Explore our extensive library of tax resources put together by our industry thought leaders.
Washington Business & Occupation (B&O) Tax is a tax imposed by the state of Washington on the privilege of doing business within the state. It is a tax on gross receipts, regardless of profit, and is based on the type of business activity being conducted. The tax is imposed on companies operating a business in the state, including out-of-state businesses
Washington Business & Occupation (B&O) Tax is a tax imposed by the state of Washington on the privilege of doing business within the state. It is a tax on gross receipts, regardless of profit, and is based on the type of business activity being conducted. The tax is imposed on
What is Cost Segregation? A cost segregation study might be thought of as an interest free loan that frontloads the depreciation deductions a property would otherwise receive over 27.5 or 39 years. Cost segregation studies free up capital by accelerating the depreciation of § 1245 tangible personal property, land improvements, and
Washington Business & Occupation (B&O) Tax is a tax imposed by the state of Washington on the privilege of doing
What is Cost Segregation? A cost segregation study might be thought of as an interest free loan that frontloads the depreciation
The Research & Development (R&D) tax credit can significantly reduce a company’s tax liability—but qualifying isn’t as simple as doing
Are you making the most of your R&D tax credit claim? Here are four common mistakes that businesses often make
Deciding Whether to Manage R&D Tax Credits In-House Businesses often find themselves at a crossroads when it comes to claiming
Understanding the R&D Tax Credit The R&D tax credit is a valuable incentive provided by the government to encourage businesses
The Wisconsin R&D tax credit refundable portion will increase from 15% to 25% beginning on or after January 1, 2024.
The Internal Revenue Service (IRS) has released a preview of proposed changes to Form 6765, Credit for Increasing Research Activities.
Michigan taxpayers might be able to claim the Research and Development (R&D) tax credit, reducing their income tax. HB 5100
Research and Development (R&D) is a vital component of innovation and technological advancement that involves the creation of new knowledge and applications of that knowledge to develop new products, processes, or services. There are three primary types of R&D: 1. Basic Research Seeks to discover new facts or principles, often
Many industries invest in research and development to drive innovation and maintain a competitive edge within their respective markets. By investing in this credit, businesses can increase their cash flow and reduce their tax rate, thus opening opportunities to further invest in advancements within their industry. Some of the common
There are several situations where a cost segregation study should be performed. A cost segregation study should be performed immediately
What is Cost Segregation? Cost segregation is a highly beneficial and widely accepted tax compliance strategy utilized by commercial real estate
What is Cost Segregation? Cost segregation is a highly beneficial and widely accepted tax compliance strategy utilized by commercial real estate
What is Cost Segregation? Cost segregation is a highly beneficial and widely accepted tax compliance strategy utilized by commercial real estate
Every firm has a unique methodology for their cost segregation study; however, the fundamental stages are often identical. This is
What is Cost Segregation? A cost segregation study might be thought of as an interest free loan that front-loads the
Tailored Solutions for Residential Real Estate Owners Several tax incentives could financially benefit owners of residential real estate. Cost segregation studies are a great financial strategy that helps property owners accelerate depreciation and can provide valuable data that supports tax-related initiatives throughout the property’s holding period. Apartment buildings or short-term
What is a TPR (Tangible Property Regulation) study? A Tangible Property Regulation (TPR) study is an analysis that examines a company’s compliance with the Tangible Property Regulations. In this context, tangible property refers to real property such as land and improvements to land (e.g., site improvements and buildings), as well
ENERGY STAR certified homes are not only energy efficient, but they also offer better comfort and play a crucial role
What Does the IRS Extending the R&D Tax Credit Claims Transition Period Mean? Construction and real estate firms often ask
What is a Qualified Leasehold Improvement Property? Qualified vs. Non-Qualified Leasehold Improvements From 2001 through 2017, Qualified Leasehold Improvement Property (QLIP) were most improvements
What are Federal Tax Credits? Tax season can be a daunting time, filled with forms, calculations, and the question: am I getting the most out of my tax return? One often overlooked benefit that can significantly impact your tax liability is tax credits. But how exactly do they work? Think
The Inflation Reduction Act of 2022 brought changes to the §179D Energy Efficient Commercial Building Tax Deduction, a flagship federal tax incentive. Knowing how to navigate the updates is going to be important for CPAs this tax season. It started as the ‘Build Back Better’ bill, and in an eleventh-hour
Over the past five years, sales tax awareness has increased amongst the private equity world as states have expanded their
While specific exemptions vary from state to state most manufacturers are aware that all states offer some type of sales
For online businesses, navigating the ever-shifting sands of sales tax can feel like wandering through a labyrinth. One wrong turn,
For businesses operating across state lines, understanding the concept of sales tax nexus is critical. It’s the determining factor on
State and Local Tax: The Good, The Bad, and The Ugly The year 2024 is poised to usher in a
State and local taxes affect every business in Illinois in one way or another. To ensure their clients remain tax
The digital age has brought incredible advancements to businesses, but it has also complicated tax compliance, particularly when it comes to software purchases. One key opportunity for companies is the Multiple Points of Use (MPU) exemption, a little-known provision in sales and use tax laws. This exemption offers significant savings,
A use tax audit is a review of a business’s compliance with use tax laws. It can be a daunting process, but with proper preparation, its impact can be minimized. What is a Use Tax Audit? Use taxes are imposed on the storage, use, or consumption of tangible goods purchased
While inflation is not at the high levels seen in the last couple of years, if you haven’t elected LIFO
Understanding LIFO as an effective mitigation strategy for inflation is an economic challenge that significantly impacts a wide range of
Inventory valuation is an accounting process used by companies to assign value to their inventory. It determines the cost of unsold goods at the close of an accounting period and plays a critical role in calculating the cost of goods sold (COGS) and the gross profit for the period. The
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
Understanding Section 174 and Its Impact Section 174 of the Internal Revenue Code governs the treatment of Specified Research or
What is Section 174? Section 174 of the Internal Revenue Code now defines the treatment of Specified Research or Experimental
Section 174 Changes Impact R&D Tax Credits for Software The new changes to Section 174 have a significant impact on
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