Blog - Engineered Tax Services

Rep. Jackie Walorski Introduces Legislation to Double R&D Tax Credits and Their Benefits

U.S. Rep. Jackie Walorski (R-Ind.), a senior member of the House Ways and Means Committee, showed herself to be possibly the biggest champion of R&D tax credits on Capitol Hill. She’s doubling down on them. Recently she introduced H.R. 8253, the Fostering Innovation and Research to Strengthen Tomorrow (FIRST) Act, which would double the tax credit and

Engineered Tax Services July 28, 2022 No Comments

Possibilities: R&D used to demonstrate ongoing appreciation in a tangible way

As the CFO of a mid-sized mechanical engineering firm just outside of San Antonio, Texas, I’m always on the lookout for ways to boost our bottom line. And while many of those efforts tend to focus on things like driving sales, increasing efficiency or bolstering profitability, I also spend plenty of time seeking out new

Mark Loehrke July 18, 2022 No Comments

Possibilities Story: Sleepless in Salt Lake City

As the owner of an engineering firm in Salt Lake City, Utah, I’ve been concerned about the recent downturn in the economy—like a lot of people. The fact is, like many engineering firms, my company’s profit margins are thin. And because of a set of factors outside my control—namely inflation, the supply chain crunch, and

Engineered Tax Services June 24, 2022 No Comments

A Survey of Changing Bonus Depreciation Rules for Cost Segregation

Thanks to the IRS and changes in federal law, the rules governing bonus depreciation in cost segregation have continued to transform over the years. This article reviews the most significant recent changes and discusses their implications. (Trigger warning for non-CPAs: the discussion is highly technical!) General rules for bonus depreciation The IRS Code Section168(k)(7) election: This is

Engineered Tax Services June 20, 2022 No Comments

R&D Tax Credits for Startups 2022

R&D tax credits can be ideal for startups—particularly those of a technical nature, such as in the fields of computer science or pharmaceuticals. The credits can deliver a financial windfall to qualifying taxpayers, but the unique circumstances of startups entail challenges. As a result, it’s wise to engage a seasoned tax and engineering specialty firm.

Engineered Tax Services May 24, 2022 No Comments

Don’t Use an Automated Online Platform to Submit R&D Tax Credits to the IRS

Does Bill Gates use TurboTax? We don’t think so. While automated online platform tax return submission might be a convenient solution for many people, they are often incapable of capturing the complexity of a given person’s detailed financial picture—especially if there are a lot of moving parts. But an Accounting Today story by editor Dan

Engineered Tax Services May 17, 2022 No Comments