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
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
Published on June 10, 2022, Texas Register, the Texas Comptroller proposed revisions to the recently amended Texas franchise tax regulations surrounding the Texas sales and use tax exemption and the Texas franchise R&D tax credit. These revisions soften the Internal Use Software (IUS) and Combined Group definitions after receiving overwhelming feedback surrounding the Texas franchise … Read More
IRS Updates Audit Technique Guide for Cost Segregation On June 1st of, 2022, the IRS published the latest edition of the Cost Segregation Audit Technique Guide (ATG). The Cost Segregation ATG assists IRS examiners during audits by providing an understanding of technical information, examination techniques, and what to look for when reviewing cost segregation reports. … Read More
It has been nearly 18 years since Missouri taxpayers have seen a state credit related to its qualified research expenditures (QREs). This may change beginning in 2023! In an effort to further stimulate Missouri’s economy, State Senator Brian Williams offered an amendment to HB 2400 sponsored by State Representative Dan Houx. This amendment attempts to … Read More
Wisconsin’s Department of Revenue recently updated its Publication 131, entitled Tax Incentives for Conducting Qualified Research in Wisconsin for Taxable Years Beginning on or After January 1, 2021. It explains qualified research, eligibility and the mechanics for calculating and substantiating the credit. The most notable change to the Wisconsin credit is increasing the percentage of … Read More
The IRS and Treasury released Rev. Proc. 2022-14 earlier this year, updating and superseding the current list of automatic method changes. Background Taxpayers generally cannot change from an established accounting method to a different method unless they first obtain IRS consent to change from the established accounting method. Taxpayers must obtain IRS consent to change … Read More
As featured in Accounting Today Real estate owners have limited options to pull cash out of a 1031 exchange without having to pay income tax. With proper tax planning, this problem can be solved with a cost segregation study. The application of cost segregation for this purpose may vary depending on the tax rules in … Read More
Earlier this month, the Kansas University Jayhawks men’s basketball team captured the school’s 6th National NCAA Championship with a 72-69 victory over the North Carolina Tarheels. In one of the most competitive college basketball years to date, Kansas was crowned number 1. Much like college basketball, states compete to attract businesses and innovation to spur … Read More
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