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Employee Retention Credit: June 2024 Update
By Natalie Grumhaus The IRS officially broke its silence this week on the status of the millions of outstanding ERC claims. While the old adage of “no news is good news” may still ring true for some, having a little clarity on the process going forward is a welcome...
Overview of the Domestic Content Bonus Credit
By Andrew Nlemadim As part of ambitious clean energy initiatives, the Domestic Content Bonus Credits provided by the Inflation Reduction Act (IRA) represent a significant opportunity to enhance renewable energy projects further. If your clients include manufacturers...
Round 2 for 48C Opens May 22nd!
The Qualifying Advanced Energy Project Credit (48C) Program By Barry Devine Round 2 for the 48C has been announced!! “The DOE section 48C portal will open no later than May 22, 2024, for taxpayers to submit a concept paper and begin the process of seeking a section...
The Next Wave of Energy Project Credits & Incentives: Navigating the Latest Updates and Opportunities
In an era where clean energy and sustainability are at the forefront of industrial development, the U.S. Department of Treasury and Internal Revenue Service have announced pivotal updates that promise to influence the landscape of energy project financing...
IRS Office of Appeals Offers New ADR Solutions
By Natalie Grumhaus For the last few years, anyone can tell you how miserable and unnecessarily lengthy IRS audits can be. Even the IRS has acknowledged this and, in an effort to streamline processes and enhance the taxpayer experience, it is pioneering a new...
Securing the Section 179D tax deduction for clients with energy-efficient commercial buildings
By Marlon Stepp Despite all the gloom and doom predictions for commercial real estate, two-thirds of the world’s total building area today will still exist in 2040. Buildings generate nearly 40% of annual global CO2 emissions. Without widespread building...
Michigan Research & Development Update
As of April 2024 By Natalie Grumhaus Despite the chilly weather of Second Winter currently enveloping Michigan, hope “springs” eternal for businesses with R&D costs in the state. On Tuesday, March 19, 2024, the Michigan Senate approved three of the five...
Section 179D in 2024
by Natalie Grumhaus While tax credits and deductions typically don’t provide much benefit to nonprofits, if any at all, recent changes to the Inflation Reduction Act (2022) that were passed in 2023 now provide incentives to qualifying nonprofit organizations....
IRS Regulations UPDATE & Clean Energy Tax Credits
Written by Natalie Grumhaus On March 11, 2024, and effective as of May 10, 2024, the IRS published the finalized regulations allowing tax-exempt organizations, along with a select number of for-profit companies, to elect to treat tax credits as a payment of Federal...
Mental Health Balance Sheet
By Randy Crabtree, CPA Are you feeling tired all the time? Are you having frequent negative thoughts about your work and questioning why you became an accountant? Are you not caring as much as you used to? Is your efficiency slipping lately? If so, you may be...
How to Take Advantage of 48C
by Barry Devine This article will provide what manufacturers need to know about The Qualifying Advanced Energy Project Credit (48C) program. The aim is to explain the technical evaluation process, information related to the application process, utilization of...
Enhanced Tax Credits for Businesses and Families: A $78 Billion Proposal
Enhanced Tax Credits for Businesses and Families: A $78 Billion Proposal January 16, 2024 In a bipartisan effort, Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason Smith (R-Mo.) have announced a new tax framework...
The Secret to a Winning 48C Application
Helping Manufacturing Clients Qualify for Advanced Energy Project Credits By Barry Devine The Advanced Energy Project Credit provides qualifying manufacturers with billions of dollars in tax credits for making investments in advanced energy projects, as defined in 26...
Tri-Merit’s 2023 Wrap Up
Tri-Merit's 2023 Updates: A Year of Growth and Change As we navigated through 2023, the landscape of the R&D tax credit world had gone through significant alterations. At Tri-Merit, we are closely monitoring these changes to serve our clients better. One of the...
Tri-Merit’s New Service: ERC Verification
Tri-Merit's New Service Offering: ERC Verification Explained Tri-Merit has recently launched a new service offering - Employee Retention Credit (ERC) Verification. This article will detail the process and answer some common questions. The ERC Verification Process The...
Section 174 Updates – 2023
written by Natalie Grumhaus With the harmful changes under the Tax Cuts and Jobs Act (TCJA) forcing the capitalization and amortization of research and experimentation costs, Tri-Merit has continued to advocate for its clients while also keeping a close eye on the...
Bridging the Gap Conference is BACK!
We are excited to announce the return of the Bridging the Gap conference in 2024 after a highly successful debut last year. In 2023, our central theme was work-life balance and mental health, and we're thrilled to continue that focus this year with enriching...
Renewable Energy & Advanced Energy Project Investment Tax Credits: What You Need to Know
What is the Inflation Reduction Act? Why is it important? The Inflation Reduction Act of 2022 (IRA) introduces the grandest energy incentive effort in U.S. history. Building upon the energy initiatives implemented in the American Reinvestment Recovery Act of...
Tri-Merit Made The Inc 5000 List!
To our friends, families, clients, and supporters, Recognition of this type is simply a testament to the exceptional work done by the entire Tri-Merit team over the years. Their knowledge, expertise, and commitment to providing exceptional service to our clients have...
Section 174 Amortization – 6/1/2023 Update
The TCJA requirement that all Section 174 (R&E) expenses be amortized over a 60 (domestic) or 180 (foreign) month period is still in place. However, there are two bills introduced in 2023, one in the Senate and one in the House of Representatives, that would...