Cherry Bekaert

APRIL 4, 2024

Contributor: David Mohimani, Manager, Energy Credits & Incentives Advisory Enacted in 2022, the Inflation Reduction Act (IRA) was developed to help create a cleaner environment and a more sustainable future for all individuals. Taking advantage of energy tax credits can seem like a daunting task.

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Cherry Bekaert

JANUARY 24, 2024

The Internal Revenue Service (IRS) has taken several steps to tackle the millions of invalid Employee Retention Credit (ERC) claims. The IRS created the VDP to allow taxpayers to report any potentially incorrect ERC claims by paying back 80% of the tax credit received by the company.

Tax 102

Tax 102

Cherry Bekaert

JUNE 2, 2023

Two new tax credits were enacted in California, which begin in tax year 2023 and extend through 2027. Cannabis businesses generally cannot deduct business expenses for federal income tax purposes, so to alleviate the tax burden and offset operating costs, California is providing a measure of tax relief for the industry.

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Cherry Bekaert

MAY 10, 2023

The Internal Revenue Service (IRS) released an updated Form 7205 in February 2023. Contact Us The post Form 7205: What A&E Firms Need To Know To Claim the Section 179D Tax Deduction appeared first on Cherry Bekaert. What the New Audit Technique Guidelines Mean for Cost Segregation View All Podcasts from this Series Questions?

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Cherry Bekaert

APRIL 5, 2023

The Research and Development (R&D) Tax Credit is a federal incentive designed to promote innovation in the design, development and improvements of processes, products and services. For most companies, the R&D tax credit provides a dollar-for-dollar reduction of income tax liabilities.

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Cherry Bekaert

SEPTEMBER 29, 2023

The Employee Retention Credit (ERC) was created to reward companies that continued paying employees when operations were negatively impacted by the COVID-19 pandemic. The Internal Revenue Service (IRS) released new guidance for how employers may or may not have been impacted by supply chain disruptions during the pandemic.

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Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. tax returns for the 2022 tax year. The Act would restore the 12.5%

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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.

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CPA Practice

APRIL 15, 2024

“The expectation that the Fed may lower interest rates continues to have a positive effect on some of our clients, and obviously that’s good from the perspective of the overall economic outlook,” said Jim Wittmer , Grant Thornton’s national managing partner for Tax Growth. Still, the road ahead contains ample challenges.

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Cherry Bekaert

AUGUST 23, 2023

The Inflation Reduction Act (IRA) of 2022 introduced monumental updates and additions to energy tax credits and incentives available to qualifying businesses. Deciphering how these incentives work and can benefit you can be complicated.

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Tax 52

CPA Practice

JANUARY 3, 2024

Top 15 accounting firm Moss Adams has added 20 new partners, five managing directors, and an executive director across its tax, assurance, and advisory practices and national office. The accounting profession continues to evolve as business needs change.

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Shay CPA

JANUARY 10, 2024

Betterment is not a tax advisor, nor should any information herein be considered tax advice. Please consult a qualified tax professional. And with limited resources and lofty goals, the companies that you advise could benefit significantly from tax credits designed to help them and their employees thrive.

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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. Taxpayers and service providers will undoubtedly have comments on the form and content of the required information.

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ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! Aren’t you tired of spending countless hours pouring through textbooks and internet searches trying to find the latest tax laws? Enter: Thomson Reuters Tax Season Toolkit. Breeze through tax season easily with our comprehensive year-end tax season toolkit.

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Cherry Bekaert

MARCH 13, 2023

Authors: Andre Kohn, Senior Associate, Tax Credits & Incentives Advisory and Bill Haberson, Manager, Tax Credits & Incentives Advisory On February 21, 2023, the Internal Revenue Service (IRS) released a new Form 7205 requiring documentation for the Energy Efficient Commercial Building Deduction.

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Cherry Bekaert

MARCH 14, 2023

For tax years beginning in 2022, Internal Revenue Code Section 174 (Sect. Taxpayers can follow the Internal Revenue Service (IRS) guidance to adopt this new capitalization/amortization method by filing a statement with their 2022 tax returns. 174 expenses Determine how your industry is impacted by the Sect.

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CPA Practice

JANUARY 31, 2023

The new Bennett Thrasher partners are: Nina Desai DiAndria Green Dane Harris Ray Lee Gabe Rivers Brian Sengson Chris Tomaselli Nina Desai focuses on R&D tax credits in Bennett Thrasher’s Credits and Incentives practice.

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DMCL

APRIL 20, 2022

The good news is there’s never been more clean tax incentives available to help green your business—and save you a few bucks in the process—than there are today. Here are some valuable tax incentives to start taking advantage of: CleanBC tax credits and incentives. Clean Buildings tax credit.

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Cherry Bekaert

FEBRUARY 14, 2023

Department of the Treasury (the Treasury) and Internal Revenue Service (IRS) issued Notice 2022-61 , Prevailing Wage and Apprenticeship Initial Guidance Under Section 45(b)(6)(B)(ii) and Other Substantially Similar Provisions (Notice 2022-61). What Is Prevailing Wage?

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Construction Tax 75

Cherry Bekaert

APRIL 18, 2023

In the latest episode of our Technology podcast, Tim Larson , Tax Partner, welcomes members from Cherry Bekaert’s Tax Credits & Incentives Advisory practice, Martin Karamon , Daniel Mennel and Carolyn Smith Driscoll , to discuss new mandatory requirements for taxpayers under Section 174 and what it means for technology companies.

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CPA Practice

NOVEMBER 9, 2023

The Department of Health and Human Services recently made an official recommendation to the Drug Enforcement Administration (DEA) to reschedule cannabis as a Schedule III drug, a move that may significantly impact the way that cannabusinesses manage their operations and taxes. By Kristin Kowalski , CPA, MST.

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Cherry Bekaert

AUGUST 24, 2023

Learning Objectives: Understand the importance of analyzing client footprint and supply chain Explore methodologies for conducting a comprehensive analysis Learn how to leverage analysis insights for effective decision-making Learn more about our Tax Credits & Incentives Advisory Services.

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Tax 52

Cherry Bekaert

APRIL 9, 2024

There are tangible business benefits to measuring and reporting emissions,” says Gabriela Payne, Senior Manager, Risk & Accounting Advisory Services. All reporting is data driven,” says Joe Haehner, Partner, Risk & Accounting Advisory Services.

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KROST

MAY 23, 2022

KROST CPAs and Consultants, a tax, accounting, and consulting firm based out of Los Angeles, has launched KROST Business Intelligence (KBI) , offering dynamic insights into realization, staff utilization, project turnaround, and more. Contact us if you have any questions about KROST Business Intelligence (KBI) services. Pasadena, CA.

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Going Concern

JUNE 9, 2023

And as the horror show surrounding the firm’s misuse of confidential tax data refuses to go away, the team will now have to manage without its leader. Big 4 Should scandal plagued PwC take the lead and split its advisory unit off from auditing? Hoffman, a partner with Eisner Advisory Group.

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KROST

APRIL 9, 2021

KROST is a full-service certified public accounting and consulting firm serving clients across various industries in the areas of tax , accounting , consulting, assurance and advisory , M&A and capital markets , corporate tax incentives , and wealth management. See all KROST services: KROSTCPAs.com/services.

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CPA Practice

NOVEMBER 7, 2023

The Department of Health and Human Services recently made an official recommendation to the Drug Enforcement Administration (DEA) to reschedule cannabis as a Schedule III drug, a move that may significantly impact the way that cannabusinesses manage their operations and taxes. By Kristin Kowalski , CPA, MST.

Non-Profits 40

Non-Profits Real Estate Agriculture Tax 40

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. This was to address instances where taxpayers may have been required to amend a tax return that was filed before or shortly after Notice 2023-63 was issued. statement included with the 2022 tax return).

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Cherry Bekaert

MAY 16, 2023

Authors: Kenneth Woodring , Senior Manager, Risk & Accounting Advisory Services , Graham Michitsch , Senior Manager, Risk & Accounting Advisory Services Congratulations to successfully completing your implementation of ASC 842 and IFRS 16 – Leases.

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Cherry Bekaert

OCTOBER 6, 2023

Notice 2023-63 Provides Clarity on Capitalization and Amortization of Research Costs On September 8, 2023, the Internal Revenue Services (IRS) released Notice 2023-63 (the Notice), Guidance on Amortization of Specified Research or Experimental (SRE) expenditures under Internal Revenue Code Section 174.

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KROST

NOVEMBER 9, 2021

KROST CPAs and Consultants, a tax, accounting, and consulting firm based out of Los Angeles, has launched KROST Business Intelligence (KBI), offering dynamic insights into realization, staff utilization, project turnaround, and more. Pasadena, CA.

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Cherry Bekaert

FEBRUARY 16, 2024

Doing business in California” is a broad definition and generally includes all firms selling goods and services within the state or to California customers, retailers and supply chains. Preparing for Scope 3 reporting is expected to be a major challenge for most companies and will require detailed planning and effort.

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Going Concern

MARCH 16, 2022

The big news in the accounting profession yesterday afternoon from Dave Michaels of the Wall Street Journal was that the SEC is investigating the Big 4 and other public accounting firms on whether the consulting and non-audit services they sell to clients is conflicting with their independence as the auditors of said clients.

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Withum

OCTOBER 31, 2023

The Internal Revenue Service (“IRS”) released Rev. 2023-33 on October 6, 2023, with additional information on how individuals buying used or new electric vehicles (EVs) can transfer a federal income tax credit to the auto dealership at the time of purchase, as opposed to claiming the credit on their federal income tax return.

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Going Concern

JANUARY 12, 2024

PwC Narrows Field to Three Candidates to Succeed US Leader Ryan [ Bloomberg Tax ] PwC LLP is narrowing in on three candidates for US partners to choose among when they select the firm’s next senior partner, including two women, according to people familiar with the selection process. Ryan’s successor would begin their term in July.

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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.

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CTP

MAY 6, 2022

High-performing accounting firms focus on providing high-value, specialized services tailored to their clients’ needs. If you are offering tax planning, that often means addressing industry or situational-specific solutions. . Research & Development credits are one area of specialty that offers complexity but opportunity.

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