Blog - Engineered Tax Services

Washington’s Amazing Budget Trick for R&D Tax Credit Expensing

Some politicians in Washington, D.C. have devised a new budget-balancing trick: proposing that companies wait four years before amortizing their research and development costs over five years. And it has bipartisan support. It’s not exactly three-card monte, but it’s a pretty impressive piece of fiscal sleight-of-hand. Here’s the game in a nutshell: First of all,

Engineered Tax Services January 21, 2022 No Comments

A Humble Pioneering Innovator – 10 Most Inspiring CEOs of 2021

Julio Gonzalez, the Founder, and CEO of Engineered Tax Services, Inc., is a veteran leader, speaker, and advisor in the accounting field with holistic knowledge and exceptional financial insights. Julio, National Tax Reform Expert, founded Engineered Tax Services, Inc. (ETS) to marry the science of engineering with tax and accounting principles. According to the steadfast

Engineered Tax Services January 10, 2022 No Comments

top 50 hispanic business leaders florida

ETS Founder and CEO Julio Gonzalez Named One of Florida’s Top 50 Hispanic Business Leaders!

What an honor! Last week, our founder and CEO, Julio Gonzalez, was named as one of Florida’s top 50 Hispanic business leaders by the Florida State Hispanic Chamber of Commerce! Julio Fuentes, President and CEO of the Chamber, praised those who made the list in a statement last Wednesday: “We are incredibly happy to award

Engineered Tax Services January 6, 2022 No Comments

Don’t Amortize R&D Tax Credits!

It’s serious. Right now the integrity of the R&D tax credit is at risk. Here’s the story: Baked into the Tax Cuts and Jobs Act (TCJA) of 2017 is a revenue-raising provision that allows the federal government to begin amortizing research and development costs beginning in 2022, including software development costs. Rather than being able

Engineered Tax Services December 8, 2021 No Comments

Next Year, You Might Have to Amortize R&D Tax Credits Instead of Expensing Them Immediately

You should know about a potential revision to capitalization rules that could trigger amortization of R&D tax credits, rather than make them available for immediate expensing against tax liability. The End of Immediate Expensing? This change to R&D tax credits may or may not be coming, but there is a chance it will become a

Engineered Tax Services December 3, 2021 No Comments

Filing an Amended Return for R&D Tax Credits? There’s a January 10 Deadline to Comply with Stringent New IRS Reporting Rules

If your filing an amended return for R&D tax credits, time is running out. On October 15, the IRS, via IRS Memo: IR-2021-203, gave taxpayers only a three-month warning (extending to January 10, 2022) that if they intend to file retroactively to capture R&D tax credits on an amended return for prior years, they must

Engineered Tax Services December 3, 2021 No Comments