More about Ben Theuninck
Ben is a trusted professional advisor providing tax, accounting, assurance and consulting services to the construction industry. As a tax principal in the Minneapolis, MN office of CLA he helps construction company's and their owners navigate industry challenges and complex tax legislation. He gained experience with 2 regional firms and a sole proprietor for 19 years prior to rejoining CLA in 2016. Ben serves as National Construction Tax Leader for CLA and is a member of the CLA Construction Strategic Leadership Team.
Blog Posts by Ben Theuninck:
-
ERC Moratorium on Processing New Refund Claims
On September 14th, the IRS announced a moratorium on processing new refund claims through the end of the year. The intention is for the IRS to get a better handle on fraudulent claims and to slow the process to identify claims that may be less than reputable. See key insights to this recent notice and […]
-
Not so timely IRS guidance on Section 174 and most notably treatment of research expenditures under Section 460
On Friday, September 8th, one week before many taxpayers extended filings deadline, the IRS issued Notice 2023-63. This notice provides guidance around Sec. 174, and more notably, on the treatment of research expenditures allocable to long-term contracts under Sec. 460. It is expected that the IRS will issue proposed regulations, consistent with the notice, that […]
-
Preserving Your Legacy
Planning and positioning your business for transition and succession is the opportunity to preserve your legacy. Don’t let an involuntary event dictate your plan. Join CLAs Heather Parbst, Adrian Nohr and Darrel Mullenbach on September 21, 2023 from 1-2 p.m. CT, as they explore: Register for this complimentary event at the link below for insights on […]
-
Time to Update Your Development Cost Methods
For owners and contractors engaged in development projects, a key tax planning point is to match costs, and future cost in particular, with early development revenues. The IRS has just revised and restated its “Alternative Cost Method” (ACM) for taxable years beginning after December 31, 2022. This is a method of accounting supplementing cost basis […]
-
Contractors Can’t Ignore The Section 174 Capitalization Rules, Effective For 2022 Returns
The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to Section 174 research expenditures that went into effect for taxable years beginning after December 31, 2021. Contractors, large and small, that engage in research-based activities have relied on full expensing since Section 174’s enactment in 1954. CLAs Michael De Prima goes into […]
-
New Connecticut Highway Use Fee
Starting on January 1, 2023, Connecticut will be imposing a new use fee on certain carriers for the “privilege of operating” certain heavy, multi-unit motor vehicles on any highway in Connecticut. Companies such as transportation or construction companies will be impacted by this as it applies to class 8 through 13 vehicles. Here’s a chat […]
-
CLA Talks: Big Changes to Sections 45L and 179D
The Inflation Reduction Act, which was signed into law by President Biden on August 16, 2022, provides for substantial enhancements and improvements to two existing tax incentives, Sections 45L and 179D. In our latest CLA Talks recording, Courtney DeVane joins CLA’s Property Brothers, Aaron Woiwode and Jared Woiwode, to discuss the changes, which are expected to generate significant benefits to […]
-
Inflation Reduction Act – Section 179D
On August 16, 2022, the Inflation Reduction Act was signed into law by President Biden. The Inflation Reduction Act provides for substantial enhancements and improvements to two existing tax incentives, Section 179D and Section 45L. The changes are expected to yield significant benefits. We covered the Inflation Reduction Act’s modifications to Section 45L last week […]
-
Inflation Reduction Act – Section 45L
On August 16, 2022, the Inflation Reduction Act was signed into law by President Biden. The Inflation Reduction Act provides for substantial enhancements and improvements to two existing tax incentives, Section 45L and Section 179D. The changes are expected to yield significant benefits. We will cover the Inflation Reduction Act’s modifications to Section 45L this […]
-
IRS Reviving K-2 and K-3 for Partnerships (and S Corporations)
Authored by Perry McGowan : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) Pass-through entities use Form K-1 to report allocable taxable items from the entity to its owners. The K-1, which was traditionally one page, ballooned in 2021 into a compliance barrage of a K-2 and K-3 comprising about twenty pages apiece (filing instructions ballooned as well). As […]
