• Research Tax Credit Opportunities for Architects and Engineers
    By : Categories : R&D,Tax Insight Comment: Comments Off

    Although Architecture and Engineering (A&E) firms don’t often claim tax credits, many may be eligible for Federal and state research & development (R&D) tax credits without realizing it. Historically, the R&D tax credit was geared to only benefit large companies; mostly in the manufacturing, software, high-tech and pharmaceutical industries. However, significant changes to the tax regulations…

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  • California Competes Tax Credit Application periods 2014-2015
    By : Categories : News Comment: Comments Off

    According to a memorandum issued by the Governor’s Office of Business and Economic Development (GO-Biz) there is $150 million of California Competes Tax Credit (CCTC) plus any unallocated amount available from fiscal year 2013-2014. For fiscal year 2014-1015, applications for the CCTC will be accepted during the following periods: • To be determined: $45 million…

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  • The Tangible Property Repair Regulations Webinar Q&A
    By : Categories : News,Repair Regulations Comment: Comments Off

    The Repair Regulations or the Tangible Property Regulations are rules issued by the IRS with regards to the deduction and capitalization of expenditures related to tangible property. The Repair Regulations are applicable to businesses that acquire, produce, replace or improve tangible property. Application of the new Repair Regulations requires an in-depth understanding of various tax…

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  • R&D Tax Credit Now Allows ASC on Amended Returns
    By : Categories : R&D,Tax Insight Comment: Comments Off

    In a surprising, and long overdue modification to the Section 41 Research & Development tax credit, Treasury announced TD 9666 allowing taxpayer’s the opportunity to use the Alternative Simplified Credit ("ASC") calculation methodology on amended returns in cases where the credit was not previously claimed on a return. Prior to this announcement, the taxpayer’s were…

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  • Regulations TD 9666
    By : Categories : News,R&D Comment: Comments Off

    Today, the Department of Treasury announced regulations TD 9666 that allows companies to claim the R&D Alternative Simplified Credit (ASC) on amended returns. This regulation significantly increases the amount of credit a company can claim. Experts are predicting that this will encourage small and medium size businesses to act and reassess the benefits of claiming…

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  • R&D Tax Credit Update
    By : Categories : R&D,Tax Insight Comment: Comments Off

    The federal tax credit for “increasing research activities” – commonly known as the R&D credit – is one of several “tax extenders” currently being discussed by lawmakers. The credit expired at the end of 2013, but the expectation is that it will be renewed, as it has done consistently since the credit was first enacted…

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  • Expire Act 2014: Tax Extenders for 2014-2015 Passed by Senate Finance Committee
    By : Categories : Tax Insight Comment: Comments Off

    Yesterday, on April 3, the Senate Finance Committee overwhelmingly approved the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act of 2014 with a strong bipartisan vote, setting the stage for Congress to address. The bill extends many long awaited business tax extenders that originally expired at the end of 2013 and modifies certain tax provisions….

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  • California Competes Tax Credit Applications Closes April 14
    By : Categories : News,Tax Insight Comment: Comments Off

    Businesses may now apply for the first round of awards under the California Competes Tax Credit program. The last date to register for the current application window is April 14, 2014. The California Competes Tax Credit was part of Governor Brown’s three part successor program to the Enterprise Zone tax credit, which is currently being…

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  • Rev. Proc. 2014-16 – IRS releases procedural guidance to implement Final Repair Regulations
    By : Categories : Repair Regulations,Tax Insight Comment: Comments Off

    The IRS recently released Revenue Procedure 2014-16, providing the procedural rules taxpayers follow to make “automatic” accounting method changes under the Final Repair Regulations. This revenue procedure modifies Rev. Proc. 2011-14 and supersedes Rev. Proc. 2012-19 regarding certain changes for amounts paid to acquire, produce, or improve tangible property. IRS PROCEDURE 2014-16   » Full…

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  • Case Study: Retirement of Building Components
    By : Categories : Repair Regulations,Tax Insight Comment: Comments Off

    The Final Repair Regulations clarified the rules related to whether a building expenditure is a capital improvement or can be a repair expense. However, one of the most significant rules that has changed under these Regs is in regards to the disposition of structural components of buildings. In the past, when a taxpayer renovated an…

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