Each year, the Research and Development (R&D) Credit saves businesses billions of dollars in taxes—yet many other businesses forego the opportunity to seize this valuable incentive. Erroneous beliefs about the types of activities that constitute qualified research and other misconceptions about the R&D Credit are some of the most common hurdles standing between eligible taxpayers [...]

Each year, the Work Opportunity Tax Credit (WOTC) saves taxpayers tens of thousands of dollars for undertaking a step that is essential to growing their businesses: hiring new employees. Typically, employers must file the requisite paperwork for claiming WOTC within 28 days of hiring a qualifying worker. However, for 2015 and part of 2016, the [...]

From developing environmentally friendly buildings to navigating complex design requirements, architects and engineers routinely drive growth, innovation, and societal progress through their work. Each year, the Research and Development (R&D) Tax Credit saves businesses hundreds of thousands of dollars for performing such activities—but this powerful opportunity for tax savings is often overlooked by architects and [...]

Regardless of the product they are creating, all manufacturers face the dilemma of how to control costs while maintaining high quality standards. From the costs of labor and raw materials to those associated with keeping machinery in prime condition and operating the typically large buildings in which manufacturing facilities are housed, businesses in the manufacturing [...]

Per the recently issued Notice 2016-40, the IRS has expanded opportunities for employers to claim the Work Opportunity Tax Credit (WOTC).  The earlier Notice 2016-22 permitted businesses to retroactively claim WOTC for workers hired between January 1, 2015 and May 31, 2016.  Notice 2016-40 extends the period for eligible hires until August 31, 2016 and [...]

Update: On February 9, President Trump signed into law the Bipartisan Budget Act of 2018. This new law retroactively renews the §179D deduction for 2017. Therefore, commercial building owners and primary designers may now claim the deduction for qualifying energy-efficient projects completed in 2017. At this time, however, Congress has not taken any action to [...]

From paying the utility bills for large buildings to maintaining multiple systems in sound condition, commercial property owners face staggering expenses.  However, when considering cost-cutting measures, they must ensure that the comfort and satisfaction of tenants, customers, and visitors are not compromised. Fortunately, commercial property owners can tap into their buildings to unleash opportunities that [...]

While large companies enjoy substantially reduced tax burdens each year through the Research and Development (R&D) Tax Credit, many smaller and newly launched businesses routinely miss the opportunity to save. Start-ups in particular have traditionally faced formidable barriers to claiming the credit.  Fortunately, the Protecting Americans from Tax Hikes (PATH) Act of 2015 made the [...]

Business taxpayers had many reasons to celebrate the enactment of the Protecting Americans from Tax Hikes (PATH) Act in December 2015.  In addition to making the Research and Development (R&D) Credit permanent, extending the Work Opportunity Tax Credit (WOTC) through 2019, and renewing the §179D deduction through 2016, the Act made permanent a maximum §179 [...]

On March 7, the IRS issued Notice 2016-22 providing further guidance on some of the changes made to WOTC under the Protecting Americans from Tax Hikes (PATH) Act of 2015.  The Notice also extended the deadline for requesting certification of qualifying new hires as a form of transition relief for businesses. The Work Opportunity Tax [...]