Dispositions of Tangible Property – IRS Restricts use of Discount Value Approach

09/23/2014Repair Regulations, Tax Insight

In August, the IRS issued final regulations on dispositions of tangible depreciable property under Sec. 168 (T.D. 9689) that are generally effective for taxable years beginning on or after January 1, 2014. Taxpayers can realize significant benefits from these regulations by identifying building components that have been replaced or demolished in current or prior years. … Read More

Research Tax Credit Opportunities for Architects and Engineers

09/11/2014R&D Tax Credit, Tax Insight

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 … Read More

R&D Tax Credit Now Allows ASC on Amended Returns

06/02/2014R&D Tax Credit, Tax Insight

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 … Read More

R&D Tax Credit Update

04/08/2014R&D Tax Credit, Tax Insight

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 … Read More

California Competes Tax Credit Applications Closes April 14

03/20/2014News, Tax Insight

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 … Read More

Rev. Proc. 2014-16 – IRS releases procedural guidance to implement Final Repair Regulations

01/27/2014Repair Regulations, Tax Insight

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 The automatic accounting … Read More