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New Definition of Internal Use Software May Expand Opportunity for R&D Credit The IRS has issued Proposed Regulation 1.41-4 (the “Proposed Regulation”) to refine the definition of internal use software, which resultantly expands the potential use of the Research and Development tax credit (the “R&D credit”). The R&D credit is available to certain persons that...

Are You a Multistate Corporation? Master How to Source Your Sales of Intangibles and Services! When preparing 2014 corporate state returns and 2015 extensions for your multistate corporation, you must properly source receipts related to the sale of “other than tangible personal property” (i.e., services, intangible property, rents, royalties, interest and dividend income) among the...

Estate Tax Planning for Modest Estates Now Focuses on Income Tax Savings In the not too distant past, there had been considerable uncertainty concerning federal estate and gift taxes. This uncertainty was put to rest a few years ago when the top federal estate and gift tax rate was set at 40% and the exemption...

Tell Your Story Through Social Media Over the past several months, we have witnessed how social media has been at the forefront for not-for-profits —allowing them to tell their story through social media —and one of the extremely successful, viral campaigns being the Ice Bucket Challenge. As BBC News Magazine points out, there have been...

Lessors in Pennsylvania not Subject to Local Business Privilege Taxes Email John In a recent court case (Fish, Hrabrick and Briskin, v. Township of Lower Merion, 1940 C.D. 2013, 09/19/2014), a Pennsylvania court decided that the imposition by Lower Merion Township of the Business Privilege Tax (BPT) on lessors’ rental income violates the Local Tax...

OECD Ranks the US Tax Code 32 of 34 for Tax Competitiveness Email Nicole According to the 2014 International Tax Competitive Index (ITCI), released September 15, 2014 by the Tax Foundation in Washington, DC, the United States has the third least competitive tax code in the 34-member Organization for Economic Co-operation and Development (OECD). The...