Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Business Tax Services. Contact Us. Contact Us.

business tax 119

business tax Tax income tax tax return 119

Withum

JUNE 6, 2022

The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. Conversely, if the business is not a QTB, then the shareholder will owe federal income tax of roughly $2,380,000 ($10 million times 23.8%). Business Tax Services.

Tax 126

Tax income tax Pharmaceutical Manufacturing 126

Withum

DECEMBER 23, 2023

The recent shift to requiring that R&E expenditures be capitalized over five-years sends a clear and wrong signal to businesses that the government no longer supports the importance of research in the United States. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax income tax 52

KROST

NOVEMBER 24, 2020

Some common industries that qualify for the R&D tax credit include, but are not limited to: Manufacturing & Fabrication, Software Development, Engineering, Architecture, Pharmaceutical, Machining, Aerospace & Defense, Food & Beverage, Tool & Die Casting, Foundries, Automobile, and. Chemical & Formula.

tax planning 52

tax planning Tax California income tax 52