By Jonathan Tucker | Principal, Research & Development Tax Credits With the enactment of the Tax Cuts and Jobs Act (TCJA) of 2017, significant changes were made to the Internal Revenue Code (IRC), notably to IRC 174. Starting in the tax year 2022, businesses can no longer fully expense their research and experimental (R&E) costs … Read More
By Amar Patel, CPA, CSSP | Principal – Cost Segregation The Internal Revenue Service (IRS) recently published an article issuing a warning about a new scam involving the misrepresentation of rules surrounding the transferability of clean energy tax credits under the Inflation Reduction Act (IRA). KBKG Insight: The market for transferable clean energy credits, notably … Read More
The Inflation Reduction Act (IRA) significantly altered the landscape of federal clean energy tax credits, offering new opportunities for monetization and strategic financial planning. For solar developers, these changes present a unique chance to optimize tax benefits through expanded options for investment and production tax credits in renewable energy projects. A New Paradigm for Tax … Read More
By Jonathan Tucker | Principal, Research & Development Tax Credits On June 21, 2024, the IRS released an updated draft form 6765 – Credit for Increasing Research Activities, the tax form taxpayers must file with their tax returns to claim the R&D tax credit. This revised draft provides much-needed relief for taxpayers by reducing the … Read More
Thought Leadership by Ian Williams, Principal | KBKG On June 19, the IRS issued a much-needed update on the status of ERC processing. KBKG has summarized the key points from their news release below. Post-Moratorium Claims: The moratorium on the processing of claims filed after 9/14/23 is still in effect. A specific resumption date has … Read More
By Jonathan Tucker | Principal, Research & Development Tax Credits The IRS issued new guidance around amending for R&D tax credit refunds postmarked as of June 18, 2024. This guidance reduces the documentation requirement to be submitted for amending by removing two previously required items. KBKG Insight: With just three documents needed to submit the … Read More
By Emily Flemmer | Manager, Research & Development Tax Credits In the case of Meyer, Borgman & Johnson, Inc. v. Commissioner No. 23-1523 (8th Cir. May 6, 2024), the U.S. Court of Appeals for the Eighth Circuit upheld the Tax Court’s decision denying research tax credits to a structural engineering firm because the taxpayer’s research … Read More
By Paul McVoy and Bill Taylor | Principals, Research & Development Tax Credits A recent proposal by the Drug Enforcement Agency (DEA) to reclassify marijuana from a Schedule I to a Schedule III drug represents a significant shift in the regulatory framework surrounding cannabis. This change could have profound effects on companies operating within the marijuana … Read More
By Mike Cornell | Senior Manager, Cost Segregation On Thursday, April 25, the Department of Treasury and Internal Revenue Service issued final regulations regarding the transferability of certain clean energy tax credits in a taxable year, including specific rules for partnerships and S corporations. The Inflation Reduction Act added Section 6418 to the tax code, … Read More
PASADENA, Calif. – April 29, 2024 – KBKG, a premier provider of comprehensive specialty tax services and solutions, proudly announces the debut of Dash.tax, its latest R&D tax credit software solution tailored for CPAs and businesses. Designed for swift and precise outcomes, Dash empowers users to effortlessly generate customized Research & Development (R&D) tax credit … Read More