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Tax time brings a range of feelings for business owners. Whether it’s indifference or mild anxiety, no one loves the thought of paying taxes on the profit. But there are certain things to get excited about — tax credits. Credits are incentives put forward by local,...

Maximizing the efficiency of your client's tax-paying dollar is the most important job of every accounting firm. Making the most out of every available tax credit is a proven game plan to reach the goal of not paying more than you owe. The problem? Your client may...

Some say that comparison is the thief of joy. But in business, that might not be entirely fair. While maintaining your vision of where the firm is going is critical, it's also important to keep an eye on the competition. In the tax community, people often wonder what...

Recently, Tri-Merit published the results of our R&D Tax Credit survey. As is often the case, the results were full of information about who is offering R&D tax credit services - and who is not. The results also lead us to some surprising conclusions.  We are...

R&D Tax Credit Benchmarking Survey & Study Research and Development Tax Credits represent a considerable opportunity for CPAs and their clients alike.  How do we know? Well, we asked!  Throughout the summer of 2021, Tri-Merit engaged in a comprehensive...

Ready to Offer IRS Audit Defense for Clients? The word “audit” around tax time is scary for businesses, the self-employed, W-2 filers, and even accounting firms. That said, the consensus is that audits trigger about .4-.5 percent of the time (based on nearly 200...

The Unique CPA Virtual Conference (Everything you need to know) Tri-Merit is hosting our 1st Annual The Unique CPA Virtual Conference this December.  As we wrap up 2021, we're putting together a great event to give accounting professionals like yourself a chance to...

Jon Seagraves, JD, EA There are many misconceptions concerning the eligibility of expenses incurred in the development of internal-use software for the R&D tax credit. These include a belief that internal-use software development doesn’t qualify for the credit and...

By David Shereda, Director, Tri-Merit Since 2006, the U.S. tax code has allowed contractors building energy-efficient residences to claim the 45L tax credit. The process is a bit time-consuming for accountants and CPAs, and there are multiple steps to claim the $2,000...

By Marlon Stepp, Director, LEED GA, CEM Tri-Merit As part of the Energy Policy Act of 2005, the Section 179D tax deduction allowed business owners, designers, architects, engineers, and public building contractors (in some situations) to take advantage of the...

Employee Retention Credit CPAs are more critical now than ever. A modern CPA does more than balance the books and file tax returns. A (good) modern CPA acts as a trustworthy financial advisor to their clients. They analyze and give advice, helping their clients...

For some businesses, 2020 and 2021 will be their worst years ever.  Businesses in the hospitality or entertainment industries were the hardest hit by the COVID-19 pandemic and the resulting lockdowns. Restaurants, bars, gyms, and concert venues; any business relying...

By Phil Williams, JD, BSME – Partner, Tri-Merit, LLC Tax legislation in the United States often includes favorable elements that make headlines and become talking points of opportunity, but sometimes also includes lesser talked about clauses which are often included...

Beginning a program of pharmaceutical research and development (R&D) is like any other major initiative in that it needs a good starting point. The endpoint may not be as well defined, simply because it is not always known which direction the R&D will...

Research and development occur in computer software work that attempts to produce innovation or a breakthrough in the area of information technology or computer science. A step forward in these areas means an enhancement of general knowledge or capability and not...

High-performing accounting firms focus on providing high-value, specialized services tailored to their clients’ needs.  But you already knew that. That’s why, to better serve your clientele, you recently decided to help your startup clients claim R&D tax credits....

Accounting firms that grow by offering high-value services to increase revenue and improve margins.  Typically, the more specialized the service, the higher the value. Two high-value services to consider offering your clients are R&D Tax Credit and Cost...

By Jason Jones Key Takeaways Individuals and businesses that engage in qualified research and development activities in Virginia or Maryland can receive a Research & Development Tax Credit. Eligibility for individuals and companies seeking the Virginia or Maryland...

Are you looking for a new accounting podcast series to sink your teeth into? For excellent advice and insight into the accounting world, look no further than this list of accountingish podcasts. Some of our choices dive into practice management techniques for today's...

Over the last 50 years, many changes have been introduced to the agriculture industry due to new and improved technologies created through research and development (R & R&D) processes. These advances have forever changed the face of agriculture and made the...