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

Why Allocation Letters are Needed to Claim 179D

11/07/2023

Why Allocation Letters are Needed to Claim 179D A guide on the intricacies of designers securing an allocation letter to claim 179D Thought Leadership from Jillian Jones, Senior Manager – Green Building Tax Incentives Architects and designers play a crucial role in creating energy-efficient, tax-exempt buildings, and many need to be made aware of how … 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 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

IRS Puts 150 Companies on Notice: Your Transfer Pricing is a Problem

10/26/2023

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

10/23/2023

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