Since the South Dakota v. Wayfair ruling over six months ago, companies have been waiting to see how New York (the fourth most populated state) would handle the new rules for remote sellers. Tax advisors assumed New York was taking their time in creating the right formula, however, this may not have been the case.
Drilling Into the IRS’ Four-Part Test. If your company is in an industry that qualifies for R&D tax credits, it makes sense to explore whether any of your operations and related expenses meet the R&D tax credit requirements. Many business owners only think science labs, beakers and test tubes when it comes to R&D. Actually,
The IRS Issues New Administrative Authority Governing the Tax Treatment of Depreciation and Expensing Rules
On December 21st of 2018, the Internal Revenue Service (hereinafter the “Service”) issued new administrative guidance in the form of Rev. Proc. 2019-08 governing expense deductions and depreciation measures in connection to real property as enacted by the 2017 Tax Cuts and Jobs Act, Pub. L. No. 115-97, (hereinafter the “TCJA”’). It should be duly
Part of a Series on State and Local R&D Tax Credits. Many states offer tax credits from research and development spend that complement the Federal R&D Tax Credit program. However, each of these programs has unique aspects. This article is part of a tax technical series that will explore the more popular programs and outline
Learn What Activities May Qualify for Significant Tax Savings. Calculating the Research and Experimentation Tax Credit (RTC) under IRC §41 allows taxpayers engaged in qualified Research and Development (R&D) activities to claim a credit against their income taxes. Eligible costs include employee wages, costs of supplies that are used and consumed or destroyed in R&D
On Tuesday the California Department of Tax and Fee Administration announced that beginning April 1, 2019, California will require out-of-state retailers to collect and remit use tax if they have $100,000 in sales or 200 transactions. The $100,000 threshold is far from the $500,000 threshold discussed back in August 2018 through draft legislation. In addition,
R&D tax credits are among the most potentially lucrative tax incentives available today for companies developing new products and enhancing manufacturing processes. For qualifying start-ups and more established privately held companies, they can free up precious capital for scaling growth. For larger enterprises, R&D tax incentives can contribute mightily to multi-year tax planning and savings.
The restaurant industry is at the top of many state sales tax auditors target lists. With a history of underreporting cash sales, state auditors have developed many strategies to hit owners with underpayment assessments. These can include sitting by the front door for a day in order to count customers, to using purchases of products
On October 19th, 2018 the Department of Treasury has issued proposed regulations for Opportunity Zone Investors and has sent these rules over to the IRS. The proposed regulations provide guidance under new section 1400Z-2 of the Internal Revenue Code relating to gains that may be deferred by investors for investments in a qualified opportunity fund
While CPAs have been enjoying their summer taking long vacations, states have been very busy at work asserting their positions regarding the impact of South Dakota v. Wayfair. Many professionals assumed that since the majority of state legislatures have adjourned for 2018 that we would not get significant guidance from states, but that has not