The Highlights Why It Matters While this notice doesn’t overhaul the R&D tax credit system, it does provides valuable clarification for companies engaged in research and development. We want to help you fully understand these
On August 29, 2023, the IRS issued Reg-100908-23 to provide details on claiming bonus deductions or credits for energy efficiency (as outlined in the IRA bill) that require proof of prevailing wages and apprenticeship hours.
Article Sections Overview Impacted Programs Prevailing Wage Guidance Apprenticeship Guidance Recordkeeping Requirements Beginning of Construction Guidance Fast Facts Conclusion Resources Overview Introduced in the Inflation Reduction Act (IRA) of 2022, prevailing wage and apprenticeship
A survey by the National Federation of Independent Business (NFIB) found that only 4% of small business owners are “very familiar” with the Employee Retention Tax Credit program. Furthermore, only 32% said they were “somewhat
IRS Update *** The IRS is extending for another year (through January 10, 2024) the transition period during which taxpayers are provided 45 days to perfect a research credit claim for refund prior to IRS’s final determination on the claim. A recent comment by an IRS official indicating that the agency may extend the … Read more
On the night of Wednesday, April 28, President Biden addressed a joint session of Congress and unveiled the second portion of his Build Back Better agenda – the American Families Plan, a $1.6–$2 trillion social
There is tremendous value in construction tax planning. If you’re in the construction industry, do you know how many millions of dollars you can save if you plan ahead to take advantage of powerful tax
Thanks to the Consolidated Appropriations Act, 2021, eligible employers who retained employees during the COVID-19 pandemic can take advantage of the employee retention credit (ERC), a provision of the CARES Act, through June 30, 2021. Eligible employers
Much of the nation’s attention has been focused on the second COVID-19 stimulus bill approved by Congress at the end of the year. However, the relief bill was combined with an omnibus budget bill that
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