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BREAKING: The IRS Issues New Administrative Authority Governing Cost Segregation Studies

June 20, 2022

For the first time in many years, the Internal Revenue Service issued a revised Cost Segregation Audit Technique Guide to assist its Revenue Agents and Field Agents in determining the soundness of cost segregation studies submitted by taxpayers to substantiate accelerated depreciation deductions taken on filed tax returns.

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The Federal-Level R&D Tax Credit Program remains a top priority on the Hill

July 12, 2022

The Federal-Level R&D Tax Credit Program (the “Program’) was born out of the Economy Recovery Act of 1981 under the President Reagan Administration over 40 years ago. The Program has been credited to helping the US economy not only come out of our then deep recession of the early 1980’s, but also helped foster enormous growth across diverse industry sectors within the US economy for the last four decades!

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Raise the BAR with Veritax Advisors Next-Level TPR Compliance Services

July 26, 2022

Tangible Property Regulations compliance services are best rendered by an engagement team made up of skilled tax professionals to interpret the latest tax laws and engineers to truly comprehend the building envelope including all its components and systems.

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The IRS Issues New Administrative Authority Governing the I.R.C. § 179D deduction for Building Envelope Efficiency

August 9, 2022

On May 26th of 2022, the Internal Revenue Service’s (the “Service” or the “Service’s”) Large Business and International Practice Unit (“LB&I”) released new administrative authority governing the I.R.C. § 179D deduction for building energy efficiency.

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The Inflation Reduction Act of 2022 becomes Law with Sweeping Changes affecting Specialty Tax Incentives

August 23, 2022

On August 16th, the Inflation Reduction Act of 2022 (the “Act”) was signed into law by President Biden. This sweeping Act contains over 300 pages, yet still represents a scaled-back version of President Biden’s former Build Back Better Act from 2021 which was never passed into law. The 2022 Act passed the House by a […]

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Cost Segregation for the Cannabis Industry: Keep More of Your Money in Your Pocket

September 6, 2022

Cannabis conjures up an array of emotions in many people. It has become a very hot topic in the recent past, drawing passion from both sides. With many states legalizing cannabis for both medicinal and recreational use – it is shocking that it’s still not legal at the federal level. With all of the controversy […]

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Discussing Cost Segregation with your CPA

September 27, 2022

Cost segregation is a powerful tax strategy used by commercial and residential rental property owners to help free up cash flow and mitigate tax liability. It involves a detailed study of your building assets to identify which parts of your property qualify for accelerated depreciation expense. By this point you are probably thinking to yourself […]

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Federal Tax Alert: The IRS Updates Transition Period for the R&D Tax Credit

October 4, 2022

On Friday, September 30th, the IRS announced that the transition period during which taxpayers are provided 45 days to cure a R&D tax credit claim for refund under Sec. 41 of the Code prior to the IRS’s final determination on the claim has been extended through January 10th of 2024. Taxpayers are still required to […]

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The CHIPS Act Ushers in Next-Level Manufacturing Tax Credits

October 11, 2022

On August 9th, President Biden signed into law the CHIPS Act of 2022 offering billions of dollars in grants and a generous income tax credit to jump-start semiconductor manufacturing within the United States. The CHIPS Act passed with strong bi-partisan support as a vehicle to bolster semiconductor manufacturing activities within the United States. The CHIPS […]

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Use the R&D Credit to Offset Payroll Taxes – Even if you Aren’t Yet Profitable

October 25, 2022

The R&D credit program was permanently extended as part of the Protecting Americans from Tax Hikes Act of 2015. It contains many significant enhancements starting in 2016, including offsets to the alternative minimum tax and payroll tax for eligible businesses. The R&D credit program is still based on credit-eligible R&D expenses, but payroll tax offsets […]

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R&D Tax Credits for the Food Sciences and Bio-Flavoring Industry

November 22, 2022

The food sciences and bio-flavoring industry continues to invest on a large scale every year to develop healthier food choices that contain: No Trans Fat; No MSG; Reduced Sugar; Reduced Sodium; Gluten Free; No Artificial Flavors; No Artificial Preservative; and No GMOs. These scientific advancements within the food sciences industry are significant for these new […]

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