News / January 20, 2023
Last week the #IRS issued draft instructions for Form 6765, Credit for Increasing Research Activities. The upcoming changes will require taxpayers to now include supporting details for current year #taxes that were originally required only for amended #taxreturns claiming the R&D #taxcredit starting January 10, 2022 per FSA20214101F. The draft instructions once finalized will require the following five items of information to be … Continue reading IRS added request for R&D Supporting Details to Form 6765
News / January 19, 2023
The #IRS clarified guidelines for the recent amendments made to Section #179D under the 2020 Relief Act and the Inflation Reduction Act of 2022. Section 179D allows #commercialbuilding owners, as well as #architects / #engineers that design governmental buildings to receive a tax deduction for the cost of #energyefficient upgrades. The deduction is designed to encourage businesses to invest in energy-efficient technology for the HVAC system, lighting, … Continue reading 179D Update
News / December 13, 2022
IRS issues advance release requiring method change due to looming changes on the horizon for R&D expenses. Taxpayers have been hoping Congress will delay or revise the new Section 174 requirements to begin capitalizing and amortizing all research or experimental (R&E) expenditures starting with their 2022 tax return. Assuming Congress is unable to accomplish this task … Continue reading IRS issues guidance for method change to capitalize R&D expenses
News / January 31, 2022
The IRS has released a new procedure that updates the list of automatic accounting methods changes that may be made by filing a form 3115 with your next timely tax return. Rev Proc 2022-14 lists 166 different accounting methods eligible to be changed using the automatic change procedures. Each accounting method contains a description of … Continue reading IRS provides updated list of automatic change accounting methods
If you are acquiring, expanding or building a facility Pinnacle’s Cost Segregation team can help you minimize your tax bill and increase your cash flow.
Whether you are looking for compliance assistance or refund opportunities, Pinnacle will provide a clear vision and coordinated plan to minimize your state and local tax cost and liabilities.
Learn how your company’s activities to improve your design, products or process can lead to significant R&D tax credits.