IRS Debunks Tax Refund Myths

07/23/2020

The following article is written by the IRS. View the original source here: https://www.irs.gov/newsroom/irs-debunks-tax-refund-myths. WASHINGTON ― With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued. Most taxpayers have already filed their federal tax return, … Read More

Changes and Extension of the Virginia R&D Tax Credit

04/14/2020

The Commonwealth of Virginia made key changes and extended the income tax credit for conducting qualified research and development in Virginia. Key changes include: A three (3) year extension of the credit from tax years beginning before January 1, 2022 to tax years beginning before January 1, 2025 Beginning January 1, 2021, an increase in … Read More

Transfer Pricing Frequently Asked Questions

03/06/2020

While transfer pricing is an important tax issue, many US and foreign clients are unaware of the tax and cash flow benefits of proactive planning. We have compiled a list of frequently asked questions below to provide insights on the fundamentals of US and international cross-border pricing rules. These questions also highlight some practical strategies … Read More

Evaluating a Cost Segregation Provider? Consider Someone with the ASCSP Certification

07/23/2019

Are you considering a cost segregation study? As you begin to evaluate potential service providers, it’s important to remember that there are significant differences among cost segregation advisors in the marketplace. Sometimes taxpayers are not immediately aware of how those differences may impact their experience from start to finish. The American Society of Cost Segregation … Read More

BREAKING NEWS: Senate Finance Committee Launching Bipartisan Taskforces on Tax Extenders Including Green Building Tax Incentives

05/16/2019

Update as of 5/23/2019: The House Ways and Means Committee is currently putting together a package to address tax extenders such as the 45L tax credit and 179D tax deduction. Currently, a markup on tax extenders is expected sometime in June. BREAKING NEWS from 5/15/2019: The Senate Finance Committee launched bipartisan taskforces to address tax … Read More

Tax Tip for Small Businesses: The Benefit of Bonus Depreciation

05/08/2019

In recognition of Small Business Week, here’s a quick tax tip to fuel your business: Bonus depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the cost of an eligible asset instead of recovering the amount over the tax life of the asset. The Tax Cuts and Jobs … Read More

Myth – Claiming R&D Tax Credit Increases the Likelihood of an IRS Audit

04/08/2019

The Research & Development Tax Credit is a federal benefit (also available in many states) that was enacted to promote growth, innovation, and inspire advancements in all areas and facets of business. The credit is an undoubtedly beneficial incentive for businesses large and small. However, many companies are hesitant to take advantage of the credit … Read More

Tax Reform Makes it Easier to Generate Deductions with Cost Segregation

01/18/2019

In 2018, the tax reform changes made cost segregation studies more valuable than before. Under the new law, any building components with a tax recovery period of 20 years or less, are eligible for 100% Bonus Depreciation. Historically, bonus depreciation only applied to newly constructed property, but now it’s available for any acquired property. These … Read More