Internal Revenue Code 263(a) - Tangible Property Regulations The IRS recently released the final tangible property repair regulations that provide a framework for distinguishing capital expenditures from deductible tangible property costs. These important new regulations will affect virtually all taxpayers that acquire, produce, or improve tangible property. Of Particular interest to commercial property owners are [...]

Taxpayers may now enjoy significant savings for the 2014 tax year.   On December 19, the President approved the Tax Increase Prevention Act of 2014.  The Act retroactively renews several provisions, collectively referred to as tax extenders, that expired on December 31, 2013.  Although the bill is a temporary solution and will not renew the incentives [...]

Designed to foster technological advancement, §41 of the Internal Revenue Code (Research and Development Tax Credits) offers generous tax incentives to taxpayers engaged in qualified research.  Due to the complexity of its requirements, this lucrative credit is often underutilized by small to medium sized businesses. To harness the most dramatic savings under the lucrative R&D Tax Credit, businesses [...]

On July 1, 2014, a powerful tax incentive capable of saving businesses over $8 million per year took effect in California. (Note: The exact maximum savings is $8,375,000. I got this amount by calculating $200 million x 7.5% = $15 million, then calculating $200 million at the reduced rate of 3.3125% = $6,625,000. The difference [...]

Collectively, the U.S. and China account for over one-third of the world’s climate-disrupting gas emissions.  So when the two countries engaged in a mutual commitment to significantly reduce emissions earlier this month, skeptics naturally wondered whether the stated goals are actually attainable.  The U.S., for example, vowed to reduce emissions by 26-28 percent compared to [...]

Update per GovTracks.us: H.R. 5771: Tax Increase Prevention Act of 2014 Introduced:  Dec 1, 2014Status: Approved by President Obama December 19, 2014.On December 1, legislators introduced H.R. 5771, also known as the Tax Increase Prevention Act of 2014. The House passed the Bill Dec. 3 and the Senate Dec. 16.  The President has now signed [...]

Businesses frustrated by regulations and heavy tax burdens often perceive their own interests as at odds with those of the government.   But there is at least one facet of the tax code at which the interests of private businesses and the government converge, saving both billions of dollars per year: the Federal Work Opportunity Tax [...]

“Research and development:” the words tend to evoke images of microscopes, test tubes, and laboratories abuzz with scientists who spend their days unearthing groundbreaking discoveries or inventing world-changing products.  With these images in mind, many businesses wrongly assume that they do not qualify for the Research and Development Tax Credit, a federal tax incentive that [...]

Google We are often asked about whether or not there are tax advantages available to owners of existing buildings who undergo HVAC condenser service treatments that produce cooling systems rated for 10 years of efficiency. The short answer is unfortunately NO, but the long answer is much more pleasant than that. While simple servicing does [...]

Google What is a Carbon Tax? First of all, lets clarify what exactly a “carbon tax” is. Starting with the first word in that politically weighted phrase, carbon is a substance that can be found in all hydrocarbon-based fuels like coal, petroleum, and natural gas. When these fuels are burned for energy, the carbon is [...]