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Explore our extensive library of tax resources put together by our industry thought leaders.
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Educating Clients on Section 174: A Guide for CPAs 

Jordan Fazio February 26, 2025

Understanding Section 174 and Its Impact Section 174 of the Internal Revenue Code governs the treatment of Specified Research or Experimental (SRE) expenditures. The Tax Cuts and Jobs Act (TCJA) of 2017 amended Section 174, requiring businesses to amortize SRE expenditures over time rather than deducting them in full in the year incurred. For tax years beginning after December 31, 2021, companies must amortize: Domestic SRE expenditures over five years Foreign SRE expenditures over fifteen years Understanding this change is

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Section 174
Jordan Fazio

Educating Clients on Section 174: A Guide for CPAs 

Understanding Section 174 and Its Impact Section 174 of the Internal Revenue Code governs the treatment of Specified Research or Experimental (SRE) expenditures. The Tax Cuts and Jobs Act (TCJA) of 2017 amended Section 174, requiring businesses to amortize SRE expenditures over time rather than deducting them in full in

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Jordan Fazio February 26, 2025
boxes in warehouse for lifo
LIFO
Sara Richardson

What is the LIFO Conformity Rule?

The LIFO Conformity Rule is a tax regulation in the United States that mandates businesses to use the LIFO method consistently for both tax reporting and financial statement reporting. In other words, if a company chooses LIFO for tax purposes to reduce taxable income, it must also use LIFO when

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Sara Richardson February 24, 2025

R&D

R&D tax credit challenges man walking wire above alligators
R&D
Rachel Bishop, CPA

Common Challenges When Claiming R&D Tax Credits

The R&D tax credit is a governmental incentive designed to encourage research and development activities in the US. This credit offers a dollar-for-dollar reduction on federal taxes for qualified expenses related to developing new or improved products, processes, software, technique, formula, or invention. Although claiming this credit can offer considerable

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Rachel Bishop, CPA July 11, 2024
person choosing a 5-star R&D provider on their laptop
R&D
Deb Roth, CPA

Is Your Research & Development (R&D) Provider the Right Fit for You?

The Research & Development (R&D) tax credit enables companies of all sizes across various industries to reduce their federal income tax for qualified research expenses. Claiming this credit can potentially result in significant cost savings and an increase in cash flow, making it highly beneficial for startup and existing companies.

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Deb Roth, CPA June 21, 2024

Cost Segregation

person flipping through research activity papers
Cost Seg
Brian Coddington

Hotels and Cost Segregation

What is Cost Segregation? Cost segregation is a highly beneficial and widely accepted tax compliance strategy utilized by commercial real estate

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Brian Coddington July 26, 2020
Cost Seg
Patrick Esteban

Cost Segregation for Short Term Rentals

As a short-term rental property owner, maximizing your tax savings is essential for the success of your investment. One effective strategy to achieve this is through cost segregation. Cost Segregation for Short Term Rental Owners Cost segregation is a tax-saving technique that allows you to accelerate the depreciation of certain

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Patrick Esteban February 28, 2024
r&d amortization 2022 irs
Cost Seg
Patrick Esteban

The When and Why of Cost Segregation Studies

What are the Benefits of a Cost Segregation Study? There are a number of benefits associated with a Cost Segregation study and its various applications. To the extent you have taxable income, a study will help mitigate some or all of the tax liability for the current and possibly future

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Patrick Esteban January 12, 2024

Energy

person reviewing franchise tax papers on desk
179D
Imran Syed

Impact of the Inflation Reduction Act on EPACT Section 179 Tax Deduction

In August of 2022, The Inflation Reduction Act was signed into law which made significant changes to the Energy Policy Act (EPAct) Section 179D tax deduction. The benefits and expansion of eligibility for energy-efficient commercial buildings were now enhanced, opening the door for companies who made energy-efficient upgrades to their

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Imran Syed May 21, 2024
45L
Imran Syed

A&E Firms: Unlock Savings and Go Green with the 45L Tax Credit

The Architecture & Engineering (A&E) industry plays a crucial role in shaping sustainable communities. Did you know your firm’s commitment to energy-efficient design can be rewarded with significant tax savings? The 45L tax credit offers a powerful incentive specifically for A&E firms working on residential projects that prioritize energy efficiency.

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Imran Syed March 28, 2024

Sales & Use Tax

state and local credits
Sales & Use Tax
Chris Vignone

Sales Tax Nexus Explained

For businesses operating across state lines, understanding the concept of sales tax nexus is critical. It’s the determining factor on

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Chris Vignone February 16, 2024
woman using phone with money signs floating above
Sales & Use Tax
Benjamin Kluwgant

Sales Tax versus Use Tax: What is the Difference?

Understanding Sales and Use Taxes Sales tax and use tax  are both taxes imposed on the sale or use of tangible goods within a state or municipality. While they are similar in nature, it is important to understand the key distinctions between the two. Definitions: Sales Tax A sales tax

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Benjamin Kluwgant October 23, 2024
person reviewing franchise tax papers on desk
Sales & Use Tax
Chris Vignone

Understanding Franchise Tax: A Simple Explanation

What Is Franchise Tax? It’s essential to differentiate between franchise tax and income tax. While income tax is based on the income earned by individuals and businesses, franchise tax is a unique tax imposed on businesses for the privilege of operating in a particular state or jurisdiction, not directly linked

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Chris Vignone May 8, 2024

LIFO
LIFO
Karen Koch, CPA, MT

LIFO vs. FIFO: Choosing the Right Inventory Identification Method

Inventory identification is a crucial aspect of managing a company’s finances. It impacts your cost of goods sold (COGS), profitability, and ultimately, your tax burden. Two prominent inventory identification methods are LIFO (Last-In, First-Out) and FIFO (First-In, First-Out). Each method comes with its own set of advantages and disadvantages, and

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Karen Koch, CPA, MT March 4, 2024
LIFO
Sara Richardson

Can LIFO Still Provide Tax Savings in 2023?

While inflation is not at the high levels seen in the last couple of years, if you haven’t elected LIFO previously, now is the time to look at Last-In-First-Out (LIFO) accounting. If you have inventories of machinery and equipment, glass products or any concrete or cement inventory, there could be

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Sara Richardson December 15, 2023

Section 174

person working with floating 174 expenditure bar graph
Section 174
Deb Roth, CPA

Section 174 Explained

What is Section 174? Section 174 of the Internal Revenue Code now defines the treatment of Specified Research or Experimental

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Deb Roth, CPA June 4, 2024

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