KBKG Tax Insight: 5 Tips for Properly Vetting a Specialty Tax Consultant

11/07/2017

CPAs know it is imperative to refer clients to 3rd party consultants for various issues that require deep specialization in an area of tax. In many ways, these specialty tax firms act as an extension of your team and require coordination to deliver results that often have a material impact on a tax return. While … Read More

KBKG Tax Insight: Can You Claim 45L Tax Credits Retroactively?

11/03/2017

Yes, 45L tax credits can be claimed retroactively if they have been missed on prior tax returns. Since 45L tax credits are triggered in the year that a dwelling unit is first leased or sold, some taxpayers incorrectly think that the tax credits need to be claimed timely on current year tax returns. In reality, … Read More

KBKG Tax insight: Tips for Documenting Qualifying R&D Expenses

10/26/2017

Every company seeks effective ways to reduce their overall tax liabilities. Although traditional tax planning can certainly reduce business taxes, there is often a limited impact, leaving owners and managers searching for additional savings opportunities. The good news is that the Research and Development (R&D) Tax Credit is available to qualifying companies that have or … Read More

New Tax Reform Proposal Makes Deductions More Valuable in 2017

10/06/2017

On Thursday, September 27, Republican leaders in Congress and the Trump administration released the Unified Framework for Fixing Our Broken Tax Code. Among the many ideas outlined within the plan is to reduce the corporate tax rate to 20% and provide a maximum tax rate of 25% for business income from flow through entities of … Read More

IRS Issues Guidance Around ASC 730 and the R&D Tax Credit

09/29/2017

According to a new guidance released by the IRS, the Large Business and International Division which serves corporations, subchapter S corporations, and partnerships with assets greater than $10 million are instructed to accept financial statements that comply with the GAAP standards as proof of Qualified Research Expenses (QREs). Ultimately, this new directive could lessen the formally … Read More

New Qualified Improvement Property Category in 2016

09/18/2017

For the most up-to-date information on Qualified Improvement Property, see our latest post. Many tax professionals are still unclear about the newest classification of building improvements eligible for bonus depreciation when placed in service on or after January 1, 2016. That’s understandable considering there has been over a dozen additions or changes to rules relating … Read More

KBKG Tax Insight: IRS Releases Tax Relief Opportunities for those Affected by Hurricane Harvey

08/29/2017

Updated 10/12/17 to include Caldwell, Comal, Guadalupe, Jim Wells, Milam, and San Augustine counties. Updated 9/20/17 to include Burleson, Grimes, Madison and Washington Counties. Updated 9/19/17 to include Bexar, Dallas, Tarrant, and Travis Counties. Updated 9/5/17 to include Austin, Batrop, DeWitt, Gonzales, Karnes, Lavaca, Lee, Polk, Tyler and Walker Counties. Updated 8/30/17 to include Colorado, … Read More