• Senate Finance Committee approves renewal of expired tax provisions
    By : Categories : Tax Insight

    Yesterday, on July 21st, the Senate Finance Committee repeated history by overwhelmingly approving a 2-year extension of over 50 expired tax provisions with a strong bipartisan vote, setting the stage for Congress to address later this year. The bill extends many long awaited business tax extenders that originally expired at the end of 2014 and…

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  • IRS Releases New Draft Form 3115
    By : Categories : Repair Regulations,Tax Insight

    On July 15th, The IRS posted onto its website an early released draft of Form 3115, Application for Change in Accounting Method. Form 3115 is used for accounting method changes, including complying with the Tangible Property Regulations (“TPRs”) as well as making depreciation adjustments resulting from Cost Segregation studies. The current version of Form 3115…

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  • R&D Tax Credit for the Food & Beverage Industry
    By : Categories : News,R&D,Tax Insight

    With the challenge of feeding an ever growing population, food & beverage companies in the United States are forced to increase their research and development efforts to meet demand. In addition to providing more options, food and beverage manufacturers are fighting to keep up with trends in the market place which include the reduction in…

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  • House Passes Permanent Extension of the R&D Tax Credit
    By : Categories : R&D,Tax Insight

    On May 20th, the US House of Representatives passed HR 880, making the Research & Development Tax Credit permanent. The House bill is called the American Research and Competitiveness Bill of 2015. HR 880 provides no revenue offsets which will likely be met with a presidential veto, consistent with what President Obama has promised to…

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  • AICPA Recommends Increasing De Minimis Safe Harbor Limit
    By : Categories : Tax Insight

    In a recent letter, the American Institute of Certified Public Accountants (AICPA) commended the IRS for requesting input on increasing the De Minimis Safe Harbor limit for taxpayers without applicable financial statements (AFS) and provided a recommendation. The safe harbor generally allows taxpayers with AFS (which usually means audited financial statements) to immediately deduct $5,000…

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  • Treasury Releases Guidance on the Allocation of Research Credits Among Members of a Controlled Group
    By : Categories : R&D,Tax Insight

    On April 2, 2015, the IRS issued TD 9717 regarding the allocation of the federal research credit among members of a controlled group (i.e., corporations and trades or businesses under common control). These new regulations implement the changes made as a result of the American Tax Relief Act of 2012 (Act) and affirms its own…

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  • John Hanning Joins KBKG’s Columbus, OH office
    By : Categories : Cost Segregation,News

    KBKG is pleased to announce the addition of John Hanning, SCSP, to our growing team in Ohio. John is an expert in the Tangible Property Repair Regulations, Cost Segregation, Construction Tax Planning, and Fixed Asset Depreciation Reviews. Prior to joining, John worked in KPMG’s Accounting Methods and Credit Services Group where he focused on getting…

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  • Practice Tool – Unit of Property & Major Component Chart for Buildings
    By : Categories : Repair Regulations,Tax Insight

    KBKG strives to be a thought leader in the areas we service and we’re proud so many CPAs rely upon the tools we’ve created. For those applying the new Tangible Property Repair Regulations, the first step in a proper Repair vs. Capitalization analysis is to identify and understand the Unit of Property (UOP). For real…

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  • Tangible Property Final Regulations FAQ
    By : Categories : Repair Regulations,Tax Insight

    Section 162 of the Internal Revenue Code (IRC) allows you to deduct all the ordinary and necessary expenses you incur during the taxable year in carrying on your trade or business, including the costs of certain materials, supplies, repairs, and maintenance. However, section 263(a) of the IRC requires you to capitalize the costs of acquiring,…

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  • R&D Tax Credits for Agriculture and Farming
    By : Categories : News,R&D

    It may be a surprise to many that food science activities typically associated with agriculture and farming can benefit from the Research & Development (R&D) tax credit. With advances in the food sciences and the challenge of feeding a growing population, those in the agriculture industry have the opportunity to claim and benefit from the…

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