The IRS and the Security Summit have issued a renewed warning to tax professionals about a surge in sophisticated scams designed to steal sensitive business and taxpayer information. These schemes pose a serious threat not
Navigating the complexities of tax credits can be daunting, especially when it comes to the I.R.C. § 41 research credit. This credit, designed to incentivize research and development (R&D) activities, offers significant financial benefits but
Last week, the IRS gave taxpayers an early Christmas present in the form of IR-2023-244, an announcement stating that the agency will be providing substantial penalty relief to millions of taxpayers. This landmark decision, a
In a landmark move, the U.S. is expected to usher in in a new era of tax policy with the Tax Relief for American Families and Workers Act of 2024. While this bill has not
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
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