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Doubling of the Payroll Tax Credit Cap for Tax Year 2023
Payroll Credit Overview: The Payroll Tax Credit is an election that can be made by qualified small businesses (QSBs), to apply all or a portion of their R&D tax credits towards offsetting social...
View ArticleRevisions to Form 6765
On September 15, 2023, the IRS released a preview of proposed changes to Form 6765, Credit for Increasing Research Activities and solicited public comments about these changes. The preview included a...
View ArticleSoftware Developers are now Considered Manufacturers in Massachusetts.
Massachusetts has introduced a major change to its corporate tax code that impacts software developers. The Massachusetts Department of Revenue’s Technical Information Release (TIR) 23-8 now...
View ArticleIRS Updates Requirements for Amended Research Credit Claims
The IRS has updated the additional information required for amended research credit claims. Effective as of June 18, 2024, the IRS is waiving the requirement that taxpayers provide the following two...
View ArticleKey Changes and Implications for Businesses Post Tennessee’s Franchise Tax...
On April 25, 2024, the Tennessee General Assembly enacted substantial reforms to the state’s franchise tax structure through House Bill 1893 and Senate Bill 2103, collectively referred to as the...
View ArticleVermont’s New Tax Legislation on Remotely Accessed Software
Starting July 1, 2024, Vermont will begin taxing sales of remotely accessed software under Bill H.887. Although initially vetoed by the governor, the legislature overturned the veto on June 17, 2024....
View ArticleIRS Finalizes Prevailing Wage and Apprenticeship Requirements Impacting Ten...
The Department of Treasury and Internal Revenue Service released final legislation on June 18th,2024, for requirements regarding prevailing wage and apprenticeship (PWA). There are ten taxbenefits...
View ArticleSupreme Court Ruling Ends Chevron Deference, Altering IRS Authority on...
The Internal Revenue Service’s interpretation of ambiguous tax laws may no longer be authoritative or binding on taxpayers. In the recent United States Supreme Court ruling of Loper Bright...
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