• Research Tax Credit Opportunities for Architects and Engineers
    By : Categories : R&D,Tax Insight

    Although Architecture and Engineering (A&E) firms don’t often claim tax credits, many may be eligible for Federal and state research & development (R&D) tax credits without realizing it. Historically, the R&D tax credit was geared to only benefit large companies; mostly in the manufacturing, software, high-tech and pharmaceutical industries. However, significant changes to the tax regulations…

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  • R&D Tax Credit Now Allows ASC on Amended Returns
    By : Categories : R&D,Tax Insight

    In a surprising, and long overdue modification to the Section 41 Research & Development tax credit, Treasury announced TD 9666 allowing taxpayer’s the opportunity to use the Alternative Simplified Credit (“ASC”) calculation methodology on amended returns in cases where the credit was not previously claimed on a return. Prior to this announcement, the taxpayer’s were…

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  • R&D Tax Credit Update
    By : Categories : R&D,Tax Insight

    The federal tax credit for “increasing research activities” – commonly known as the R&D credit – is one of several “tax extenders” currently being discussed by lawmakers. The credit expired at the end of 2013, but the expectation is that it will be renewed, as it has done consistently since the credit was first enacted…

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  • Expire Act 2014: Tax Extenders for 2014-2015 Passed by Senate Finance Committee
    By : Categories : Tax Insight

    Yesterday, on April 3, the Senate Finance Committee overwhelmingly approved the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act of 2014 with a strong bipartisan vote, setting the stage for Congress to address. The bill extends many long awaited business tax extenders that originally expired at the end of 2013 and modifies certain tax provisions….

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  • California Competes Tax Credit Applications Closes April 14
    By : Categories : News,Tax Insight

    Businesses may now apply for the first round of awards under the California Competes Tax Credit program. The last date to register for the current application window is April 14, 2014. The California Competes Tax Credit was part of Governor Brown’s three part successor program to the Enterprise Zone tax credit, which is currently being…

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  • Rev. Proc. 2014-16 – IRS releases procedural guidance to implement Final Repair Regulations
    By : Categories : Repair Regulations,Tax Insight

    The IRS recently released Revenue Procedure 2014-16, providing the procedural rules taxpayers follow to make “automatic” accounting method changes under the Final Repair Regulations. This revenue procedure modifies Rev. Proc. 2011-14 and supersedes Rev. Proc. 2012-19 regarding certain changes for amounts paid to acquire, produce, or improve tangible property. IRS PROCEDURE 2014-16 » Full Version…

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  • Case Study: Retirement of Building Components
    By : Categories : Repair Regulations,Tax Insight

    The Final Repair Regulations clarified the rules related to whether a building expenditure is a capital improvement or can be a repair expense. However, one of the most significant rules that has changed under these Regs is in regards to the disposition of structural components of buildings. In the past, when a taxpayer renovated an…

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  • IRS issues Final Revised Tangible Property Repair Regulations
    By : Categories : Tax Insight

    On Friday (9/13/2013), the IRS issued the final, revised Tangible Property Repair Regulations for Sections 162(a) and 263(a) which modify and supersede the Temporary Regulations that were issued on December 23, 2011. While this is the fourth iteration of the Repair Regulations the IRS has released, it is the first time they have issued them…

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  • New Legislation Replaces California Enterprise Zones
    By : Categories : EZ,Tax Insight

    Governor Brown signed SB 90 and AB 93 today. These bills phase out California’s 28 year-old Enterprise Zone. The program, which provides tax credits to businesses in targeted areas if they purchase qualified equipment or hire qualified employees, will be replaced with Governor Brown’s new three-part economic development plan. 2013 will be the last tax…

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  • Texas Governor Signs R&D Credit Legislation
    By : Categories : R&D,Tax Insight

    On June 14, 2013, Texas Governor Rick Perry signed into law HB 800 reinstating the research and development (R&D) tax credit for Texas companies. Although not permanent, both the sales tax exemption and research credit are extended through 2026 and are expected to be a boost to Texas manufacturing and high-technology industries. Details regarding the…

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