On December 22, 2023, the IRS released Rev. Proc. 2024-09 containing new and revised procedural guidance concerning specified research and experimental (SRE) expenditures under IRC Section 174. We will release a more comprehensive analysis of the procedural guidance in the new year. In the interim, we have included a few key takeaways below. New designated Read More
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Florida Credits and Incentives Major Programs Update – Tax Credits Repealed
Florida Gov. Ron DeSantis signed H.B. 5 on May 31, 2023, to repeal several tax credit programs, including credits against numerous Florida business taxes. The following six programs are repealed effective July 1, 2023: Qualified target industry tax refund program. Quick action closing fund program. New markets tax credit program. Entertainment industry tax credit program.
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Accounting For Investments in Tax Credit Structures Using The Proportional Amortization Method
Summary More equity investors that are involved with projects to receive income tax credits and other income tax benefits might be able to use the proportional amortization method (PAM) to account for their investments. On March 29, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-02 (“the Update”) to expand the Read More
State and Local Income Tax Issues to Consider Before Making Your Next Tax Payment
State and local taxes represent a key and often material part of a business’s total tax liability. Many states are reporting budget surpluses, reducing tax rates and offering new credits and incentives, but states are also looking to expand taxation of the digital and internet economy. With the calendar year 2022 tax reporting and filing season
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Planning to deduct for losses this tax season? Be sure to read the fine print
Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment. With that said, you shouldn’t assume that every business operating loss or capital loss Read More
Claiming an Exemption from Self-Employment Tax as a Limited Partner? Think Twice
Limited partners claiming an exemption from Self-Employment Contributions Act (SECA) taxes may be putting themselves at risk – in certain circumstances. In fact, more recently, it has become even riskier. Why? Because the rules are unclear, and the IRS has prioritized this issue in examinations and successfully challenged exemption claims in court. Unfortunately, neither the
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