News / January 20, 2023
Last week the #IRS issued updated draft instructions for Form 6765, Credit for Increasing Research Activities. The upcoming changes reiterate the need for taxpayers to include supporting details for amended tax returns claiming the R&D #tax credit starting January 10, 2022 per FSA20214101F. The draft instructions once finalized will require the following five items of information to be provided for … 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 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
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Learn how your company’s activities to improve your design, products or process can lead to significant R&D tax credits.