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    Tax

    The New Rules Under Section 174

    January 19, 2023

    Internal Revenue Code Section 174 has long been used by taxpayers to deduct certain expenses related to research and experimentation (R&E) in the current year.  The code section was originally enacted in 1954 to eliminate uncertainty in the tax accounting... Read More

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    IRS Customer Service May Improve in 2023

    December 20, 2022

    With 4,000 new customer service representatives and plans to hire 700 new Taxpayer Assistance Center (TAC) employees, taxpayers soon may get relief from endless hold times, no in-person help and unresolved problems. Read More

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    Reduce Taxable Income with IRA Distributions Transfers

    December 12, 2022

    IRA owners who are age 70½ or over can transfer up to $100,000 per year to charity to reduce their taxable income. These transfers, known as qualified charitable distributions or QCDs, offer end-of-the year tax savings and can count toward required minimum distributions (RMDs) that taxpayers who are age 72 must make each year. Think of it as a tax-free charitable rollover of IRA funds. Read More

    UK R&D Tax Reliefs – Where Are We Now?

    December 2, 2022

    In the November 2022 Autumn Statement, the Chancellor announced significant changes to the current Research and Development (R&D) tax reliefs. The key announcements were a change to the applicable rate of the Research and Development Expenditure Credit (RDEC) and a... Read More

    1099s Required for 2022 Tax Year

    December 1, 2022

    Taxpayers earning income from selling goods or providing services may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for the first time in early 2023, when the 2022 forms are due. The requirement to file Forms 1099 have... Read More

    Inflation Reduction Act Highlights

    September 6, 2022

    The Inflation Reduction Act of 2022 (H.R. 5376, the “IR Act”) contains numerous incentives and support for energy transition efforts in the United States. This includes expanding on the predominately-public funding mechanisms for infrastructure projects set forth in the Bipartisan... Read More

    Senate Passes Inflation Reduction Act

    August 24, 2022

    A major tax, climate change and healthcare bill passed the Senate in a rare Sunday session on August 7 on a strict party line. The Inflation Reduction Act of 2022 won approval on a 51-50 vote, with all Democrats voting... Read More

    Manufacturing Tax Credit Signed Into Law

    August 16, 2022

    In a rare bipartisan move, Congress has passed legislation to boost the US semiconductor manufacturing industry; the legislation includes an advanced investment credit for producing semiconductors and the tooling equipment required in their manufacture. The CHIPs and Sciences Act of... Read More

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    Roth IRA Taxpayers Minimize Liability For 401k

    June 13, 2022

    Moving your retirement money around is now easier than ever. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or... Read More

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    IRS Sending Letters To Qualified Opportunity Funds And Investors

    May 26, 2022

    The IRS has announced that it is sending out letters to Qualified Opportunity Funds (QOFs) and their investors requesting more information to certify eligibility. Read More

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