Cherry Bekaert

DECEMBER 14, 2023

The Inflation Reduction Act of 2022 (IRA) brought substantial improvements to Section 48 that addresses rules for identifying and claiming an investment tax credit (ITC) for renewable energy and energy storage facilities. Additional guidance related to the recapture of energy tax credits.

Tax 52

Tax accounting and finance Technology Finance 52

Cherry Bekaert

AUGUST 29, 2023

As a result of the major changes in the Section 45L tax credit, there are new qualifications that businesses must meet to benefit from the energy tax opportunities. As a result of the major changes in the Section 45L tax credit, there are new qualifications that businesses must meet to benefit from the energy tax opportunities.

Real Estate 86

Real Estate Construction Tax Hospitality 86

Cherry Bekaert

AUGUST 23, 2023

Watch our video to learn more about the cost segregation study and how to take advantage of Section 179D and Section 45L energy tax credits. Find out how our professionals can assist with Energy Tax Credits & Incentives Services. Determining which opportunities you can take advantage of can be challenging.

Tax 52

Tax 52

xendoo

NOVEMBER 2, 2021

When making a major purchase for your business, you are expected to spread the tax deduction out over the lifespan of that purchase, which provides small tax savings over the years. Business owners can take advantage of Bonus Depreciation and Section 179 to invest in their businesses, resulting in an enormous tax break! .

Tax 98

Tax cpas bookkeeping online accounting 98

Withum

DECEMBER 4, 2023

Court of Appeals which, held that the Transition Tax under Section 965 of the Internal Revenue Code was a constitutional tax. The taxpayers argued that the Transition Tax was on earnings that they never realized from the CFC and that the government had imposed a direct tax that must be apportioned among the states.

Tax 72

Tax tax return audit tax services 72

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

Shay CPA

MARCH 22, 2023

As part of the Tax Cuts and Jobs Act (TCJA), there was a change to Section 174 that directly impacts the R&D tax credit many startups take. There was some hope that Congress would step in and protect business owners from the Section 174 changes, but ultimately, nothing happened.

Tax 52

Tax accounting principles accounting and finance income tax 52

Cherry Bekaert

JUNE 20, 2023

The Inflation Reduction Act (IRA) significantly altered the 45L Energy Efficient Home Credit (45L) credit and the Section 179D Energy Efficient Commercial Buildings Deduction (179D) amounts and qualification criteria, creating more tax-saving opportunities for home builders and multi-family developers constructing energy-efficient homes.

Tax 75

Tax Construction Manufacturing Real Estate 75

CTP

MAY 10, 2023

The Internet abounds with incorrect interpretations of the rules around vehicle tax deductions. Saving on taxes by using your car for business sounds convenient and appealing, but understanding the actual guidelines is key for this strategy to be effective. What steps do you need to take to gain tax savings for your business vehicle?

Tax 52

Tax tax planning Maine tax return 52

CTP

MARCH 10, 2023

How do you know if your rental property qualifies for the 20 percent tax deduction under new tax code Section 199A? Just what we need–something else to learn along with all of the other tax code changes this year. Schedule E rentals also qualify for even sweeter tax benefits. Well, maybe not.

Tax 52

Tax Government B2C 52

Accounting Today

APRIL 19, 2024

After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas.

CPA 87

CPA Tax 87

SMBAccountant

FEBRUARY 19, 2024

When reviewing a government contract, the basic sections include: 1. Section A Solicitation/Contract Form will include a consolidated list of points of contact. Title and Parties Identify the title and parties involved. The issuing party and the administering party may differ. Includes the breakdown of funding between CLINs and ACRNS.

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Government accounting principles Legal Account 246

Withum

MARCH 12, 2024

The cannabis tax community is abuzz with rumor and delight. 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.

Tax 119

Tax tax return Legal Manufacturing 119

RogerRossmeisl

FEBRUARY 13, 2024

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. That translates into a 0% federal income tax rate on QSBC stock sale profits! Finally, there are limitations on the amount of QSBC stock sale gain that you can exclude in any one tax year (but they’re unlikely to apply).

Tax 170

Tax income tax CPA Legal 170

TaxConnex

MARCH 5, 2024

That’s a lot of tax potential, and the feds have started to notice. Similarly,” reads the proposal, “an NFT does not constitute a section 408(m) collectible if the NFT’s associated right or asset is not a section 408(m) collectible. Nevertheless, how long before states start trying to tap this market to collect sales tax?

Sales 147

Sales Tax Wisconsin Minnesota 147

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. Soroban GP challenged this increase in Tax Court. By Julie M. At the end of 2023, the U.S.

Tax 122

Tax tax return Delaware accounting and finance 122

Cherry Bekaert

APRIL 26, 2024

While not facing immediate penalties, the Company recognized the potential benefits of optimizing their tax strategies, particularly considering changing regulations and market conditions in respect to the Inflation Reduction Act of 2022 (IRA). Discretionary grants and tax credits may be available to increase the Company’s cash flow.

Real Estate 52

Real Estate Construction North Carolina South Carolina 52

RogerRossmeisl

AUGUST 4, 2023

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section 179 depreciation deduction is $1.16

Real Estate 222

Real Estate CPA Tax business tax 222

CPA Practice

JULY 6, 2023

And if the business eventually goes under, you could be a saddled with a tax loss of somewhat limited value. On the other hand, you might benefit from a unique tax break if the stock qualifies as “Section 1244 stock.” Be aware, however, that this special tax treatment isn’t automatic. Consult with your tax advisors.

Tax 107

Tax Maine Sales income tax 107

RogerRossmeisl

MARCH 24, 2023

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. It allows you to write-off an asset in the year it’s placed.

Tax 217

Tax CPA business tax 217

Cherry Bekaert

JANUARY 10, 2024

Additionally, the IRS opened access to the pre-filing registration tool for taxpayers and tax-exempt entities looking to monetize IRA and Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act related eligible tax credits. The tax credit is effective for sales that take place after December 31, 2022. per kilogram.

Tax 101

Tax Manufacturing income tax tax return 101

CPA Practice

APRIL 1, 2024

A key warning sign that businesses should be aware of are vendors that require large contingency fees and/or fail to sign the amended payroll tax returns. The AICPA has provided a number of resources to its members and the public to help them identify dishonest vendors and has strongly discouraged dealings with these ERC mills.

cpas 114

cpas payroll tax tax return payroll 114

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

BurklandAssociates

JANUARY 17, 2023

By Nancy Torretta and Sam Leon An update to IRC Section 174 took effect January 1, 2022 that will impact the R&D Tax Credit for startups. What is IRC Section Read More. The post An Important R&D Tax Credit Update Impacting Startups in 2023 appeared first on Burkland.

Tax 146

Tax Account accountant accounted 146

RogerRossmeisl

FEBRUARY 20, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022). million (up from $1.08

Tax 209

Tax CPA business tax 209

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

Real Estate 109

Real Estate tax planning Construction Tax 109

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

SEPTEMBER 26, 2023

On September 8, the Internal Revenue Service (IRS) released Notice 2023-63, providing much anticipated guidance on the application of Section 174. Taxpayers can apply the rules of Notice 2023-63 to tax years ending after September 8, 2023, or apply these rules to an earlier tax year beginning after December 31, 2021.

Tax 104

Tax Technology 104

Cherry Bekaert

JANUARY 18, 2024

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. Taxpayers may not be able to change certain positions on the return that were inconsistent with various sections.

tax return 89

tax return Tax Account accountant 89

Cherry Bekaert

APRIL 8, 2024

Section 179D Energy-Efficient Commercial Buildings Deduction (section 179D) is an energy tax deduction created to incentivize the adoption of clean solutions in commercial buildings. Since not-for-profits are tax-exempt, they can allocate the energy tax incentive to a taxpaying entity working on the structure renovations.

Tax 52

Tax 52

ThomsonReuters

DECEMBER 1, 2023

Section 179 and expensing property Running a company is expensive. Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. What does a depreciation schedule look like?

tax return 97

tax return Tax Transportation Non-Profits 97

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

Cherry Bekaert

OCTOBER 10, 2023

If adopted, these new rules, combined with the specified research expenditure capitalization rules from 2022, will change the nature of how research and development (R&D) studies are conducted by standardizing some of the taxpayer information reviewed by the IRS upon submission of an R&D tax credit.

Tax 115

Tax Start-ups Sales 115

Withum

FEBRUARY 1, 2024

7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. The refundable child tax credit would continue to increase by $100 per year through Dec. The bill would also expand low-income housing credit and financing, disaster tax relief, and U.S.

Tax 124

Tax Finance tax services business tax 124

Withum

DECEMBER 7, 2023

On November 28, 2023, the Tax Court ruled that the exception from self-employment tax for limited partners does not apply to limited partners who actively participate in the partnership’s business operations. It concluded that their level of participation was inconsistent with an exception from self-employment tax.

Tax 121

Tax Delaware tax services audit 121

Cherry Bekaert

OCTOBER 25, 2023

Recent legislation, through the Inflation Reduction Act (IRA), greatly enhanced and created energy tax credits and incentives available to many industries through the U.S. Contact Us The post Sustainable Manufacturing: Harnessing Energy Tax Credits appeared first on Cherry Bekaert.

Manufacturing 111

Manufacturing Tax audit 111

VJM Global

OCTOBER 11, 2022

Due date of claiming ITC extended and Only eligible ITC can be claimed- Amendment in Section 16 (Section 100 of the Finance Act, 2022). Restriction on claiming ITC: Section 16(2) of the CGST Act specifies conditions subject to which ITC can be claimed such as unlying goods or services must have been received. Earlier Section 38.

Finance 96

Finance Tax Government 96