Congress has reauthorized critical funding for the Paycheck Protection Program (PPP), which was initially funded through the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in March. The first round of PPP funding provided nearly $350 billion to small business owners adversely affected by the COVID-19 pandemic. The CARES Act also funds the
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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
The CARES Act economic stimulus package approved by Congress includes a tremendous opportunity for property owners to take 100% bonus depreciation for qualified improvement property (QIP) retroactively. Specifically, property owners who used cost segregation for faster depreciation can either file a Form 3115, change of accounting method, or amend 2018 and 2019 returns to generate
Written by Kreig Mitchell, Attorney at Law The Covid-19 situation has impacted just about every individual and business in the U.S. The Federal government has implemented a number of stimulus measures. The legislation is several thousand pages long. While there is a lot written on these topics, very few articles actually provide information that can
Many people think of cost segregation as a tax tool that can benefit commercial property owners. However, a cost segregation study can identify opportunities for faster tax depreciation for owners of residential rental properties, including apartments and rental homes, whether newly constructed, purchased or renovated. Far too often, this tax tool is overlooked in the multifamily
This bill will require most Real Estate investors to refile and amend Corporate tax returns. CPAs will quickly have to learn new laws to best help their clients in real estate (this will be a big problem)…..no accountant will have updated software to deal with this….and I’m afraid most real estate investors will simply miss
Today, the Treasury Department and IRS issued clarifying guidance to address industry confusion regarding the intent of Secretary Mnuchin’s press statements yesterday, which outlined new 2019 tax deadline relief in response to the Coronavirus emergency. We would like to take this opportunity to share a link to the new guidance issued by the Treasury Department
Confusion and gray area have surrounded the research and development (R&D) tax credit (technically called Research and Experimentation tax credit IRS Code Section 41) for years. Both CPAs and business owners struggle to understand the complex nature of the credit, and the definition of “qualified research activity.” But a recent win in the U.S. Tax
If you own or invest in multifamily properties such as rental units, you are focused on increasing the property’s value over time. One of the most effective ways to accomplish this is to decrease your tax liability through federally approved tools like cost segregation. While cost segregation is well-known among other commercial property owners, it
The Research and Development (R&D) Tax Credit is a permanent federal tax incentive intended to stimulate innovation, technical design and manufacturing within the U.S. Many taxpayers associate these valuable tax credits with work conducted by a scientist or engineer. However, over the years, the IRS has expanded the incentive to include other industries and services,