BurklandAssociates

DECEMBER 11, 2023

The IRS recently provided new interim guidance around expense categories, contract research, and foreign R&D activities. The post R&D Tax Credit and Section 174 Update for Startups appeared first on Burkland.

Tax 159

Tax 159

CPA Practice

APRIL 1, 2024

As previously scheduled by the IRS, the voluntary disclosure program has come to an end. Through its various compliance efforts, the IRS has addressed over $1 billion in erroneous ERC claims. We support the continued efforts by the IRS to stop dishonest ERC mills and fraudulent claims,” she continued.

cpas 114

cpas payroll tax tax return payroll 114

Withum

MARCH 12, 2024

The giddiness stems from a recent announcement by a publicly traded cannabis company that it obtained large tax refunds from the IRS, even though the company has been tightlipped about the reason for the refunds. Those with an optimistic bent believe the company cracked the tax code, particularly section 280E.

Tax 119

Tax tax return Legal Manufacturing 119

CPA Practice

SEPTEMBER 15, 2023

The IRS on Friday previewed proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities , the document used by taxpayers to claim the research and development tax credit. The proposed changes to Form 6765 include: A new Section E with five questions seeking miscellaneous information.

Tax 119

Tax payroll tax payroll business tax 119

Cherry Bekaert

JANUARY 10, 2024

The Internal Revenue Service (IRS) issued proposed regulations for two Inflation Reduction Act (IRA) provisions at the end of 2023. Section 45X Advanced Manufacturing Credit Proposed Regulations Proposed regulations related to the Section 45X Advanced Manufacturing Production Credit (Section 45X) were released on December 14, 2023.

Tax 101

Tax Manufacturing income tax tax return 101

CPA Practice

MARCH 21, 2024

Tax Court determined that the exception to net earnings from self-employment in Section 1402(a)(13) of the Internal Revenue Code of 1986, as amended, does not automatically apply to all limited partners in a state law limited partnership. By Julie M. At the end of 2023, the U.S. Soroban GP challenged this increase in Tax Court.

Tax 122

Tax tax return Delaware accounting and finance 122

CPA Practice

APRIL 9, 2024

The IRS last week addressed the federal income tax treatment of amounts paid for the purchase of energy-efficient property and improvements. See section 1016(a)(1) (proper adjustment in respect of property shall in all cases be made for expenditures, receipts, losses, or other items, properly chargeable to capital account).

income tax 115

income tax tax return Tax Sales 115

Cherry Bekaert

OCTOBER 10, 2023

On September 15, 2023, the Internal Revenue Service (IRS) released proposed changes to Form 6765, Credit for Increasing Research Activities, and requested feedback, which is due by October 31, 2023. The proposed updates to Form 6765 require information like that which is required when submitting amended returns.

Tax 115

Tax Start-ups Sales 115

CPA Practice

FEBRUARY 12, 2024

The IRS released a fact sheet on Feb. The IRS also included a new section on the affordability of employer coverage for employees and their family members. 24, 2022, the IRS said. 9 that includes updated frequently asked questions (FAQs) about the Premium Tax Credit.

Tax 114

Tax Healthcare 114

CPA Practice

APRIL 17, 2024

The American Institute of CPAs (AICPA) submitted a letter to the Internal Revenue Service (IRS) requesting clarification and workarounds for the 990 Series Form instructions. A broad category of exempt organizations must file returns with the IRS each year, including hospitals, private foundations, universities, churches and many others.

Non-Profits 59

Non-Profits cpas Hospitality Tax 59

Withum

AUGUST 16, 2023

Tax Court determined the IRS’s efforts to collect assessments for failure to file Form 5471 were unlawful. On July 12, 2023, the IRS filed notice of its intention to appeal the Tax Court’s ruling. For each such year, Farhy was required under Internal Revenue Code (“IRC”) Section 6038(a) to file Form 5471 (Information Return of U.S.

Tax 98

Tax Government 98

Withum

JANUARY 8, 2024

The IRS released two pieces of favorable guidance on Friday, December 22, 2023, clarifying the definition of contract research and identifying automatic changes in accounting methods for the 2023 taxable year in relation to Section 174 research and experimental (“R&E”) expenditures.

tax return 78

tax return audit Tax income tax 78

CPA Practice

MARCH 11, 2024

The American Institute of CPAs has sent a letter to the Internal Revenue Service requesting guidance on section 461(l), also known as the limitation on excess business losses (EBLs) of noncorporate taxpayers, enacted under the Tax Cuts and Jobs Act (TCJA).

cpas 69

cpas Tax 69

CPA Practice

APRIL 10, 2024

The American Institute of CPAs has submitted a letter to the Internal Revenue Service requesting simplified procedures for when taxpayers either fail to make a timely election out of automatic allocation of Generation-Skipping Tax (GST) exemption or make a section 2632(c) election inadvertently.

Tax 59

Tax cpas Legal 59

ThomsonReuters

DECEMBER 1, 2023

Section 179 and expensing property Running a company is expensive. If, during the tax year, a client has purchased a tangible or intangible asset and is looking to claim depreciation and amortization deductions or expense certain property under Section 179 , Form 4562 must be filed with their annual tax return. What is Form 4562?

tax return 97

tax return Tax Transportation Non-Profits 97

CPA Practice

MARCH 6, 2024

AICPA Provides Recommendations Regarding Donor Advised Funds Regulations The AICPA submitted a letter to the Department of Treasury and the Internal Revenue Service (IRS) recently, asking both agencies to consider several important recommendations before finalizing the regulations that deal with Donor Advised Funds (DAF).

cpas 64

cpas Tax financial accounting Account 64

CPA Practice

NOVEMBER 17, 2023

The Department of the Treasury and the Internal Revenue Service has issued proposed regulations that provide guidance under a new section of the law that disallows deductions for certain charitable conservation contributions by partnerships and other pass-through entities. The SECURE 2.0 The SECURE 2.0

Tax 115

Tax Retail income tax 115

CPA Practice

JUNE 1, 2023

The IRS and the Treasury Department on Wednesday provided additional information about the application process and technical guidance for the qualifying advanced energy project credit program under section 48C of the Internal Revenue Code, which was re-established last year by the Inflation Reduction Act.

Manufacturing 122

Manufacturing Tax 122

CPA Practice

MARCH 22, 2024

It also adds two 2017 North American Industry Classification System (NAICS) industry codes to the table in section 3.03(2) The IRS also updated the frequently asked questions for energy communities. This notice expands the Nameplate Capacity Attribution Rule in Notice 2023-29 PDF to include additional attribution property.

Tax 115

Tax 115

CPA Practice

MARCH 8, 2024

The AICPA recommends that Treasury and the IRS clarify the meaning of important terms and certain examples within the section 6045 proposed regulations. AICPA’s recommendations include the following: Clarify terminology, such as using either “retailer” or “merchant” consistently throughout the regulations.

cpas 112

cpas Tax Government Retail 112

Cherry Bekaert

MARCH 4, 2024

On December 28, 2023, the Internal Revenue Service (IRS) released proposed regulations to IRC Section 166 to provide guidance on when debts could be conclusively presumed to be wholly or partially worthless. These companies will continue to utilize IRC Section 165 to determine allowable loss deductions on debt securities.

financial statements 93

financial statements tax accountant Tax Account 93

CPA Practice

DECEMBER 13, 2023

Section 1033 of the Internal Revenue Code allows taxpayers who lose a home or business in a major disaster a certain amount of time to replace their property with no taxable gain being recognized. Render decisions on replacement period extension requests within 90 days of receipt by the IRS.

cpas 64

cpas Education Tax 64

CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. Those that have already submitted an ERC claim can anticipate a longer processing time, as the IRS continues to file through the fraudulent claims. This impacts the Sec.

Tax 110

Tax cpas tax services audit 110

CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns. In addition, the agency extended until Oct.

tax return 132

tax return income tax Real Estate Tax 132

CPA Practice

APRIL 17, 2024

In new guidance issued by the IRS on April 16, the agency has once again provided relief on required minimum distributions (RMDs) for beneficiaries of individual retirement accounts (IRAs) who are subject to the SECURE Act’s 10-year payout rule. To the extent a taxpayer did not take a specified RMD (as defined in section IV.C

Tax 111

Tax Account accountant accounted 111

CPA Practice

APRIL 17, 2024

The IRS on April 16 updated frequently asked questions in Fact Sheet 2024-14 to provide guidance related to the new, previously owned, and qualified commercial clean vehicle tax credits. The newest FAQs supersede an earlier version posted in Fact Sheet 2023-29 on Dec.

Tax 52

Tax 52

CPA Practice

MARCH 23, 2023

The IRS and the Treasury Department issued preliminary guidance on Tuesday that leans toward treating nonfungible tokens (NFTs) as a collectible for tax purposes. Section 408(m)(2) of the tax code provides for a specific list of items that constitute collectibles for certain purposes.

Tax 105

Tax Technology Account accountant 105

Cherry Bekaert

NOVEMBER 2, 2023

What Is Section 6417? One of the most anticipated new provisions of the IRA is Internal Revenue Code Section 6417 , known as the elective pay regime. The Internal Revenue Service (IRS) has provided guidelines on when a project has been determined to start construction.

Construction 103

Construction Non-Profits Manufacturing Real Estate 103

Cherry Bekaert

JANUARY 18, 2024

On December 22, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released Notice 2024-12 and Rev. 2024-9 providing taxpayers with timely information concerning accounting method changes and the treatment of specified research and experimental (SRE) expenditures under Section 174 and Section 460.

tax return 89

tax return Tax Account accountant 89

Cherry Bekaert

MARCH 28, 2024

IR-2024-61 Updates On March 5, 2024, the U.S. Treasury Department issued IR-2024-61 , the anticipated final regulations for its elective payment election or direct pay provisions under Internal Revenue Code (IRC) Section 6417. These regulations cover an entirely new regime of monetization in the federal tax realm.

Tax 59

Tax income tax tax return Government 59

Withum

OCTOBER 25, 2023

According to the IRS, abandonment is proven through an evaluation of surrounding facts and circumstances, which must show an intention to abandon the property, along with an affirmative act of abandonment. Unfortunately, cryptocurrency is not currently considered a security by the IRS under IRC Sec. Therefore IRC Sec.

income tax 111

income tax Tax Government Sales 111

CPA Practice

MAY 22, 2023

Taylor, Kiplinger Consumer News Service (TNS) The IRS has scored a win at the U.S. IRS , involving whether the agency can access bank records of a taxpayer’s relatives or associates—without notice—to help with tax collection efforts. That can be confusing because, in some circumstances, the IRS is required to give notice of a summons.

Legal 128

Legal Tax Washington Maine 128

Withum

NOVEMBER 14, 2022

The IRS recently released a private letter ruling (PLR 202244004 (August 9, 2022)) that grants additional time to a taxpayer that failed to timely elect to defer the gain from a rollover of qualified small business stock (QSBS). Section 1202 generally provides for the full or partial exclusion of capital gain realized on the sale of QSBS.

tax return 113

tax return Entertainment Tax Sales 113

CPA Practice

FEBRUARY 29, 2024

The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. 31, 2023, and Jan.

Washington 98

Washington Tax tax return income tax 98

CPA Practice

AUGUST 4, 2023

The IRS on Aug. Notice 2023-59 , which was issued by the IRS on Friday, provides specific requirements to claim the tax credit and the process for conducting the home energy audit. 4 provided guidance to taxpayers on the requirements for home energy audits in order to claim the energy efficient home improvement tax credit.

audit 98

audit auditor Tax Start-ups 98

ThomsonReuters

MARCH 4, 2024

The IRS considers returns that are resubmitted electronically during the applicable timeframe as timely-filed returns. You get robust e-file tools to monitor each step of the e-file process, like extensive error-checking to ensure that returns are complete and accurate prior to being transmitted to the IRS and state taxing authorities.

tax return 98

tax return Tax corporation tax Account 98

Cherry Bekaert

MAY 10, 2023

When the Inflation Reduction Act (IRA) was signed, it greatly increased the benefits of the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) for A&E firms. A large part of the process when claiming the Section 179D deduction relies on keeping strict documentation.

Tax 94

Tax audit 94