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A Reverse Sales & Use Tax Audit (RSUTA) is a structured review of prior period purchase activity designed to identify and recover Sales & Use Tax overpayments as opposed to the traditional focus on underpayments in state audits. Whereas State initiated audits are aimed at detecting underpayments and assessing additional tax, penalties, and interest, a RSUTA is a taxpayer initiated
A Reverse Sales & Use Tax Audit (RSUTA) is a structured review of prior period purchase activity designed to identify and recover Sales & Use Tax overpayments as opposed to the traditional focus on underpayments in state audits. Whereas State initiated audits are aimed at detecting underpayments and assessing additional
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
A Reverse Sales & Use Tax Audit (RSUTA) is a structured review of prior period purchase activity designed to identify
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
Since federal research and development tax credits were first introduced into law back in 1981, they have been recognized as
It may come as a surprise to some industry professionals that many construction and engineering firms invest significant amounts of
We have seen innovation making a real impact on our society as a whole during this unique time. While there
We have seen innovation making a real impact on our society as a whole during this unique time. While there
Last year, Forbes reported that the video game industry is growing so quickly that some analysts predict that it will generate
What is Cost Segregation? Cost segregation is a highly beneficial and widely accepted tax compliance strategy utilized by commercial real estate
The Internal Revenue Service (IRS) has released a preview of proposed changes to Form 6765, Credit for Increasing Research Activities. Also known as the R&D Tax Credit, the below highlights the proposed changes and how they could potentially impact taxpayers. The IRS is currently reviewing all feedback on the proposed
Michigan taxpayers might be able to claim the Research and Development (R&D) tax credit, reducing their income tax. HB 5100 passed the Michigan House on October 31st, 2023 and now moves to the Michigan Senate for further consideration. The R&D tax credit incentivizes research and development activity in Michigan. It
Every firm has a unique methodology for their cost segregation study; however, the fundamental stages are often identical. This is how we conduct ours at Source Advisors: 1. Pre-qualification (WEEK 1) Every Source Advisors study begins with our detailed pre-qualification process where the scope of work is defined and an
What is Cost Segregation? A cost segregation study might be thought of as an interest free loan that front-loads the depreciation expense deduction 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
For businesses operating across state lines, understanding the concept of sales tax nexus is critical. It’s the determining factor on whether a business has an obligation to collect and remit sales tax in a particular state. A sales tax nexus study is thus an essential instrument that helps businesses assess
State and Local Tax: The Good, The Bad, and The Ugly The year 2024 is poised to usher in a series of sales tax changes that will impact businesses across various industries. From the constantly evolving rates to amendments in compliance requirements, companies need to be proactive in staying informed
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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