Overview Treasury and the IRS are contemplating additional procedural guidance that will assist taxpayers with compliance related to the ADS recovery period change for residential rental property. This is required under the Tax Cuts and Jobs Act (TCJA) when Real Property Trades or Businesses (RPTOBs) make the election under 163(j) to avoid interest expect limitations. … Read More
As featured in AICPA Tax Adviser – April 15, 2021 Heating, ventilation, and air conditioning (“HVAC”) replacement costs can be significant expenses for businesses that own or lease real estate. This guide is intended to help tax practitioners distinguish between deductible repairs and more extensive work that must be capitalized. Each year, tax professionals who … Read More
“You Can’t Beat the Feeling . . . of a $3 billion-plus transfer pricing tax bill.” With apologies to the authors of the Coca-Cola’s 1988 marketing tagline, the IRS won a landmark transfer pricing tax court case against Coca-Cola on November 18, 2020. Coke now owes an additional $3 billion in taxes for 2007 through … Read More
![[Video] Top 5 Things You Should Know about the Employee Retention Tax Credit – Now Up to $33k per Employee](https://www.kbkg.com/wp-content/uploads/Top-5-Things-You-Should-Know-about-the-Employee-Retention-Tax-Credit-–-Now-Up-to-33k-per-Employee.jpg "[Video] Top 5 Things You Should Know about the Employee Retention Tax Credit – Now Up to $33k per Employee")
The ERTC was originally established under the CARES Act t encourage businesses to keep employees on payroll during the pandemic. Employers can now retroactively apply for credits in 2020, even if they have received a PPP loan from the Small Business Administration. Employers can receive a CREDIT ADVANCE from the US Treasury. ERTC was extended … 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
A new global minimum tax means companies operating internationally should expect an increase in US tax rates along with a wider net for capturing profits in low-tax countries. Treasury Secretary Janet Yellen called for a global minimum tax for multinationals in a speech to the Chicago Council of Global Advisors on April 5, 2021. Under … Read More
DFW, Texas – KBKG, a nationwide tax specialty firm, hired new R&D Tax Credit Director, Bill Taylor, to join its Texas office. Bill has over 10 years of experience providing federal tax consulting services to companies in various industries, including technology, aerospace and defense, manufacturing, and other professional services. Bill began his career with a … Read More
In partnership with Lorman Education, Malik Javed has been invited to speak on a live webinar on March 30th from 1:00PM – 2:40PM EST. In this two hour course, he will discuss Tangible Property Repair Regulations, practical considerations and changes in accounting methods and etc. Malik will cover compliance requirements as well as potential tax … Read More
On Thursday, March 11th, President Biden signed the American Rescue Plan Act (ARPA) into law. The historic $1.9 Trillion stimulus package expands COVID-19 relief for individuals, families, local governments, and businesses. Specifically, the plan includes updates to the Employee Retention Tax Credit (ERTC), which we have discussed in recent webinars. In this overview, we will … Read More