On Friday, May 12, the Department of Treasury and the Internal Revenue Service issued Notice 2023-38 to outline their intended guidelines on the Domestic Content bonus credits under the Inflation Reduction Act (IRA) for taxable years after May 12, 2023.... Read More
When Congress enacted the Trump Administration’s Tax Cuts and Jobs Act in 2017, the $10,000 limit on the state and local tax (SALT) deduction was perceived to negatively affect “blue” states, where state taxes are higher. In early 2022, New... Read More
The UK’s Research & Development (R&D) regime has been in the news since the start of 2022. The Government has been concerned about both the quantum and quality of claims and has been at pains to reduce the perceived levels... Read More
One current area of concern for the House Ways and Means Oversight Subcommittee is the “Supercharged IRS,” the 87,000 new IRS agents funded by the Inflation Reduction Act. The Republican-led Committee’s plans include monitoring increased IRS enforcement efforts and providing... Read More
The US corporate minimum tax, enacted as part of the Inflation Reduction Act in 2022, took effect this year and imposes a 15% minimum tax on the adjusted financial statement income of large corporations, with average annual financial statement income over $1 billion. The President has proposed further changes to bring the US more in line with 15 actions the Organization for Economic Cooperation and Development (OECD) has identified in its global initiative to limit international tax avoidance. Read More
A recent decision by the Supreme Court has greatly reduced the penalty exposure for U.S. taxpayers holding foreign bank accounts. Read More
On March 16, a bipartisan bill was introduced to Congress to roll back the provision of the Tax Cuts and Jobs Act (TCJA) that requires capitalization and amortization of Research & Experimentation (R&E) expenses under IRC Section 174. The bill,... Read More
We at Frazier & Deeter and Confluence Tax welcome the recent announcement by the Chancellor of the Exchequer that a new rate of Research & Development (R&D) Tax Credit will be introduced for R&D intensive SMEs (small and medium-sized enterprises)... Read More
At Frazier & Deeter, we understand that the recent banking crisis sparked by the Federal Deposit Insurance Corporation’s (FDIC) shutdown of Silicon Valley Bank (SVB) has created uncertainty amongst our clients and the technology community at large. Our team... Read More
The IRS and Labor Department have renewed a 2011 Memorandum of Understanding to cooperate on enforcement of worker classification rules, with cross-referrals, investigations and imposition of penalties on noncompliant businesses. The new Memorandum is significant because it signals that the... Read More
