Qualifying AI for the RD 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 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 Ever since Michigan moved from the Michigan Business Tax regime to the current Corporate Income Tax regime twelve years ago, Michigan taxpayers have not been afforded a state tax credit for their research and development expenditures. However, this may change in the coming weeks, as HB 5100 passed the Democrat-led … Read More
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
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 Residential builders, investors, and developers can now qualify for up to $5,000 in tax credits for every energy-efficient dwelling unit. The IRS updated its 45L tax credit program in 2023 to align with Department of Energy programs for Energy Star and Zero Energy Ready Homes. … Read More
Using Transfer Pricing Wisely and Strategically As companies expand globally, there are opportunities to make smarter business decisions that maximize revenue. Using strategic transfer pricing can be helpful, but the process may be difficult to understand and execute properly. With guidance from tax experts at KBKG, you can make this a productive part of your … Read More
IRS Puts 150 Companies on Notice: Your Transfer Pricing is a Problem The IRS recently announced several new initiatives as a result of funding from the Inflation Reduction Act, with a special emphasis on making sure multinationals and high-wealth individuals pay their ‘fair share’ of taxes. First item on the press release – the IRS … Read More
New Questions People Are Asking About ERC Thought Leadership by KBKG Originally published 5/1/2023, updated 10/10/2023 On September 14th, 2023, the IRS took the significant step of suspending the acceptance of new ERC claims until at least December 31st, 2023. This was in response to mounting concerns about the integrity of the Employee Retention Credit … Read More
Unlocking Hidden Value: The Power of Cost Segregation Studies Optimizing tax benefits and enhancing cash flow are pivotal to achieving financial success in finance and real estate. One strategy with significant potential is cost segregation. Dive into cost segregation basics, explore what a cost segregation study entails, understand its timing and relevance, and discover KBKG’s … Read More