News & Blog

Section 179D: Good News From Congress and Courts

Section 179D of the Internal Revenue Code provides tax incentives for the construction of energy-efficient commercial buildings. The deduction is available to owners and designers of new or existing buildings that meet certain energy efficiency requirements. The amount of the deduction is based on the percentage of energy savings achieved by the improvements.    The Section 179D deduction is a

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Employee Retention Credit

IRS Warns Taxpayers of Improper Employee Retention Credit Claims and ERC Mills

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

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Congress

American Innovation and Jobs Act Aims to Expand R&D Tax Credit

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

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45L Tax Credit

Section 45L Tax Credit Update

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

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Section 174

Implementation of Section 174

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,

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Tax credit

Companies Need to Amortize R&D Expenses

The Consolidated Appropriations Act of 2023 was passed late last year by Congress. This bill included funding for the federal government for the remainder of 2023 but left out the highly-anticipated tax extenders like Section 174 amortization requirements. With these tax extenders not passing, many people don’t know what to expect now. Well our tax experts at NTG are here

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R&D tax credit for Architecture Firm

Research and Development Tax Credit for Architecture Firms

The Research and Development tax credit is a federal incentive for all US Businesses that engage in research and development activities. Some businesses engage in these activities more than others, and architecture firms are among one of the top placeholders. Claiming these on your taxes will give you more money to reinvest in your business.  Architecture firms are often unsure

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tax return

Here’s What Every CPA Should Know About R&D This Tax Season

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

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Research and Development

R&D Tax Credit for 2022 Tax Returns

We have made it to 2023. While the holiday season filled with family, friends, and food has ended, our second favorite time of year is here: tax season! Our tax experts have prepared all year for this and now we are here to help our clients work through tax season as smoothly and efficiently as possible. One of our specialties,

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