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Tax Incentives for the Agriculture, Forestry & Fishing Industry
At KBKG, we know that Agriculture, Forestry & Fishing firms face many challenges. The ever-changing tax landscape can be burdensome and complicated. We recognize that Agriculture, Forestry & Fishing companies have an increased need for new cash flow sources through tax deductions and the effective use of tax credit programs.
We offer Research and Development (R&D) Tax Credit, Cost Segregation / Fixed Assets, IC-DISC, and Employee Retention Tax Credit (ERTC) services to keep our clients up to date on what's affecting their industry.
Our experts are highly knowledgeable and have many years of experience helping Agriculture, Forestry & Fishing firms claim tax incentives.
Agriculture, Forestry & Fishing Industry Tax Saving Opportunities
Federal credit worth approximately 6.5% of wages related to designing, developing and improving processes, formulae, and software.Learn More
Any building improvement over $750,000 should be reviewed for proper classification of the individual components for tax depreciation.Learn More
Evaluating a company's entire fixed asset schedule will identify assets that can depreciate over a shorter tax life. Taxpayers utilizing the book method of accounting for tax are not maximizing their available deductions.Learn More
The refundable credit is available from March 13, 2020 through September 30, 2021 and can be utilized even if companies received PPP loans. For 2021, there is a maximum credit of $7,000 per eligible employee, per quarter.Learn More
The Interest Charge Domestic International Sales Corporation (IC-DISC) offers significant Federal income tax savings if designing a foreign building.Learn More
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Tax Insights for the Agriculture, Forestry & Fishing Industry
Inflation Reduction Act Signed by President Biden: Increases 179D Benefits for Architects, Engineers, Design Build Contractors, and More
President Biden signed the Inflation Reduction Act into law, minting a historic climate bill with aims to reduce carbon emissions by 40% by 2030 among many major economic initiatives. Within the 700+ page bill, the Inflation Reduction Act includes significant tax incentive opportunities which expand 179D Deductions for Architects, Engineers, Design Build Contractors, and other … Read More
How the Inflation Reduction Act of 2022 Expands Energy Efficiency Tax Incentives for the Real Estate Industry
As featured in Accounting Today On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act. Both existing and expired energy efficiency tax incentives including 179D Deductions and 45L Credits have been expanded significantly. Who Benefits? Commercial Building Owners Multifamily Building Owners Investors Developers Homebuilders Architects Engineers Design/Build Contractors Other designers and builders Increase … Read More
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
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
Architecture and engineering firms that are not claiming R&D Tax Credits, Employee Retention Tax Credits, or 179D are potentially leaving millions of dollars in tax benefits on the table each year. What are these benefits, and what cash flow is being overlooked? R&D Tax Credit Architecture and engineering firms may want to take another look … Read More
Architecture and engineering firms may want to take another look at the often forgotten Research & Development (R&D) Tax Credit. Many may be eligible for federal and state research 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, … Read More
After months of negotiations, Congress will pass a $900 billion COVID-relief package along with a$1.4 trillion spending package that funds the government for the 2021 fiscal year. President Donald Trump is expected to sign and enact this bill. In addition to providing a second round of COVID relief, the spending bill includes tax relief for … Read More
We recently added a Business Development Director at KBKG, Lon O’Connor, based out of our Pasadena headquarters. As a Director, she covers the Los Angeles region and focuses on building in-depth relationships with our CPA and industry partners. Lon has over 18 years of business management experience and spent the last decade serving small to … Read More