For businesses investing in innovation, the One Big Beautiful Bill Act (OBBBA) brings long-awaited relief in how research and experimentation (R&E) costs are treated under Section 174 of the tax code. In addition to permanently restoring immediate expensing for domestic R&E costs beginning in tax years after December 31, 2024, the legislation creates a [...]
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA), a sweeping legislative package that blends tax cuts with funding for defense and immigration, while also scaling back certain social programs. For business taxpayers, the biggest news is the law’s powerful incentives for capital investment and innovation, including [...]
On May 18, 2025, the House Budget Committee voted to advance President Trump’s “One Big Beautiful Bill,” a federal budget reconciliation act with sweeping implications for tax policy, border security, defense spending and more. For businesses, commercial building owners, and real estate investors, the most notable elements of the bill lie in its proposed [...]
With the medical use of cannabis products now legal in 37 states and nonmedical (recreational) use legal in 18 states and the District of Columbia, the fast-growing, multibillion-dollar cannabis industry is poised to continue expanding in the coming years. However, since THC, the psychoactive compound in marijuana, remains illegal at the federal level as a [...]
From green building initiatives to creating designs that improve cost efficiency, architects and engineers routinely develop solutions that can enhance quality of life for both their clients and society as a whole. But as they pursue these groundbreaking activities, many architecture and engineering firms overlook the powerful opportunities for tax savings available to them. Specifically, [...]
Created with the goal of fostering innovation and technological advancement in the U.S., the Research and Development (R&D) Tax Credit—also known as the Research and Experimentation (R&E) Credit or the credit for increasing research activities—saves businesses billions of dollars each year. However, the majority of those savings are claimed by large corporations, with many smaller [...]
For countless businesses, the significant disruptions stemming from the COVID-19 pandemic have caused unprecedented financial challenges this year. Therefore, as 2020 comes to an end and businesses start preparing for tax season, it is crucial to seek opportunities to minimize taxes. The right tax strategy can help businesses save money and boost cash flow, thereby [...]
From designing sustainable buildings to developing plans that incorporate more cost-efficient materials or construction methods, architects and engineers often pursue innovative new techniques in their day-to-day work. However, many architecture and engineering firms miss out on the opportunity to significantly reduce their tax burdens with a commonly overlooked incentive: the Research and Development (R&D) Tax [...]
As a CPA, helping your clients achieve their financial goals through strategic application of the tax code is an integral part of your mission. However, with frequent changes to state and federal tax law—as well as numerous tax code provisions that are often overlooked or misunderstood—it can be difficult to cut through the confusion and [...]