Tax & Accounting Blog

Overwhelmed by Calculating and Substantiating Your R&D Tax Credit?

Overwhelmed by Calculating and Substantiating Your R&D Tax Credit?

Does calculating and documenting your R&D tax credit take valuable tax department resources or outsourcing dollars?   Does the time it takes to gather the necessary information or defend your tax credits prevent you from focusing on other tax issues? Does the thought of revamping your R&D tax credit process overwhelm you? If the answer … Read More

IRS Document Requests Include Copies of Accounting Software Backup Files

IRS Document Requests Include Copies of Accounting Software Backup Files

Did you know that IRS requests for documents for examination are now routinely specifying backup copies of electronic accounting software records instead of paper books and records? The IRS Small Business/Self Employed (SB/SE) division (which is heavily involved in Form 1099 tax reporting and withholding, among other issues) published a set of FAQs last week … Read More

ONESOURCE Income Tax – State Tax Tip #4

ONESOURCE Income Tax – State Tax Tip #4

Workpaper of the Week: State Factor Reconciliation  Reconcile factor information from ONESOURCE Income Tax – State Allocation and Apportionment to the appropriate lines of the federal return, for both separate and combined/consolidated returns. This gives you an easy check that your factor data is complete, and provides the roadmap between factors and the federal return … Read More