• AICPA Recommends Increasing De Minimis Safe Harbor Limit
    By : Categories : News,Tax Insight Comment: Comments Off on AICPA Recommends Increasing De Minimis Safe Harbor Limit

    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 Comment: Comments Off on Treasury Releases Guidance on the Allocation of Research Credits Among Members of a Controlled Group

    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 Comment: Comments Off on John Hanning Joins KBKG’s Columbus, OH office

    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 Comment: Comments Off on Practice Tool – Unit of Property & Major Component Chart for Buildings

    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 Comment: Comments Off on Tangible Property Final Regulations FAQ

    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 Comment: Comments Off on R&D Tax Credits for Agriculture and Farming

    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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  • Filing Relief Issued on Tangible Property Regulations under Rev. Proc. 2015-20
    By : Categories : Repair Regulations,Tax Insight Comment: Comments Off on Filing Relief Issued on Tangible Property Regulations under Rev. Proc. 2015-20

    Numerous tax professionals have struggled with the compliance requirements under the final Tangible Property Regulations (TPRs) and when Form 3115, Application for Change in Accounting Method, is required. In response to public concerns, the IRS issued Rev. Proc. 2015-20 providing a simplified method of compliance for small business taxpayers. The new revenue procedure allows small…

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  • Tangible Property Regulations – IRS Considering Filing Relief
    By : Categories : Repair Regulations,Tax Insight Comment: Comments Off on Tangible Property Regulations – IRS Considering Filing Relief

    The 2014 tax season is underway and CPAs and tax professionals are knee deep in the implementation of the final Tangible Property Regulations (TPRs). Tax practitioners have expressed frustration regarding the overly burdensome filing requirements of the new TPRs. The number one question KBKG is asked is whether change #184 is really necessary for every…

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  • AICPA Addresses Primary Concerns Surrounding Implementation of Tangible Property “Repair” Regulations
    By : Categories : News Comment: Comments Off on AICPA Addresses Primary Concerns Surrounding Implementation of Tangible Property “Repair” Regulations

    From the AICPA Special News Update February 10, 2015 – Volume 22 No. 7 “We are reaching out to members to address issues and concerns with the tangible property “repair” regulations. Over the last few weeks, we have heard from an unprecedented number of members with questions, concerns and requests for resources. The two biggest…

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  • Treasury Releases Proposed Regulations on R&D Credits for Internal Use Software
    By : Categories : R&D,Tax Insight Comment: Comments Off on Treasury Releases Proposed Regulations on R&D Credits for Internal Use Software

    On Friday, January 16, 2015, the Department of Treasury issued proposed regulations regarding the applicability and inclusion of Internal-Use Software as part of the IRC Section 41 ‘Credit for Increasing Research Activities,’ providing increased availability of the research and development tax credit for a greater number of entities, particularly small to mid-sized taxpayers. These proposed…

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