New IRS Guidance Linking Tax Accounting with Financial Accounting Rules
Join us for the 2020 Northeast Lean Conference
IRS has made changes to its audit guidelines for the federal Research Credit, particularly for companies with assets over $10 million. This change now requires larger claimants to modify their GAAP-compliant financial statements to include all qualified research expenditures in their stated Research and Development account. The change reflects the requirement that all claimed expenses […]
Are You Eligible for R&D Tax Credits Related to COVID-19?
2020 will mark the 16th year of the annual Northeast Lean Conference. We were glad to have met many in years prior like 2017 and 2018, and while 2020 might be happening slightly different than usual with social distancing measures in place, we’re hoping you’ll still join us for the digital version of the Northeast […]
Small Business Relief in the CARES Act
Beginning in March 2020, businesses around the United States were faced with the threat of COVID-19, putting them at risk of losses and closures, compromising bottom lines. As the economic news worsened, medical updates proved even more grim. With an increase in confirmed COVID-19 cases, the medical community suffered the stress of responding, but without […]
Important information regarding COVID-19
As you may have heard on March 27, 2020 Congress passed the CARES Act which included funding of programs developed to assist small businesses in maintaining their workforces and sustaining business during and after Covid-19.
Notes about the minimum wage, 1960 to 2019
Dear clients and friends of Tax Credit Advisors: During this time of uncertainty, we know that you are being bombarded with information about the COVID-19 virus. We want you to know that we do not take this threat lightly, and we, too, are taking steps to “flatten the curve” of this virus, as all of […]
The Massachusetts Research Credit just got a lot more valuable, and so did the federal credit!
The minimum wage in 1960 was $1.00 per hour, or $2,080 per year for a forty-hour per week job. According to the Social Security Administration (SSA), which tracks this data, the average annual wages for a full-time forty hour per week job at that time across all sectors was approximately $4,000, or about twice the […]
Happy 25 Years in the Business!
A variety of states offer financial incentives in the form of tax credits to attract and retain higher paying jobs in manufacturing, science and technology. Beginning with the 2018 filing year, the Massachusetts credit has been increased significantly for taxpayers who qualify. For many years, the credit was limited to a maximum of five percent […]
Are Wealth Taxes a Good Idea?
On February 28, 2019, Otto celebrated his 25th anniversary in this field. On that date in 1994, Otto began an apprenticeship under Mr. Nigel Harvey, who is one of the most outstanding practitioners in the area of tax consulting. Ever since, Otto has worked hard to support technological competitiveness in North America. In honor of […]
It is time to Write to Your Congressperson and Senators! The Shutdown Costs Money for All of Us!
Massachusetts Senator Elizabeth Warren has suggested the implementation of a “Wealth Tax”. Many people are wondering what that means, and whether such a plan is a good idea. Here is some information about the issue as well as a few notes about our take on this approach.
Welcome to the new filing season! The government shutdown is affecting many parts of the administration, including the Internal Revenue Service, which is currently unable to accept new returns, process refunds, update desperately needed changes to the forms as required by law, nor to answer questions from taxpayers. This shutdown hurts everyone, most of all […]