New IRS Guidance Linking Tax Accounting with Financial Accounting Rules
Are You Eligible for R&D Tax Credits Related to COVID-19?
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 Wealth Taxes a Good Idea?
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 […]
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.
Research Tax Credit Eligibility Improving Under New Rules
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 […]
Can Farmers Take Advantage of R&D Tax Credits?
The federal Research Credit has been helping manufacturers, software companies and others to keep engineering and manufacturing jobs here in the United States since its inception in 1981. However, it has long had limitations that prevented some taxpayers from gaining the benefits that were intended. For example, those in loss positions or who were subject […]
When Fairy Tales and Tax Law Collide
Farms and farmers often feel the squeeze when it comes to cost. Farmers are some of the hardest working Americans who often get left out when tax bills are changed or amended. Many farmers are receiving smaller farm bills, and funds are constrained. Is there any reprieve for farmers in research and development (R&D) tax […]
Section 41 Research Credit Preserved in New 2017 “TCJA” Tax Overhaul Bill
Once upon a time, manufacturing companies in the US got a tax deduction for exporting their manufactured goods to other countries. This was good because wages in America are high compared to other countries. The WTO (World Trade Organization) decided that this policy wasn’t fair to manufacturers in other countries, and so the rules were […]
Season’s Greetings from your friends at TCA!
A special message from our founder Highlights: The Section 41 Research Credit is Preserved Manufacturers, Software Houses and Others are Eligible The Federal Credit Fosters Economic Growth Under TCJA Both Corporations and Pass-Through Entities Benefit from TCJA We have fielded many questions lately about the effect of the new tax legislation, which until recently was […]
New Tax Code Overhaul Proposals Could Affect You
With all the news developing in Washington about the proposed tax overhaul, it’s important to remember that the existing tax rules are fully in place for the 2017 filing year. That means that when you’re filing your taxes next year, it is important to consider the federal Research Credit and the various state credits that […]
There is currently a lot of uncertainty about a proposed tax overhaul coming as early as this summer. With information on the web, social media, and other places, it can be hard to discern how this tax overhaul may affect you and/or your business. Call us with any questions and we’ll provide the best analysis […]