Latest Updates

  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...

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...

The term “prevailing wage” has long been used in the context of federal agencies that award or fund contracts for the construction or repair of public buildings or public works.  The rules were originally proscribed in the Davis-Bacon and Related Acts and...

I can’t begin to tell you how excited I am that the 2023 Unique CPA Conference will be an in-person event this year. Scheduled to kick off with an evening event on August 28, followed by two comprehensive days of informative and collaborative sessions at the Loews...

  The r(EVOLUTION)ary Shake-Up Is Happening - Are You On Board?     The Unique CPA has lined up a list of the top names in accounting to share their industry insights at our 2nd Annual Virtual Conference. Registration closes soon, so now is the time to...

Inflation Reduction Act of 2022 – Changes for 179D  The Inflation Reduction Act of 2022 has been signed.  The legislation includes some key changes to §179D that must be addressed. What does this mean for the §179D deduction? This is a big one, so let’s break it...

Research and Development (R&D) is integral to the business ecosystem as it spurs invention, innovation, and progress. R&D is perhaps one of the main drivers of business efficiency and growth since it allows improvements to existing processes, the creation of...

  Businesses and individuals are always looking for ways to minimize their tax burdens. One way to do this is through cost segregation.    Cost segregation is a strategic tax planning tool that allows businesses and individuals who have purchased, constructed,...

If you've sold or traded Bitcoin, Ethereum, or any other cryptocurrency this year, then you probably have a tax obligation. While crypto is largely anonymous, it is increasingly common for crypto trading sites and exchanges to issue users with IRS forms with a...

There are a number of misconceptions surrounding the Employee Retention Credit (ERC). These misguided thoughts are made worse by a number of issues, including: Updates to legislation A number of updated guidance from the IRS Confusing and conflicting information And a...

Generally Accepted Accounting Principles (GAAP) are standards, principles, and procedures for accounting issued and maintained by the Financial Accounting Standards Board (FASB).  GAAP methods standardize accounting recording and reporting across companies,...

As one of the most taxpayer beneficial credits available at the federal and state levels, the Research and Development (R&D) Credit encourages domestic innovation by rewarding taxpayers for their investment in "qualified business activities." The term "qualified...

Few words strike fear into the heart of small business owners like “audit.”  Although the chances of an IRS audit of your small business’s taxes remain relatively low, that might be changing. In 2020, following a relatively quiet...

  Startups and new small businesses often face high uncertainty.    While this uncertainty often induces a lot of anxiety, particularly at the early stages, investors must take advantage of every available opportunity to survive (and thrive).    What's...

  High-performing accounting firms focus on providing high-value, specialized services tailored to their clients’ needs. If you are offering tax planning, that often means addressing industry or situational-specific solutions.    Expanding your offerings through...

The pandemic hit businesses hard due to government shutdowns and lockdown orders. Many businesses were forced to temporarily close their doors or reduce their operations. As a result, many employees were either laid off or had their hours reduced. The federal...

Cost segregation is a tax planning strategy that reduces federal income tax liability by accelerating the depreciation of commercial building costs. It can be a smart way for businesses to make their real estate investments work for them sooner. Let's look at the cost...

For the Biden administration and the Democratic party, the Build Back Better plan has become something of a moving target. Despite the apparent need for most of the essential elements of the program, passing it has become an uphill battle and then some for a variety...

As we enter the tax filing season, business owners across the country are busy harmonizing their papers to make their tax filing process as seamless as possible. But for thousands of these business owners, this might mark yet another frustrating season as the IRS...