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Written by Alex Bray 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."...

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...

On December 20, 2019, a new spending bill with tax extenders was signed and with tax season upon us, people in industries that benefit from these extensions look forward to taking advantage of energy credits that were thought to no longer be available. In the Omnibus...

The Research & Development Tax Credit (R&D tax credit) is a dollar-for-dollar federal tax credit that incentivizes the development of new or improved products or processes. Potentially any company that performs "qualifying research activities" (QRAs) on U.S....

The R&D tax credit is a powerful federal tax incentive that helps businesses of all types and sizes keep competitive while significantly reducing their tax burden. Unfortunately, misconceptions about the credit keep many qualifying businesses from pursuing it, leaving...

Author: David Shereda Key Takeaways Adapting or improving a product can be a form of innovation worthy of R&D tax credits. However, your activities must make significant improvements to either the functionality, performance, reliability or quality of the existing...

There is no doubt that when a  CPA firm is seen as a trusted advisor,  its clients are more receptive to advice that falls outside the scope of standard tax and compliance work.  CPAs should always be looking for opportunities to help clients become more profitable -...

There are few words that strike fear into the heart of small business owners like "audit." The truth, however, is that the chance of the IRS auditing your small business taxes is relatively low. The audit rate is higher for Schedule C sole proprietorships (due to IRS...

You don’t have to be a large or established company to realize the credit. By Jason Jones Key Takeaways Qualified small businesses can now leverage the R&D Tax Credits to offset employer-side payroll tax obligations. Three factors determine whether your company is...

Companies of all sizes in dozens of industries are taking advantage of tax savings. Chances are you qualify. See simple 4-part test. By Chris Bird Companies spend enormous amounts of time, effort and money looking for ways to cut costs, streamline operations and...

Don’t lose them to a competitor By Michelle Powell Key Takeaways Closing the knowledge gap about R&D tax credits is an easy way for CPAs to improve client value and retention. Look for companies that use technology to improve their products and processes. They may...

By Phil Williams, JD, BSME Key Takeaways More companies than ever are taking advantage of engineering-based credits and incentives – just remember there’s no free lunch when it comes to your taxes. Having a sound methodology and the right team in place will ideally...