending in year one, rather

On August 16, 2022, The Budget Reconciliation Bill, also known as the Inflation Reduction Act, was signed into law. A smaller version of the failed $1.75 trillion Build Back Better Act, The Budget Reconciliation Act allocates $700 billion for climate change, healthcare, and a tax package. The Bill was passed exclusively along party lines, a unanimous yes from democrats and

The 179D tax deduction and 45L tax credit, two energy efficiency tax incentives designed for commercial and residential buildings, underwent notable modifications under the Inflation Reduction Act of 2022. This landmark legislation, which includes a $369 billion investment in green energy projects, allows more parties than ever before to partake in these lucrative tax benefits.    Let’s take a look

The Inflation Reduction Act, signed into law on Aug. 16, 2022, is the largest climate change spending package in United States history. It invests $369 billion toward energy security and emissions reduction through manufacturing clean energy technologies, protecting natural resources, lowering electricity costs, and offering financial incentives for green purchases and projects.   Among other measures, the Act revives the

In June 2022, the Large Business and International (LB&I) Division of the Internal Revenue Service (IRS) released a new 53-page document about the 179D deduction for energy-efficient commercial buildings. The document, a Practice Unit for agents auditing the deduction, reveals an increased focus on the eligibility of designers responsible for government buildings.   National Tax Group’s in-house tax experts specialize

The COVID-19 pandemic and the resulting economic upheaval sparked a series of financial relief packages, each with various complicated updates and provisions. In particular, the Employee Retention Credit (ERC) underwent several legislative changes that exacerbated initial confusion and left many qualifying businesses uncertain about their eligibility.   Even now, nine months after the last ERC update, many business owners are

Improving energy efficiency can reduce utility costs, increase property value, and benefit the environment — but the considerable costs that accompany major property upgrades keep some businesses from making a change. Commercial real estate accounts for $190 billion in energy expenditures every year, 18 percent of the United States’ primary energy usage, and business-related energy costs are only going up.