Unprecedented. Uncertain. Disruptive. After a year of pandemic shutdowns and subsequent economic turmoil, these words have been used repeatedly to describe a tumultuous 2020. They can also be used to describe the 2020 election—the results of which are still being contested, with two Senate races headed for a January runoff. The result has been the
If your company’s revenues have been reduced by the COVID-19 pandemic, you may be able to increase cash flow by claiming several federal and state tax credits and incentives. R&D Tax Credit The U.S. government and two-thirds of U.S. states offer research and development (R&D) tax credits. Many companies mistakenly believe that these credits are
Taxpayers have become more aware of the benefits offered through federal research and development (R&D) tax credits. The tax incentive is now meant to stimulate innovation and design in industries throughout the U.S. As you can see by watching this video, Engineered Tax Services wants to ensure that business owners and CPA firms with clients
If you are an entrepreneur with a new business that is developing products to bring to market, the federal Research and Development (R&D) tax credit can benefit you. Historically, the R&D tax credit was meant to offset federal income tax liability. This restriction meant that start-ups could not benefit from R&D tax credits until they
At ETS, we are working hard to make a difference in the preservation and advancement of the Research and Development Tax Credit. The R&D Tax Credit is currently set to go to an amortization schedule starting in 2022. This week our team at ETS lead by Executive Vice, Heidi Henderson will be meeting with several
Did you know that you could have more money in your pocket right now? That’s right. Because when it comes to taxes, tax credits and deductions have a huge impact under the Tax Cuts and Jobs Act (TCJA). They can reduce or offset the taxes that you owe. 5 DEDUCTIONS AND CREDITS TO REDUCE YOUR
THE FUTURE OF 179D AND 45L ENERGY TAX INCENTIVES Regarding requests for updates on the status of 179D and 45L extensions, unfortunately the answer is still nothing yet! But here is what we do know: The History The 179D Energy Policy Act was enacted in late 2005 and has expired and been revived numerous times
A cost segregation engineering review of building components and site improvements was performed on residential buildings, approx. 140,201 sq. ft., in Washington. The resulting benefit included a combined 39.37% reclassification of 27.5-year depreciation class life assets into 5 and 15-year class lives resulting in an accelerated benefit of $4,640,036 in reclassified assets. Upon further inspection,