More about Patrick Smith
Blog Posts by Patrick Smith:
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IRS Provides Relief for Those Affected by California Weather
In response to the severe flooding that has affected many California residents beginning January 8, 2023, the IRS has announced an extension for tax filings and payments for those affected by the disaster. The disaster area covers the counties of Colusa, El Dorado, Glenn, Humboldt, Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, […]
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R&D Tax Credit: Payroll Tax Offset Doubled!
As you may know the IRS tax law provides for an R&D tax credit for qualifying research activities. While this credit is normally limited to offsetting federal income tax, Congress passed a law that would allow startup companies to make an election to use the credit to offset the employer portion of payroll taxes. This […]
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CLA Global!
CLA (CliftonLarsonAllen LLP), the 8th largest accounting firm in the United States, and Evelyn Partners, the UK’s leading integrated wealth management and professional services group, announced the formation of a new multinational organization — CLA Global Limited (CLA Global) — of which CLA and Evelyn Partners are founding members.
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ICYMI – Webinar Series from 2021
I wanted to share some webinars we did in 2021 around the technology and startup community. These were recorded and can be viewed at anytime. Webinar Series for Technology Companies : 2021 : Events : CLA (CliftonLarsonAllen) (claconnect.com) Technology Webinar Series : 2021 : Events : CLA (CliftonLarsonAllen) (claconnect.com)
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What we learned from 2021 and its impact on 2022
Here are highlights of an article that outlines reflections of 2021 that help shape our goals for 2022! Highlights include – Compliance with COVID-19 relief funds, Impact of Labor Market Disruption (financial and operational), and increased need for Cybersecurity. Get a Leg Up On 2022: What We Learned in 2021 and How You Can Apply […]
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Quick Year-End Tax Planning Ideas
Numerous news outlets have reported that the Biden Administration continues to seek a path forward for its “Build Back Better” economic stimulus and social spending plan, despite not having the support of key Democratic Senator Joe Manchin. In an evenly divided Senate, the Democrats will need the support of every member of their party in […]
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New Schedules K-2 and K-3 Coming for the 2021 Tax Year
Authored by Carey M. Heyman In an effort to replace, supplement and clarify the current foreign reporting structure and to increase taxpayer compliance with the international tax provisions of the Internal Revenue Code, the IRS has introduced Schedules K-2, Distributive Share Items – International, and K-3, Share of Income, Deductions, Credits, etc. – International, for partnerships and […]
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New Direction for Potential Tax Legislation?
Authored by Miryam Wisnicki, Melissa Labant, and Chris Hesse After a week of backdoor negotiations between President Biden and key Democrat holdouts Senators Joe Manchin and Kyrsten Sinema, the White House and progressive Democrats appear prepared to compromise on some significant priorities in order to cobble together a social spending package that can pass Congress. Speaker Pelosi expects […]
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Wiley Veterans Discuss R&D Tax Credit 40 Years Later.
These two R&D Tax Credit veterans discuss the credit – why it came about and where it is today. Want to learn more about the credit – see these articles! R&D Tax Credit Insights: Documenting Your “Process Of Experimentation” Updates to Section 174 Could Change How You Claim R&D Expenses Software Development: Could Onshoring R&D […]
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Tax basics of equity compensation
Start-ups often do not have sufficient cash to pay their employees a market salary. To attract these valuable resources, companies turned to various forms of equity awards to bridge the pay gap. These noncash compensation strategies can be an excellent win-win if structured correctly. Employers are able to attract and retain key employees while also […]