This article has been updated from its original posting on Dec. 15, 2022. The Treasury Department and Internal Revenue Service (IRS) issued Revenue Procedure 2023-11 providing updated guidelines for accounting method changes for the treatment of specified research or experimental expenditures under Section 174 that changed with the Tax Cuts and Jobs Act of 2017 … Read More
Tax Insight
KBKG Tax Insight: Tax Court Denies Construction Company R&D Credits
A summary judgment was recently granted when the government successfully argued that a construction company did not conduct qualified research activities during the tax year in question and was therefore not entitled to the $576,756 refund they were paid. In this case, the defendant was a shareholder of a civil construction company and the contested … Read More
KBKG to Exhibit and Sponsor Tal Glenn Memorial Golf Tournament
Attending the 2022 Tal Glenn Memorial Golf Tournament is our Principal, Eddie Price, and our Regional Director, Matthew Geltz, who will represent KBKG at the event, which takes place on October 24th in Tyler, Texas at The Cascades Golf & Country Club. About the Event The Tal Glenn Memorial Golf Tournament is an annual golf … Read More
KBKG Tax Insight: IRS To Target Abusive ERTC Claims. Analysis of Government Shutdown & Supply Chain Rules
As Featured in Accounting Today One of the biggest issues being discussed by the IRS, Congress, and the AICPA are the millions of businesses that are being targeted by tax credit companies looking to help them claim the Employment Retention Tax Credit (ERTC). While it’s true that many companies qualify, there is significant concern about … Read More
[PRESS RELEASE] KBKG Named One of the World’s Leading Transfer Pricing Practices by International Tax Review
Chicago – September 19, 2022 – For the second year in a row, KBKG, a nationally recognized tax specialty firm, was named one of the world’s leading transfer pricing firms by the International Tax Review for 2022-23. The International Tax Review, which surveys and analyzes more than 13,000 clients and 2,700 practitioners, identifies the most … Read More
More U.S. States Introduce Amnesty Programs for Transfer Pricing Issues: Time to Write a Check?
Some taxpayers equate voluntary state tax amnesty programs with an episode of “The Sopranos” operating in New Jersey– volunteer to pay us now, or you pay much more when we visit later during an audit. State transfer pricing amnesty programs have become more popular recently as states including New Jersey, North Carolina, Indiana, and Louisiana … Read More
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
Time to Review Transfer Pricing Strategies: IRA Imposes 15% Minimum Tax on Large Corporations
Transfer Pricing may not have been a specific focus of the 700+ page Inflation Reduction Act. However, global tax strategies can be impacted by the new 15% alternative minimum tax (AMT). This AMT targets large companies to ensure these highly profitable enterprises pay their fair share of tax. A large corporation’s tax liability would be … 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
Inflation Reduction Act Expands Payroll Tax Credit Benefits for Small Businesses
The Inflation Reduction Act provides huge opportunities for the real estate industry as well as for architects and engineers. However, the expansion of “green” tax incentives 45L and 179D is not the only tax benefits getting a boost. The newly formed law will also improve upon the R&D Tax Credit. This change will have a … Read More