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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...
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Leveraging the R&D Tax Credit: Cybersecurity Innovation
Overview: In the modern digital landscape, cybersecurity has become a cornerstone of business operations, government infrastructure, and personal privacy. By 2025, cybercrime is projected to cost over...
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Designers: Criteria and Considerations for 179D Tax Deduction Eligibility
Overview The Section 179D tax deduction, enacted as part of the Energy Policy Act of 2005, serves as a significant incentive for designers involved in energy-efficient commercial building projects....
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Leveraging the R&D Tax Credit: Biotechnology Innovation
Overview: Biotechnology, encompassing the manipulation of living organisms and their components to develop new products and processes, plays a crucial role in various sectors, including healthcare,...
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Navigating The Wayfair Ruling: Lessons for CPA Firms
In the complex landscape of business and taxes, Certified Public Accountant (CPA) firms and their clients typically share a relationship based on mutual trust and responsibility. However, this has...
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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