By now, most companies have heard of or even claimed Employee Retention Tax Credits (ERTC) or a PPP Loan. Those that have taken advantage of the credit have seen hundreds of thousands to millions of dollars in benefits for retaining employees in 2020 and 2021. For example, one professional services firm with 19 eligible employees … Read More
Jason Melillo is a Principal and Local and Wage Based Incentive practice leader at KBKG. His areas of expertise are Local Incentives, Employment Tax Credits which includes Employee Retention Tax Credit, and other employment credits. Old Law New Law Eligible Employers 2020 2021 Eligible employers can receive a refundable payroll tax credit of 50% of … Read More
On January 21, 2022, Hawaii State Senator Jarrett Keohokalole introduced Senate Bill (SB) 2599, revising the certification requirements and increasing the annual aggregate cap for the State of Hawaii’s tax credit for research activities (“Hawaii R&D tax credit”). The proposed Section 235-110.91 revisions would first and foremost triple the aggregate cap of research credits available … Read More
Architecture and engineering firms that are not claiming R&D Tax Credits, Employee Retention Tax Credits, or 179D are potentially leaving millions of dollars in tax benefits on the table each year. What are these benefits, and what cash flow is being overlooked? R&D Tax Credit Architecture and engineering firms may want to take another look … Read More
![There’s Still Time to Claim the R&D Tax Credit on Extension [Infographic]](https://www.kbkg.com/wp-content/uploads/Theres-Still-Time-to-Claim-the-RD-Tax-Credit-on-Extension.jpg "There’s Still Time to Claim the R&D Tax Credit on Extension [Infographic]")
Are you or your clients interested in claiming the R&D Tax Credit? Good news. There is still time to perform a study for inclusion on your extended returns, but you must act fast. Time is running out. What is the R&D Tax Credit? The Research and Development Tax Credit can be applied to qualified research … Read More
If you have not looked into Employee Retention Tax Credits, then you need to reach out to your regional director or contact us right away to see if you qualify. It is worth a quick assessment. We can help you claim the credit and receive cash refunds up to $5,000 per employee in 2020 and … Read More
The Qualified Improvements Quick Reference Chart is KBKG’s most sought-after resource by CPAs across the nation. We have updated the chart to reflect recent changes. Qualified Improvement Property (QIP) is defined as any improvement made by the taxpayer to an interior portion of a building that is nonresidential real property as long as the improvement … Read More
The Employee Retention Credit (ERC or ERTC) was created as part of the CARES Act to encourage businesses to continue paying employees by providing a credit to the eligible employer for wages paid to eligible employees. The ERC could be a valuable alternative for those who did not qualify for PPP and other emergency loans. … Read More
We got some great news this morning. The House has voted 219-212 to extend the Employee Retention Tax Credit through December 31, 2021, as part of the $1.9 Trillion COVID Relief bill. If it passes the Senate next week it will very likely be signed by the President shortly after. The Employee Retention Tax Credit … Read More
Are you a business owner that is unhappy with your recent tax bill? If you have not explored it yet, the Research and Development (R&D) tax credit can provide significant benefits to your business’ bottom line. Chances are you could be missing out on a dollar-for-dollar reduction in your federal and state income tax liability. … Read More