Uncategorized
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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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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 […]
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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 […]
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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 […]
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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 […]
