R&D Expert: Capitalization, Amortization Requirement Hurts Smaller Businesses
An unpopular provision of the 2017 tax reform bill that disallows immediate expensing of research and development costs has created …
Tax Expert: Timing of Tax Deal Bill May Impact Taxpayer Decision on When to File
The bipartisan tax package awaiting its fate in the Senate contains multiple retroactive provisions that would affect the current filing …
IRS to Issue Proposed Regs Addressing the Pillar Two GloBE Model Rules
The IRS has announced that it will issue proposed regs addressing how certain Code provisions, including the foreign tax credit …
House Republicans Push for Legislation on TCJA ‘Big Three’
A large coalition of House Republicans called for year-end legislation addressing three business tax areas of the Code altered by …
Werfel Stops New Employee Retention Credit Processing Amid Surge of Questionable Claims
The IRS has announced an immediate moratorium on processing new Employee Retention Credit (ERC) claims through at least the end …
Key 2024 Figures Calculated by Thomson Reuters Checkpoint Based on Inflation Data Now Available
Many tax, expensing, and penalty figures are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price …
Bipartisan House Bill Aims to Expand Child Care Tax Credits
Recently proposed legislation that would expand employer and household child care-related tax credits, as well as bolster a federal aid …
Summer Employment May Come With Tax Credits
This summer, certain employers may benefit from federal tax credits for employing qualified summer youth employees. The Work Opportunity Tax Credit (WOTC) …
New Mexico Governor Approves Rebates and Certain Tax Cuts
By Peter G. Pupke, Esq. On April 7, 2023, New Mexico Governor Grisham has approved portions of an omnibus tax …
Newly Issued FASB Accounting Rule Offers Simpler Way to Report Federal and State Tax Credit Investments
An accounting rule that was specifically developed for reporting low-income housing tax credit (LIHTC) investments has been expanded to include …