Each year, many small businesses leave dollars on the table by neglecting to claim tax incentives for which they are eligible. Architecture firms are not immune to this oversight. In fact, the tax code provides a few incentives for which the activities of architecture and engineering firms are uniquely suited. Understanding the requirements imposed by [...]
Running a hotel is a costly operation. From hiring and managing staff members to maintaining the building to the standard that guests expect, hoteliers must seize any savings opportunities that arise. While the federal tax code does not provide very many incentives for businesses in the hospitality industry, those incentives that are available may be [...]
Each year, large corporations reap tremendous savings by claiming the federal Research and Experimentation (R&E) Tax Credit. Unfortunately, many smaller businesses associate the terms “research and experimentation” with high-tech or scientific pursuits and therefore assume that their activities would not qualify for the credit. In reality, the benefits of the R&E Credit extend far beyond [...]
With nearly 10,000 different sales tax jurisdictions in the US, it is no surprise that overpayment of sales taxes is a common (and costly) error for businesses. The opportunities presented by the internet generate additional confusion for online sellers as they grapple with the question of whether they owe sales taxes for goods delivered to [...]
Don’t miss the chance to capitalize on promising news from the Senate this week! In a decisive 23-3 vote on July 21, the Senate Finance Committee approved a two-year extension of numerous tax provisions. The group of over 50 credits and deductions, collectively known as tax extenders, expired on December 31, 2014 and would be [...]
A recently issued IRS revenue procedure has resulted in uncertainty for some taxpayers seeking to change methods of accounting, according to the AICPA. In a letter dated June 8, the organization made recommendations to the IRS regarding accounting method changes for erroneously characterized research and experimentation (R&E) expenditures. Taxpayers sometimes wrongly attribute an expense to [...]
As a pillar of the U.S. economy, the manufacturing industry is an important driver of economic growth, innovation, and the creation of high-paying jobs. In recognition of the vital role that manufacturing companies play, legislators have created a number of tax incentives over the years designed to spur growth in the industry. Unfortunately, these incentives [...]
It saves businesses billions of dollars annually, yet less than ten percent of those savings are seized by small companies. The Research and Experimentation (R&E) Tax Credit, also known as the Research and Development (R&D) Credit, the credit for increasing research activities, or simply the research tax credit, is riddled with misconceptions that cause many [...]
Energy efficiency is among the rare political issues that occasionally draw bipartisan support, providing an opportunity for members of both parties to find common ground in initiatives that benefit the environment while lowering utility costs. One such initiative became law on April 30 when President Obama signed the Energy Efficiency Improvement Act of 2015. Coauthored [...]
Accounting for nearly 40 percent of energy consumed in the U.S., commercial buildings are prime candidates for environmentally friendly improvements. While newly constructed buildings tend to be more energy efficient, older buildings represent the greatest opportunity to reduce energy consumption. According to the U.S. Energy Information Agency, 72 percent of commercial buildings are more than [...]