News & Insights

R&D Tax Credit Payroll Refund Checks Are Rolling In

As part of the 2015 PATH Act, the R&D Tax Credit Program was significantly enhanced to allow qualified start-up companies to claim up to $250,000 of tax credits against their payroll tax expense. Over the past 18 months there have been many questions regarding the scope and application of the program including how and when

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The Striving for Greatness Scholarship Deadline is Tomorrow, August 31!

To review the additional materials needed to have a complete scholarship please click here For any questions regarding the scholarship and your application status please contact the PM Business Advisors Scholarship Committee at 914-218-1300 x576 or via email

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Approaching Due Date for Pennsylvania R&D Tax Credit Application

On September 15, 2017, Pennsylvania’s Research and Development Tax Credit application is due for companies qualifying for the Federal and State Research and Development Tax Credit. Pennsylvania requires that taxpayers have qualified Pennsylvania Research and Development expenses in the current year and at least one preceding year, 2015. The goal of the R&D Tax Credit

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Top 3 WOTC Pit Falls – Reasons Qualified Candidates Don’t Get Approved

What Is WOTC The Work Opportunity Tax Credit (“WOTC”) is a Federal Tax Incentive Program to encourage employers to hire and retain employees from specific target groups such as: veterans, qualified youth, and social assistance recipients. Although these tax credits range in value depending on the category of employee and length of employment, your company

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WOTC in Proposed Legislation

What Is WOTC? The Work Opportunity Tax Credit (WOTC) program is a Federal tax incentive program that can provide a huge tax relief to employers who hire people from specific demographics that include veterans and welfare recipients. Since its inception in 1996, many changes have happened to the program. The most recent addition was for

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Construction Tax Planning: A Proactive Methodology to Accelerated Depreciation Planning

A properly designed and implemented Construction Tax Planning analysis will proactively identify additional tax savings related to new and / or planned construction projects. It should be duly noted that a Construction Tax Planning analysis should not be confused with a Cost Segregation analysis as there are several notable differences between a Cost Segregation analysis

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Lights, Camera, Action and Tax Cut!

The New York State Film Tax Credit Program Gets Extended Through 2022 By Peter J. Scalise Movie and Television Studios ecstatically praised Governor Andrew M. Cuomo and the Legislature for enacting the 2017 – 2018 New York State budget which includes the full extension of the New York State Film Tax Credit Program (“NYSFTCP”) through

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New York Sales Tax Audits – How to Reduce Your Risk

Over the past few years, companies doing business in New York have noticed that the state has been much more aggressive and successful at finding companies with sales & use tax delinquencies. New York has been at the forefront of sales tax discussions dating back to 2008 when legislation was passed that started the “click-through

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Peter J. Scalise Inducted into the 2017 Alzheimer’s Association Grand Champions Club

Congratulations to Peter J. Scalise who has been named the 1st inductee into the Alzheimer’s Association’s 2017 Grand Champion Club.  This induction marks the second consecutive year that Peter has been inducted into the Alzheimer’s Association Grand Champions Club.  Peter is in the process of raising $ 50,000 for the Alzheimer’s Association in 2017 and

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How Supporting Our Military Can Get You Tax Credits

May is National Military Appreciation Month! There are many individual days during May to celebrate our Armed Forces, such as Loyalty Day, VE Day, Memorial Day and many others.  There are many ways that the IRS is working to help veterans, and many businesses are as well. One of the more recent tax credits that businesses

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NJ NOL Transfer Filing Alert

  The New Jersey Technology Business Tax Certificate Transfer Program allows qualified companies to sell R&D tax credits and net operating losses. This is a competitive program with $60 million available annually. In Fiscal Year 2017, 40 companies were approved to share $35 million. The deadline to submit the online application is June 30, 2017. However, there are several

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Please Join Peter J. Scalise at the Alzheimer’s Association Walk to End Alzheimer’s

Please join Peter J. Scalise, the Federal Tax Credits & Incentives Practice Leader of PM Business Advisors and the Chairman of The Alzheimer’s Association Walk to End Alzheimer’s work to raise awareness and funds for Alzheimer’s care, support and research. About Alzheimer’s Association Walk to End Alzheimer’s Held annually in more than 600 communities nationwide, the Alzheimer’s Association Walk to End Alzheimer’s is

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Work Opportunity Tax Credit Update

Work Opportunity Tax Credit (WOTC) The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers that hire individuals from certain target groups who have faced substantial barriers to employment or live in empowerment zones, which are economically distressed communities designated by the government for aid. On December 18, 2015 President Obama

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PM Business Advisors Will Be Exhibiting at the Tax Executives Institute NJ Full Day Seminar

PM Business Advisors will be exhibiting at the May Full Day Seminar presented by the Tax Executives Institute New Jersey Chapter. Chris Vignone, CEO and Managing Director, will be presenting the 11: 20 am session.  The name of his presentation is No Quill, No Problem; The Future of Reporting Requirements for Out of State Retailers.

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Peter J. Scalise Featured in CPA Magazine’s May Issue

Tax Aspects of the 2017 Tax Reform for Economic Growth and American Jobs Proposal On April 26, 2017 the White House released an overview of their tax reform proposal entitled The 2017 Tax Reform for Economic Growth and American Jobs: The Biggest Individual and Business Tax Cut in American History, which outlines President Donald J. Trump’s

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PM Business Advisors Awards Michaeleen McKinley of Quinnipiac University the Striving For Greatness Accounting & Finance Scholarship

PM Business Advisors is happy to announce that they will be awarding the Striving for Greatness Accounting & Finance Scholarship to Michaeleen McKinley from Quinnipiac University.  Michaeleen is currently in her Junior Year at Quinnipiac, studying accounting.  She has been on the Quinnipiac University’s Deans List for both semesters in 2014 and 2015 and her

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Thought Leader Peter J. Scalise Featured in CPA Magazine

In order to optimize your CPA Firm’s overall efficiency and effectiveness in connection to researching and resolving a tax issue and determining the sustainability of a tax return filing position per Circular 230, the appropriate tax research processes must be meticulously designed, implemented, and executed. The subsequent five practical steps will guide you in establishing

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Please Join Peter Scalise at the Gotham City Real Estate Forum

Please join Peter J. Scalise, Federal Tax Credits & Incentives Practice Leader at Prager Metis Business Advisors, at the upcoming Gotham City Real Estate Forum at the renowned Friars Club on Thursday, April 13th at 12:30PM. Peter will be serving as a guest panelist on the Commercial Real Estate Planning session and discussing energy benchmarking

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Sales Tax Refunds: Top 3 Reasons Why Companies Overpay Sales Tax on Purchases

I spend most of my day discussing sales tax issues with companies large and small. Whether we are assisting a start-up with sales tax compliance requirements or helping a large company with a complicated sales & use tax audit, we are always amazed at how often companies do not put processes in place to ensure

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What’s Next for Click Through Nexus- Update

If 2014 and 2015 were the years of click-through and affiliate nexus legislation, 2016 and 2017 will usher in a new era for remote seller reporting requirements and economic nexus challenges. During 2016 Louisiana was the only state to enact new legislation covering both click-through and affiliate nexus. This brings the total states that have

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The Service Issues New Administrative Authority Governing R&D Tax Credit Claims for Start-Up Companies

On Thursday, March 30th the Department of the Treasury (hereinafter the “Treasury Department”) and Internal Revenue Service (hereinafter the “Service”) issued interim administrative guidance in the form of IRS Notice 2017-23 clarifying how eligible start-up companies (i.e., those companies with less than $ 5 million in gross receipts and earning revenue for less than 5

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A Practical Guide to Perfecting Your Tax Research Techniques and Achieving Sustainable Tax Return Filing Positions

In order to optimize your CPA Firm’s overall efficiency, effectiveness, and productivity in connection to researching and resolving a tax issue and determining the sustainability of a tax return filing position per Circular 230, the appropriate tax research processes must be meticulously designed, implemented, and executed. The subsequent five practical steps will guide you in

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Amazon Will Charge Nationwide Sales Tax As of April 1st

Amazon Will Collect Sales Tax Nationwide As of April 1 st, 2017, Amazon will be collecting sales tax on sales nationwide.  During the first quarter of 2017, Amazon started collecting sales tax in eleven new states (Iowa, Louisiana, Mississippi, Missouri, Nebraska, Oklahoma, Rhode Island, South Dakota, Utah, Vermont, and Wyoming).  Next on April 1st, Amazon will

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March 31st Deadline For Start-Ups to Claim R&D Tax Credit Refunds Approaching

If qualified start-up companies with research and development activities want to take advantage of the option to offset payroll taxes in the second quarter, the deadline is quickly approaching. Qualified start-up companies have until March 31, 2017, to file their 2016 tax return if they want to offset their payroll taxes in July 2017. Under

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Peter J. Scalise to Address the Family Office Networks Life Science Symposium at NASDAQ

Please join Peter J. Scalise, the Federal Tax Credits & Incentives Practice Leader of PM Business Advisors and member of the Family Office Networks on Tuesday, February 21st at 1:30PM to 6:00PM at NASDAQ located at 4 Times Square in New York City for the Family Office Networks Life Science Symposium. Peter J. Scalise will

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The AICPA Requests Administrative Guidance by the Department of Treasury Governing the Enhanced R&D Tax Credit Program

The American Institute of Certified Public Accountants (“AICPA”) has requested of the Department of Treasury and the Internal Revenue Service (“Service”) to issue some form of immediate administrative authority governing the enhanced R&D Tax Credit Program (“RTCP”) in connection to qualifying Small Businesses and qualifying Start-Up Companies to accurately calculate the R&D Tax Credit from

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The Service Issues New Administrative Authority Governing TPR Compliance

The Internal Revenue Service (hereinafter the “Service”) recently issued IRS Notice 2017-6 in connection to Tangible Property Regulations Compliance (hereinafter “TPR Compliance” or “Regulations”) that extended a specific eligibility provision for taxpayers making an automatic change of accounting method providing an opportunity to continue to take advantage of the Regulations on their 2016 tax returns.

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Peter J. Scalise Awarded the 2016 Top Tax Writers Award

PM Business Advisors’ own Peter J. Scalise was awarded with the 2016 Top Tax Writers award and inducted into TaxConnections Tax Writers Guild. These special awards are given to TaxConnections Members who have made the most significant contributions over the past year. To view the other awardee’s of the 2016 Top Tax Writers Award, please

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Peter J. Scalise guest lectured on Construction Tax Planning in Las Vegas

  Peter J. Scalise, the Federal Tax Credits & Incentives Practice Leader for PM Business Advisors recently guest lectured on Construction Tax Planning at the AICPA Real Estate & Construction Conference at the Wynn in Las Vegas, NV on Wednesday, December 7th. Due to popular demand, Peter J. Scalise will  continue providing complimentary consultations for

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Federal Tax Advisory R&D Tax Credit Update

The Enhanced R&D Tax Credit Program The Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) significantly enhanced the R&D Tax Credit Program (“RTC”) on a myriad of levels by making the RTC a permanent tax incentive within the Code and considerably restructured the program to: • Allow eligible “Small Businesses” (i.e.,

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EXPIRATION OF FIVE NEW JERSEY URBAN ENTERPRISE ZONES

The New Jersey Division of Taxation will be letting the Urban Enterprise Zone designations of five of the thirty-two active zones expire at 11:59 P.M. on December 31st, 2016. The affected zones are Bridgeton, Camden, Newark, Plainfield and Trenton. The businesses located in these five zones will have their UZ-2, Urban Enterprise Zone Certificate of

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Work Opportunity Tax Credit Update

Work Opportunity Tax Credit (WOTC) The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers that hire individuals from certain target groups who have faced substantial barriers to employment or live in empowerment zones, which are economically distressed communities designated by the government for aid. On December 18, 2015 President Obama

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Attention Internal Use Software R&D Tax Credit Claim Filers- Final Treasury Regulations Issued

On October 3rd of 2016, the Internal Revenue Service (hereinafter “the Service”) issued Final Treasury Regulations setting forth guidance on research and development efforts in connection to Internal Use Software (hereinafter “IUS”) for purposes of claiming the Research & Development Tax Credit (hereinafter “RTC”) under I.R.C. § 41. The newly issued Final Treasury Regulations are

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New Jersey Governor Chris Christie Announces Tax Cut and Gas Tax Increase Agreement

On Friday, September 30th New Jersey Governor Chris Christie and Senate President Steve Sweeny announced agreement on a new tax plan.  The tax plan contains numerous provisions; most noticeably the state will be increasing its gasoline tax and reducing the state sales tax rate. New Jersey currently imposes the second lowest state tax on gas

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The Service Issues New Administrative Authority Governing TPR Compliance

The Internal Revenue Service (hereinafter “IRS”; or “the Service”) recently issued on September 14th of 2016 an Audit Techniques Guide (hereinafter “ATG”) governing Tangible Property Regulations Compliance (hereinafter “TPR Compliance”). As a synopsis, an ATG provides a meaningful framework for IRS examiners during audits by providing insight into tax issues and accounting methods unique to

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Striving For Greatness Accounting & Finance Scholarship

PM Business Advisors is pleased to announce a new scholarship opportunity for Accounting and Finance students. Our Striving for Greatness Accounting & Finance Scholarship is aimed towards well-rounded individuals who display both academic excellence in accounting and/or finance as well as an involvement in their community. Our applicants will distinguish themselves through their interest and

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New York Unclaimed Property Update

Over the past six months, companies have been receiving notices requesting that they comply with the filing requirements of New York State’s Abandoned Property Law (APL). The Office of Unclaimed Funds has been sending packages with information regarding their Voluntary Compliance Program. The program aims to encourage companies who have not filed or paid their

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The IRS Issues Transition Period Guidance for Recently Revised Form 3115

The Internal Revenue Service (“Service”) issued on March 24 of 2016 their Announcement 2016-14 addressing the transition period implementation dates in connection with the recently revised Form 3115 entitled “Application for Change in Accounting Method” which was most recently revised and released to the public in December of 2015. This presents a paradigm shift as

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Sales Tax Refunds: Top 3 Reasons Why Companies Overpay Sales Tax on Purchases

I spend most of my day discussing sales tax issues with companies large and small. Whether we are assisting a start-up with sales tax compliance requirements or helping a large company with a complicated sales & use tax audit, we are always amazed at how often companies do not put processes in place to ensure

Read More

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New York Sales Tax Audits – How to Reduce Your Risk

Over the past few years, companies doing business in New York have noticed that the state has been much more aggressive and successful at finding companies with sales & use tax delinquencies. New York has been at the forefront of sales tax discussions dating back to 2008 when legislation was passed that started the “click-through

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PM Business Advisors LLC Welcomes Bob Berman as Director of Tax Advisory

PM Business Advisors LLC, an independent business and tax advisory services firm with offices in New York, New Jersey and California, welcomes Bob Berman as Director of Tax Advisory. PM Business Advisors services Fortune 1000 companies with business consulting, asset and tax recovery services and partners with CPA firms nationwide to offer advisory services to

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Sales Tax Lawsuits: Dunkin’ Donuts Still Doesn’t Get It

As reported by several news outlets and papers over the past three days including this NY POST article, customers of New York and New Jersey Dunkin’ Donuts are filing suits alleging that the franchise charged customers millions of dollars in sales tax on tax exempt items. The facts are as follows: both New York and

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PM Business Advisors to Host Collaberex Business to Business Networking Event

On Thursday, February 18th, PM Business Advisors LLC will be hosting a Collaberex Lead Generation Event at their White Plains location, located at 333 Westchester Ave, East Building Suite 1101. The event will start promptly at 4:00 and go until 5:30pm. Collaberex is a Business Development Services company that specializes in Peer Advisory and Lead

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PM Business Advisors LLC Welcomes Thomas Santacroce as New Advisory Board Member

PM Business Advisors LLC, an independent business and tax advisory services firm with offices in New York, New Jersey and California, welcomes Thomas Santacroce as its newest Advisory Board Member. PM Business Advisors services Fortune 1000 businesses with asset and tax recovery services and partners with CPA firms nationwide to offer advisory services to their

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NJ NOL Transfer Filing Alert

The New Jersey Technology Business Tax Certificate Transfer Program allows qualified companies to sell R&D tax credits and net operating losses. This is a competitive program with $60 million available annually. In 2015 $47.4 million was awarded to 41 companies.The deadline to submit the online application is June 30, 2016. However, there are several factors to be aware of

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PM Business Advisors Completes Spin-Off From Prager Metis CPAS LLC

PM Business Advisors has completed its spin-off from Prager Metis International, an independent, full-service public accounting and consulting firm with offices in the U.S. and London. The formation of PM Business Advisors was effective January 1, 2016. PM Business Advisors will offer State & Local Tax Advisory, such as services including sales tax recovery and

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What’s Next for Click-Through Nexus?

Over the past 18 months, I have been asked to define the term nexus more so than at any other point in my 20-year career. There have been two main drivers for these questions. The first driver is the introduction of Amazon’s FBA (“Fulfillment by Amazon”) service, which creates nexus for businesses in states where

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Small Business Cashes In On New R&D Legislation

On December 18th of 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) that significantly enhanced the Federal-Level R&D Tax Credit Program (hereinafter “RTC Program”) under I.R.C. § 41 on a myriad of levels for both eligible “Small Businesses” and eligible “Start-Up Companies”. More specifically,

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Use Tax Made Simple

When a company makes a taxable purchase from a vendor that is not required to charge sales tax in their state the company is required to accrue and remit use tax to the state. Even if the company is not required to collect sales tax from their customers, they are required to accrue and remit

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Understanding Sales Tax For International Sellers

Unfortunately, many international businesses are under the assumption that since they do not have permanent establishment (PE) for federal income tax purposes, they do not have a responsibility to collect sales tax. That assumption could not be further from the truth. In general, states do not recognize United States Federal Income Tax treaties because they

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The Service Issues New Administrative Authority Governing TPR De Minimis Safe Harbor Limits for Small Businesses

On November 24th of 2015, the Internal Revenue Service (hereinafter “the Service”) streamlined the compliance for the Tangible Property Regulations (hereinafter “TPR”) for small businesses by increasing the safe harbor threshold for deducting certain capital items from $ 500 to $ 2,500 under IRS Notice 2015-82. The scope affects businesses that do not maintain an

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Optimizing Energy Tax Incentives to Properly Tax Effect Building Owners Expenditures for Renovations

Whether a commercial building owner is undergoing new construction or remodeling, energy tax incentives should certainly be utilized to essentially tax effect the commercial building owner’s expenditures for undergoing the energy efficient renovation project. As enacted in The Energy Policy Act of 2005 (hereinafter “EPA”), the I.R.C. §179D Energy Tax Deduction for building envelope efficiency

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A Practical Guide to Identifying, Gathering, and Documenting a Sustainable Research Tax Credit Claim

The Research and Experimentation Tax Credit program (hereinafter “RTC”) was added to the Internal Revenue Code (hereinafter “the Code”) in 1981 as a temporary provision of the Code at a time when research and development type jobs were significantly declining throughout the United States as a direct result of these jobs being outsourced to other

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