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Senate Passes Groundbreaking Inflation Reduction Act, Expanding 179D Deduction for Architects, Engineers, and Designers
We recently posted a brief update on the Inflation Reduction Act. After negotiations between Senate Majority Leader Chuck Schumer and Senators Manchin and Sinema, an updated Inflation Reduction Act has passed the Senate and moves one step closer to being enacted through the House of Representatives and President Biden. With the Senate being the toughest … Read More
After months of negotiations, Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D- W. Va., reached a deal to move forward on a pared-down reconciliation bill on climate and taxes. The bill, titled the Inflation Reduction Act of 2022, aims to do the following: Reduce the deficit Invest in domestic energy production and … Read More
KBKG Tax Insight: IRS Releases Updated Practice Unit on 179D Deduction, Impacting Designers of Government Owned Buildings
As featured in Accounting Today On Friday, June 24, 2022, the IRS Large Business and International (LB&I) Division released an updated 53-page Practice Unit on the Section 179D Energy Efficient Commercial Building Deduction. The purpose of this Practice Unit is to serve as a job aid and as a training manual on 179D tax deductions … Read More
Published on June 10, 2022, Texas Register, the Texas Comptroller proposed revisions to the recently amended Texas franchise tax regulations surrounding the Texas sales and use tax exemption and the Texas franchise R&D tax credit. These revisions soften the Internal Use Software (IUS) and Combined Group definitions after receiving overwhelming feedback surrounding the Texas franchise … Read More
IRS Updates Audit Technique Guide for Cost Segregation On June 1st of 2022, the IRS published the latest addition of the Cost Segregation Audit Technique Guide (ATG). The Cost Segregation ATG assists IRS examiners during audits by providing an understanding of technical information, examination techniques, and what to look for when reviewing cost segregation reports. … Read More
It has been nearly 18 years since Missouri taxpayers have seen a state credit related to its qualified research expenditures (QREs). This may change beginning in 2023! In an effort to further stimulate Missouri’s economy, State Senator Brian Williams offered an amendment to HB 2400 sponsored by State Representative Dan Houx. This amendment attempts to … Read More
KBKG, R&D Tax Credits & 179D Incentives Firm, to Exhibit at the American Institute of Architects A’22 National Conference This Week
KBKG plans an educational and interactive booth experience for architect attendees at AIA’s largest annual event. CHICAGO, June 20, 2022 (Newswire.com) – Nationwide tax specialty firm KBKG is set to exhibit at the American Institute of Architect’s (AIA) A’22 Conference on Architecture in Chicago from June 22-25. At the exhibit, KBKG will showcase their architect … Read More
As you begin to evaluate potential service providers, it’s important to remember that there are significant differences between R&D credit and 179D advisors in the marketplace. Sometimes taxpayers are not immediately aware of how those differences may impact their experience from start to finish. Working with a qualified firm with a team of experienced specialists … Read More
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