Business Operations
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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 […]
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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 […]
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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 […]
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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 […]
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Occupational Fraud in Construction
By: Luke Stahelski, MSA, CFE, PI, Manager, SAS Valuation, Forensics, Litigation, Investigations (“VFLI”), Construction Industry While it is important to safeguard your business from malware attacks and phishing attempts from external parties, it is also important not to overlook the potential for occupational fraud. Occupational fraud is fraud that is committed by individuals against organizations that […]
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CLA Webinar – Managing Sales Tax Compliance
Please join us for the Managing Sales Tax Compliance webinar on Wednesday, May 25th. CLAs Rance Morton : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) and Zach Tyson : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) will discuss managing today’s filing requirements for sales and use tax (SUT), which comes with it’s own set of challenges. Including personnel shortages […]
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Digital: Technology, Data and Analytics – Move up the Continuum
Authored by: Ryan Merryman : Professionals : CLA (CliftonLarsonAllen) (claconnect.com)On the digital continuum some contractors are just getting started, some leverage sophisticated solutions across all aspects of their business and many sit somewhere in between. No matter your position today, even adopting small technological changes is a worthwhile step in the right direction, as the […]
