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 / December 14, 2022
Most business owners understand the tax advantages of Bonus depreciation that allows them to write off a large portion of the cost of qualifying assets in the year purchased. This can be a significant tax savings for business owners by encouraging investment in new and used equipment and property each year. The bonus depreciation rate … Continue reading 100% Bonus Depreciation…Time is running out
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