Tim Finerty | Michigan International Tax Accountant

The R&D Tax Credit: 280(c) Elections

Posted by Tim Finerty and Bryan Powrozek on March 18, 2021

Tim Finerty

In this sixth installment in our series on R&D tax credits, we take a closer look at 280(c) elections and summarize the potential tax benefits for qualifying business owners.

The R&D Tax Credit Four-Part Test

Posted by Tim Finerty and Bryan Powrozek on March 11, 2021

In this installment of our R&D tax credit series, we’ll take a closer look at the R&D tax credit four-part eligibility test. It turns out that the qualification bar is often lower than many business owners believe.

How to Claim R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on March 4, 2021

One of the most persistent myths about the R&D tax credit is that the claim process is too complex to be worth it. While it does require extra supporting documentation, the backup you need can most often be found in routine business records you already keep. Let's take a look at how to claim the R&D credit.

How to Calculate R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on February 25, 2021

Part three of our R&D tax credit series provides a quick overview of R&D tax credit calculation methods, including the RRC and ASC.

What Expenses Qualify for R&D Tax Credits?

Posted by Tim Finerty and Bryan Powrozek on February 18, 2021

The R&D tax credit is one of the most overlooked opportunities to boost your bottom line. Many business owners fail to claim it under the mistaken belief that they’re not eligible. Let's review the types of expenses that qualify for an R&D tax credit.

Your Guide to R&D Tax Credits

Posted by Tim Finerty and Bryan Powrozek on February 11, 2021

If you haven’t looked into the R&D tax credit before, there’s a good chance that you’re missing a big opportunity to boost your cash position. Even if they're aware of the credit’s existence, many businesses and their owners mistakenly assume that they aren’t eligible, or haven’t utilized the credit correctly. Here’s a quick business owner’s guide to the R&D tax credit and how it works.

Misconceptions About the Research & Experimentation Tax Credit

Posted by Tim Finerty and Bryan Powrozek on January 15, 2021

As companies put more emphasis on Industry 4.0 and business processes become more automated and accessible, the opportunities for Research & Experimentation tax credits increase.

Talking Industrial Automation Podcast: Year-End Tax Tips

Posted by Tim Finerty on December 16, 2020

Listen to the Talking Industrial Automation podcast featuring Shareholder Tim Finerty highlighting tax planning tips and ways to maximize cash flow.

What Comes After COVID-19?

Posted by Tim Finerty and Bryan Powrozek on October 7, 2020

The COVID-19 pandemic has impacted businesses around the world by disrupting supply chains, impacting cash flow and accelerating the pace of digital transformation. Here are some strategies to put businesses in the best future position as they navigate the impacts of COVID-19.

Automation is the Solution for Maximizing ROI

Posted by Tim Finerty on September 23, 2020

As more and more companies face the pressure to create a higher performing product as efficiently as possible, a number of them are now adopting Industry 4.0 technology to adapt their workflows to the 21st century. And as a result of embracing this evolution, these businesses are reaping the benefits.

Control Design Article: COVID-19 Impacts

Posted by Tim Finerty and Bryan Powrozek on August 19, 2020

Industrial Automation Shareholder Tim Finerty and Manager Bryan Powrozek share some recommendations to put businesses in the best future position as they navigate the impacts of COVID-19.

Robot Nation Podcast: Talking Automation with Tim & Bryan

Posted by Tim Finerty and Bryan Powrozek on August 7, 2020

Shareholder Tim Finerty and Manager Bryan Powrozek talk about the latest innovations and cash flow considerations impacting industrial machine builders on a recent episode of the Robot Nation podcast.

Latest Developments Impacting Small to Mid-Sized Businesses

Posted by Tim Finerty on June 10, 2020

On June 10, Shareholder Tim Finerty and Manager Bryan Powrozek presented to the Control Systems Integration Association (CSIA) as part of the organization’s video series during Covid-19. Learn how they are advising owners of small to mid-size businesses in the Industrial Automation industry.

Economic Aftershocks of COVID-19—and Five Financial Strategies

Posted by Tim Finerty and Bryan Powrozek on June 9, 2020

Beyond basic operational concerns, many process industry users and system integrators are facing related business and financial issues due to COVID-19 and its direct and indirect effects.

Slowdown Predicted for System Integrators

Posted by Tim Finerty on February 6, 2020

The concern about an economic slowdown has permeated the news in the past few months. This has been punctuated by the Federal Reserve Bank’s recent decision to cut interest rates for the third time in 2019.

Using the R&D Tax Credit to Improve Profitability

Posted by Tim Finerty and Bryan Powrozek on June 26, 2019

Most system integrators have heard that the R&D tax credit can have an immediate impact on a company’s cash position as it frees up money...

Mexico’s Payment Receipt Complement: Are You Ready for it?

Posted by Tim Finerty and Carlos Calderon on October 19, 2018

It is essential that the information received by the taxpayers be precise to avoid penalties.

Considering Doing Business in Mexico? Six Things to Know Before You Go

Posted by Tim Finerty and Carlos Calderon on March 13, 2018

There are six key issues to consider before a business expands to Mexico. It is strongly recommended to consult a tax and accounting advisor before doing business in Mexico to avoid penalties, fees and fines.

Maximizing Tax Savings for System Integrators & Automation Companies

Posted by Tim Finerty and Sarah Russell on June 8, 2016

Clayton & McKervey Shareholders Tim Finerty and Sarah Russell hosted a video, "Maximizing Tax Savings for System Integrators & Automation Companies," produced by the Robotic Industries Association (RIA). The presentation discussed recent changes in legislation and the current eligibility requirements for companies interested in benefitting from R&E tax credits.

Independent Contractors in Mexico

Posted by Tim Finerty on December 22, 2015

A common practice for many US companies with activities in Mexico is to pay Mexican residents as independent contractors. US companies do this so …

Private Company Reporting Options – “FRF for SMEs” vs. “Private Company Council GAAP”

Posted by Tim Finerty on August 4, 2015

The private company financial reporting landscape has changed. With new acronyms like “FRF for SMEs” and “PCC,” it can be hard for companies to decide …

5 Things You Need to Know about the AICPA’s Financial Reporting Framework for Small and Medium Sized Entities

Posted by Tim Finerty on September 23, 2014

It’s been a little over a year since the AICPA issued the Financial Reporting Framework for Small and Medium Sized Entities (“FRF for SMEs”) as …

Mexican Tax Reform Could Have Major Impacts for U.S. Manufacturers

Posted by Tim Finerty on January 24, 2014

How will Mexico’s new tax laws impact your company? The Mexican government recently made significant changes to the tax laws that govern the country. The …

Mexico’s Tax Amnesty Program

Posted by Tim Finerty on April 29, 2013

The Mexican tax administration (Servicio de Administración Tributaria, or “SAT”) established a tax amnesty program, effective in 2013, that provides an opportunity for individuals and …

Expanding to Brazil – What You Should Know

Posted by Tim Finerty on January 8, 2013

As small to mid-size enterprises shift gears to accelerate growth, they are taking a closer look at new opportunities in foreign countries. One of those …

Differences between IFRS and GAAP

Posted by Tim Finerty on August 1, 2012

As globalization spreads, there is a growing need for a universal accounting standard. This is where International Financial Reporting Standards (“IFRS”) steps in; founded by …

Q&A: International Financial Reporting Standards for SMEs

Posted by Tim Finerty on June 6, 2012

This interview with Tim Finerty, the Shareholder leading the International Financial Reporting Standards (IFRS) practice at Clayton & …

IC-DISC: Reducing US and Foreign Income Tax Liabilities

Posted by Tim Finerty on August 15, 2011

IC-DISC: Proper planning could reduce US and foreign tax income liabilities. By implementing an IC-DISC strategy, a US subsidiary that is manufacturing or distributing …

Considering Doing Business in Mexico?

Posted by Tim Finerty on March 10, 2011

It is not uncommon for U.S. businesses, large and small, to unintentionally make decisions that impact the business for years to come. In the planning …

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