PPP, ERC, and R&D: Tips to Maximize Your Benefits
Posted by Bryan Powrozek and Jake Mouradian on October 19, 2021
Bryan Powrozek
For businesses and individuals adversely impacted by the COVID-19 pandemic, much needed financial relief was provided when the Consolidated Appropriations Act, 2021 (CAA) was passed last December. The CAA also addresses the interplay for businesses that intend to claim the ERC in addition to the Research and Development (R&D) tax credit.
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Insights from Washington: Continued Negotiations and R&D Update
Posted by Sarah Russell on October 18, 2021
Sarah Russell
Negotiations on the budget bill are picking back up as Congress returns from a week-long break. It appears Democrats are uniting around a $2 trillion top-line, but the party remains divided over which pieces of President Biden’s agenda will be included. Progressives in the party want to include the full list while reducing the numbers of years such benefits will be available.
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2021 Year-End Tax Planning Tips
Posted by Sarah Russell on October 15, 2021
Sarah Russell
As 2021 draws to a close, it's important to determine what tax planning strategies make the most sense for you and your business. Here are some key year-end tax planning considerations to keep in mind as we approach year-end.
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2021 Reporting Guidance
Posted by Sarah Russell and Margaret Amsden on October 14, 2021
Sarah Russell
Every year brings a list of information filing requirements necessary to make sure payees have the information needed to file their taxes. To assist with year-end business reporting, here are some items for you to consider.
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Insights from Washington: The Wait Continues and Other News
Posted by Sarah Russell on October 11, 2021
Sarah Russell
As negotiations continue on the budget reconciliation package, it appears more and more likely that progressives in Congress will need to scale back President Biden’s original economic agenda. One way Democrats are considering lowering the cost of the package is to enact income eligibility limitations on some of the programs.
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Insights from Washington: Infrastructure & Budget Reconciliation Waiting Game
Posted by Sarah Russell on October 5, 2021
Sarah Russell
Another week has passed without action in Congress. House Democrats delayed an expected vote on the infrastructure bill as it became evident they didn’t have enough votes to pass the Senate-passed bipartisan legislation without further action on the much larger budget reconciliation (Build Back Better) bill. Learn more in today's edition of Insights from Washington.
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Michigan SALT Tax News Impacts Owners
Posted by Sue Tuson on September 30, 2021
Sue Tuson
In mid-summer 2021 Michigan Governor Gretchen Whitmer vetoed a bill that would have provided a workaround to the current cap on the deduction for state income taxes that business owners face on pass-through income.
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Insights from Washington: Infrastructure & Budget Reconciliation Bill News
Posted by Sarah Russell on September 27, 2021
Sarah Russell
Over the weekend the House Budget Committee advanced a draft version of President Biden’s tax and social spending measure, but it remains to be seen whether the package will be brought to a floor vote in the House of Representatives.
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Insights from Washington: Reconciliation Package Update
Posted by Sarah Russell on September 21, 2021
Sarah Russell
Our Insights from Washington week two summary provides an update on the reconciliation package. The House Ways & Means Committee approved its Build Back Better Act tax increase package September 15 after close to 40 hours of debate and mark-up, during which many amendments were proposed, but none were adopted.
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Insights from Washington: House Democrats Propose Tax Increases
Posted by Sarah Russell on September 14, 2021
Sarah Russell
To keep you informed on the latest tax negotiations from Washington, we will be issuing a weekly blog with the current news. Our first installment covers details of the proposed tax increases drafted by House Democrats and released on September 13. Here are some highlights from the summary.
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International Tax Overhaul Draft Legislation Released
Posted by Sarah Russell on August 30, 2021
Sarah Russell
Senate Democrats recently released draft legislation overhauling portions of the international tax regime which is part of the expected $3.5 trillion tax and spending package. Review the proposed legislation and see the direction Congress is heading in regards to international tax changes.
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House Approves $3.5 Trillion Budget Blueprint
Posted by Sarah Russell on August 25, 2021
Sarah Russell
On Tuesday, August 24, the House passed a measure approving a $3.5 trillion budget blueprint, paving the way to advance President Biden’s economic agenda. Significant hurdles remain before a budget bill is passed. We will continue to keep you informed as negotiations continue and draft legislation becomes available.
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Historic Global Tax Reform on the Horizon
Posted by Sue Tuson on August 10, 2021
Sue Tuson
The G-20 international forum met in July to discuss plans to create a global minimum tax of 15%. The OECD has proposed a two pillar framework designed to address the needs of a global digital economy. Review the key aspects and potential impacts of this proposed tax reform.
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New GST/HST Filing Requirements for E-Commerce in Canada
Posted by Sue Tuson on July 12, 2021
Sue Tuson
If you’re a foreign company selling goods or services online in Canada, review these new GST/HST filing requirements for e-commerce deals, expected to become law with a retroactive date of July 1, 2021.
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Child Tax Credit Update: Advance Payments & Eligibility
Posted by Margaret Amsden on June 23, 2021
Margaret Amsden
The IRS has released an important update to help people manage the Child Tax Credit that was temporarily expanded in the American Rescue Plan Act of 2021. Here’s a quick summary of the new information and additional program enhancements.
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International Impacts of President Biden’s Tax Proposals
Posted by Sue Tuson on June 3, 2021
Sue Tuson
On May 28, 2021, the U.S. Treasury released its Fiscal Year 2022 explanation of the various proposals included in President Biden’s “Made in America” tax plan, known as the Green Book.
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Treasury Green Book Offers Look into Biden’s Tax Proposals
Posted by Sarah Russell on June 3, 2021
Sarah Russell
Right before the Memorial Day weekend, the U.S. Treasury released its Fiscal Year 2022 explanation of the various proposals included in President Biden’s “Made in America” tax plan.
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COVID-19 and the Supply Chain: How to Manage the Impacts
Posted by Sue Tuson on May 25, 2021
Sue Tuson
As multinational companies see imports rising to pre-pandemic levels, they should remain vigilant about supply chain impacts including transfer pricing.
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Federal Opportunity Zones: The Right Investment Opportunity?
Posted by Miroslav Georgiev on May 24, 2021
Miroslav Georgiev
Written into law by the Tax Cuts and Jobs Act of 2017 (TCJA), the Federal Opportunity Zones initiative is a tool aimed at promoting private investment in underserved communities across the country. While many Americans only know it as government-speak, every day more investors are understanding what it really is, a way to defer tax on capital gains.
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President Biden’s Tax Plan – What You Need to Know
Posted by Margaret Amsden on May 12, 2021
Margaret Amsden
The Biden Tax Plan is focused on increasing taxes on businesses and high net worth taxpayers to pay for the ambitious infrastructure and education plans. Review the proposed tax increases and legislation of the American Families Plan Act.
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Multinational Companies to Pay More Under Biden Tax Plan
Posted by Teresa Gordon on May 6, 2021
Teresa Gordon
Review key details of the Made in America Tax Plan and learn how these proposed changes will impact U.S. multinational companies and U.S. subsidiaries of foreign corporations.
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Employers Entitled to Tax Credits for Providing PTO for COVID-19 Vaccines
Posted by Sarah Russell on April 28, 2021
Sarah Russell
The American Rescue Plan Act of 2021 extended the tax credits for employers who provide paid sick and family leave to employees affected by COVID-19. Eligible employers who offer PTO for COVID-19 vaccines can now receive the credit.
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How to Increase Tax Savings with a Roth IRA-Owned IC-DISC
Posted by Casey Haggerty on April 7, 2021
Casey Haggerty
Did you know combining IC-DISC and Roth IRA tax saving strategies can help you save even more tax dollars?
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Cross-Border Related Party Transactions: Impact of COVID-19
Posted by Sue Tuson on March 23, 2021
Sue Tuson
Learn how to protect your business against potential transfer pricing adjustments and penalties due to the global pandemic.
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IRS Extends Individual Tax Filing Deadline to May 17
Posted by Sarah Russell and Margaret Amsden on March 18, 2021
Sarah Russell
On March 17, the IRS announced an extension of the April 15 filing deadline to May 17 for individual taxpayers. Learn about the key extension details and other important considerations.
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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.
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SALT 101 for Foreign-Owned Businesses
Posted by Eric Lin on March 15, 2021
Eric Lin
As more foreign companies expand to the U.S., it is essential for them to have a firm understanding of sales and use taxes: two of the country’s most important taxes.
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The R&D Tax Credit Four-Part Test
Posted by Tim Finerty and Bryan Powrozek on March 11, 2021
Tim Finerty
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.
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How to Claim R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on March 4, 2021
Tim Finerty
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.
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IRS Issues New Guidance on PPP and Employee Retention Credit Eligibility
Posted by Sarah Russell on March 3, 2021
Sarah Russell
The IRS recently issued highly anticipated guidance about PPP and employee retention credit eligibility and qualified wages.
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How to Calculate R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on February 25, 2021
Tim Finerty
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.
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What Expenses Qualify for R&D Tax Credits?
Posted by Tim Finerty and Bryan Powrozek on February 18, 2021
Tim Finerty
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.
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Your Guide to R&D Tax Credits
Posted by Tim Finerty and Bryan Powrozek on February 11, 2021
Tim Finerty
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.
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Stimulus Checks and the Recovery Rebate Credit
Posted by Margaret Amsden on January 28, 2021
Margaret Amsden
To combat the hardship presented by COVID-19, legislation was signed in late 2020 enabling many taxpayers to receive two rounds of “Stimulus Checks,” or “Economic Impact Payments” (EIPs) throughout the year. Learn what this means for taxpayers.
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Do You Qualify for Employee Retention Tax Credit Refunds?
Posted by Jim Biehl on January 27, 2021
Jim Biehl
PPP loan recipients can claim the ERC for eligible wages that were not paid for with PPP forgiven loans. The change is retroactive to March 2020 and means certain businesses should immediately claim refunds. Learn more about the qualification requirements and cash benefits.
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Misconceptions About the Research & Experimentation Tax Credit
Posted by Tim Finerty and Bryan Powrozek on January 15, 2021
Tim Finerty
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.
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State and Local Tax Planning: What You Need to Know
Posted by Miroslav Georgiev on January 12, 2021
Miroslav Georgiev
Every year state and local taxes play a larger role in the corporate tax season. Here are eight state and local tax planning considerations for businesses.
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Employee Retention Tax Credit Updated and Extended by Most Recent Stimulus Package
Posted by Sarah Russell on December 30, 2020
Sarah Russell
The most recent COVID-19 Stimulus Package extended and made some key adjustments to the Employee Retention Credit (ERC) making it likely more business will qualify for the credit.
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Why It’s Important to Classify Employees vs. Independent Contractors
Posted by Margaret Amsden on December 18, 2020
Margaret Amsden
Worker misclassification has been a long-standing issue because of the difficulty in distinguishing employees from independent contractors. Learn about the key differences between employees vs. independent contractors and how to classify each in your business.
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Talking Industrial Automation Podcast: Year-End Tax Tips
Posted by Tim Finerty on December 16, 2020
Tim Finerty
Listen to the Talking Industrial Automation podcast featuring Shareholder Tim Finerty highlighting tax planning tips and ways to maximize cash flow.
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