Posted on June 14, 2024 by
Mark Leaheey
The research and experimental (R&E) tax deduction under Section 174 of the Tax Code has been a boon to U.S. businesses since its introduction in 1954. However, the rules for how taxpayers may claim a benefit for these costs changed in 2022, restricting short-term cash flow. Now, two years later, Congress may have found a […]
Posted on February 07, 2024 by
Adam Fisher
The Inflation Reduction Act of 2022 (IRA) amended Section 45L of the U.S. Tax Code by expanding the Energy Efficient Home (EEH) credit available to builders and other contractors that construct or substantially reconstruct new single-family homes and multifamily structures after Dec. 31, 2023, and on or before Dec. 31, 2032, that meet specific energy […]
Upgrading your home’s energy efficiency can not only help the environment and reduce your electric bills, but it can also provide you with valuable tax credits to cover a portion of qualifying improvement expenses beginning in 2023. Energy Efficient Home Improvement Credits Under the Inflation Reduction Act signed into law in 2022, homeowners may earn […]
The Inflation Reduction Act (IRA) passed in 2022 ushered in enhanced tax credits for consumers who purchase new and used electric, hybrid and fuel-cell vehicles. However, it has become more difficult to qualify for the full value of the tax credit when you buy a new clean-energy vehicle that you place in service on or […]
In this episode Associate Director of Tax Services Joseph Leuchter explains bonus depreciation, changes to the law and why it’s important to plan before simply checking a box each year.
Posted on March 27, 2023 by
Karen Lake
Congress closed out another year without restoring taxpayers’ ability to fully deduct research and development (R&D) expenditures in the year incurred, a taxpayer-friendly provision of the Internal Revenue Code that had been in place for nearly 70 years before 2022. This change has had significant implications for many businesses that were again surprised to find […]
Posted on February 21, 2023 by
Karen Lake
Mentioning the federal research and development (R&D) tax credit often conjures up images of scientists in white coats conducting lab experiments. Truth be told, the credit, which can reduce taxpayers’ federal tax liabilities, applies to a wide variety of activities conducted by companies outside of labs in an even broader range of industries, including construction […]
Posted on February 14, 2023 by
Kevin McNally
The passage of the Inflation Reduction Act in 2022 ushered in new and expanded tax-saving opportunities for individuals and businesses that produce, adopt and/or invest in energy-efficient technologies, including wind, solar and geothermal power. This includes an extension of tax savings to commercial real estate property owners and, for the first time, real estate investment […]
Posted on January 12, 2023 by
Andreea Cioara
When COVID-19 set off a domino effect of business closings in March 2020, the U.S. government responded with a series of economic stimulus programs to help affected organizations stay afloat. Now, as we enter 2023, one of those relief measures is still available for businesses and nonprofits to apply for retroactively when they meet eligibility […]
Posted on December 12, 2022 by
The IRS has released the annual cost-of-living adjustments to various provisions of the tax code for 2023, noting that some of the changes are significant due to persistently high inflation. For some taxpayers, these adjustments will result in higher take-home pay, larger credits and deductions, and the ability to protect more assets from the federal […]
