Alongside the changes made to asset depreciation classifications, bonus depreciation and section 179 expensing, the Tax Cuts and Jobs Act of 2017 (TCJA) brought with it changes to and new applications for the Alternative Depreciation System. Subsequent to the passing of The Tax Reform Act of 1986, business assets purchased and used after 1986 are…
Has your company missed out on potential R&D tax credit opportunities on previously filed tax returns? Do you think because your employees are not in lab coats and using beakers that you do not qualify for this governmental incentive? See below for the most frequently asked questions about R&D tax credits and misconceptions about the…
There’s been a fair amount of confusion surrounding the new 199A deduction since the passage of the Tax Cuts and Jobs Act (TCJA) back in December of 2017. Specifically, there is a clear misconception floating around regarding eligibility for owners of service trades or businesses. These misconceptions stem from taxpayer’s, and even practitioner’s, reliance on…
Valuing a construction company presents unique challenges. Some of the valuation topics unique to construction companies are construction methods of accounting, retainage, under/over billings, backlog, and the business cycle of the construction industry. Additionally, a contractor that bids public work or is unionized versus one that relies predominately on private work plays an important role…
Share A Glimmer of Hope for those suffering from the change in the CFC ownership attribution rules. A representative at the Internal Revenue Service Office of Chief Counsel announced May 1st that the IRS and Treasury will be issuing proposed regulations addressing some of the non-Subpart F issues caused by the repeal of Section 958(b)(4)….
How we designed and deployed a NetSuite ERP solution to transform global operations. Download a PDF of this case study. About the Client An international technology company with approximately $100 Million in sales who provides software for risk and data management globally. Business Challenge Our client was working with multiple disparate systems and relying heavily…
The Internal Revenue Service recently issued more proposed regulations (REG-120186-18) on Sec. 1400Z-2, which outline the new tax incentives for investing in economically distressed communities. For a quick overview, the tax incentives within Sec. 1400Z-2 allow taxpayers to defer a realized capital gain for as long as 7 years if they subsequently invest the capital…
When starting or spinning off a business, there are hundreds of decisions and a few important factors to consider – not the least of which includes how & where to establish your legal business entity. While seemingly simple, the filing process has its benefits and nuances that you need to know. Regardless of the state…
Self-rental real estate is real estate in which the owner of the real estate also participates as the lessee of that real estate. There are important tax planning implications to be aware of related to self-rentals. The following scenarios are a few of the scenarios in which the real estate would be considered self-rental: Income…