Year-End Legislation Aimed at Changing the TCJA

12/20/2023

Year-End Legislation Aimed at Changing the TCJA Kevin Zolriasatain, Principal • Research & Development Tax Credit Services A sizable coalition of House Republicans has advocated for end-of-year legislation addressing three key business tax provisions altered by the 2017 tax reform bill. They characterize this proposal as a pro-growth economic package. In a letter dated November … Read More

KBKG Tax Insight – Does Coke Owe the IRS $10+ Billion for Transfer Pricing?

12/09/2023

What Happens if Coke Continues to Lose in Tax Court? Coca-cola recently lost an appeal of a transfer pricing court case, which concluded that Coke owes an additional $3.1 billion in tax for 2007 through 2009.¹ In addition to denying the Motion for Reconsideration on procedural grounds, Tax Court Judge Albert Lauber decided to elaborate … Read More

Qualifying AI for the R&D Tax Credit | KBKG

11/21/2023

Qualifying AI for the R&D Tax Credit | KBKG Artificial intelligence (AI) has recently been a mainstay of news headlines worldwide, and for good reason. Publicly released AI tools now allow individuals and companies to generate images and text nearly indistinguishable from those created by humans.  If you are a company or have a department … Read More

Cost Segregation for Airbnb, Vrbo, HomeAway

11/18/2023

Cost Segregation for Airbnb, Vrbo, HomeAway If you’re an Airbnb, Vrbo, or HomeAway host, you’re likely familiar with the complexities of managing and optimizing rental properties. What you may not be aware of, however, is a powerful financial tool that can help you maximize your property’s financial benefits while minimizing your tax liability – Residential … Read More

Reviving Michigan’s R&D Tax Credit

11/08/2023

Reviving Michigan’s R&D Tax Credit Michigan businesses are one step closer to large tax benefit. On February 7, Michigan’s governor, Gretchen Whitmer, presented her FY2025 Executive Budget Recommendation. Included in the budget is a proposal for a $100 million research and development (R&D) credit, the state’s first R&D credit since the corporate income tax (CIT) … Read More

Withdrawal of ERC Claims: A Comprehensive Guide for CPAs

11/06/2023

Withdrawal of ERC Claims: A Comprehensive Guide for CPAs Thought Leadership by Ian Williams, Director | KBKG In IRS notice, IR-2023-193, released this week, the IRS has taken a significant step to protect small businesses and organizations from potential scams related to the Employee Retention Tax Credit (ERC) by introducing a novel withdrawal process. This process is designed … Read More

A Guide to Claiming the 179D Deduction

10/31/2023

Using the 179D Deduction Successfully running and managing a business requires paying attention to a lot of things, including tax planning. Taxes get complicated, and it can be tough for the average business owner to know which deductions and credits could benefit their company. Take the 179D deduction. This provision allows eligible taxpayers to get … Read More

Take Advantage of the 45L Tax Credit for Residential Development

10/29/2023

Take Advantage of the 45L Tax Credit for Residential Development Multifamily developers and investors can now qualify for up to $5,000 in tax credits for every energy-efficient dwelling unit they build. The IRS updated its 45L tax credit program in 2023 and is now available to dwelling units within residential buildings of all heights including … Read More

Proposed Changes to Form 6765: Enhancing R&D Tax Credits

10/26/2023

Proposed Changes to Form 6765: Enhancing R&D Tax Credits Thought Leadership by Kevin Zolriasatain | Principal, Research & Development Tax Credits  Staying informed about regulatory updates is vital for tax professionals, especially when it comes to Research and Development (R&D) tax credits. The Internal Revenue Service (IRS) made a significant announcement on Friday, September 15th, unveiling … Read More