Insights

Learn everything you need to know about the Commercial Clean Vehicle Credit, an incentive program promoting environmentally-friendly commercial vehicles. The Commercial Clean Vehicle Credit provides a maximum federal income tax credit of $7,500 or $40,000 (if the gross vehicle weight is 14,000 pounds or above). Unlike the personal clean vehicle credit, there are no battery…

Internal Revenue Code (“IRC”) Section 163(j) limits the amount of business interest expense certain businesses can deduct. Changes to the rules will further limit the amount of business interest expense that can be deducted for companies where the interest expense limitations apply. With interest rates on the rise because of recent inflation, this business interest…

Determining allowable executive compensation is one of the most critical aspects of calculating a Federal Acquisition Regulation (FAR)-compliant overhead rate. The main objective is to demonstrate that claimed compensation costs are reasonable and allowable in compliance with FAR 31.205-6. Department of Transportation (DOT) contractors, engineering consultants and other businesses with government contracts can do this…

Time, quality and budget are three crucial factors that project managers must keep in sight to ensure the successful completion of a project. Deliveries must be made quickly, quality standards should be exceed (or meet) and financial resources must be allocated appropriately. Let’s cover the significance of considering all three factors throughout the project lifecycle,…

On July 3, 2023, New Jersey enacted comprehensive tax legislation (A5323) that will likely impact every business in one shape or another. As we’ve previously written about, although a significant portion of the bill impacts corporations, this legislation undoubtedly will affect financial service businesses who are taxed as partnerships. This includes investment management companies, such…

Project managers are critical in achieving organizational goals and adding value by ensuring effective and quality output. Steady refinement has focused on process improvement, but new technologies, culture and remote workforces have led to the need for continued skill development. Successful project management today requires a project manager to embrace and stay updated with technologies…

The transfer pricing landscape is constantly evolving with rapidly changing IRS policies/procedures, greater efforts directed towards effective enforcement, and identifying noncompliance among taxpayers. We have seen many indications of this. With the majority share of the Inflation Reduction Act’s $80 billion in IRS funding appropriated for tax enforcement, the IRS’s Large Business and International Division…

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced significant changes to the treatment of research and experimental (R&E) expenses for tax purposes. Under the new rules, which took effect in 2022, taxpayers are no longer allowed to deduct R&E expenses. Instead, they are required to capitalize and amortize these expenses over a period…