Posts by Charles Webb
R&D Expenses Under the Build Back Better Act
At a glance The main takeaway: Venture Capitalists, private equity firms and companies who heavily invest in R&D may face increased compliance from the proposed Build Bact Better Act. Impact on you and your business: For now, U.S. taxpayers might receive a five-year reprieve on the new R&D amortization requirement, but changes are expected on future tax…
Read MoreWill You Be Able to Deduct R&D Expenses in the Future?
At a glance The main takeaway: The tax legislation passed in 2017 removed the immediate expensing of R&D costs beginning January 1, 2022. What this means for you: With the end of 2021 fast approaching, businesses that incur foreign and domestic R&D costs need to understand how this change may affect their tax situation if…
Read MorePayroll Tax Deferral Does Not Disqualify Taxpayers From Applying For or Utilizing a PPP Loan
While the Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided expansive aid to taxpayers and employers across the country, it has generated an equal amount of uncertainty as to how all of the new programs interact. Over the past several weeks, the continuous release of new guidance from the IRS has seemed to…
Read MoreIRS Extends More Tax Deadlines and Issues NOL Carryback Regulations
To provide added relief to taxpayers, the Department of Treasury and IRS announced yesterday, April 9, 2020, the extension of additional tax filing and payments dates for individuals and businesses to July 15, 2020, as well as provided updates on relief for taxpayers with net operating losses (NOLs) and those taxpayers that file international information…
Read MoreA Tax Free Way to Help Your Employees Amid COVID-19
By: Charles Webb and Craig Fisher In response to the terrorist attacks on Sept. 11, 2001, Congress enacted IRC Section 139 to directly aid workers across the country whose lives and families were impacted by the national disaster. The legislation provides preferential tax treatment for “qualified disaster relief payments” by clarifying that relief payments paid…
Read MoreCoronavirus Alert: Emergency Relief for Employers and Families
The Families First Coronavirus Response Act (H.R. 6201), enacted on Wednesday, March 18, 2020, provides a comprehensive financial aid package as the coronavirus outbreak worsens in the United States. The legislation impacts businesses and families across the country and includes extensive relief for businesses with fewer than 500 employees. If passed, the legislation will guarantee the following: Free coronavirus testing Paid sick, family…
Read MoreSome Technology Companies See Benefit in 20% Tax Reform Pass-Through Deduction
The owners of certain technology and software companies will soon see the benefits of the new 20% income deduction provision of tax reform. Section 199A of the Tax Cuts and Jobs Act is meant to give pass-through entities such as limited liability companies, S corporations, sole proprietorships, partnerships and trusts a reduction in effective tax…
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