Tax
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Uncertainty in the new world of section 174 capitalization
Check out our latest update on research expense capitalization under Internal Revenue Code section 174. Topics include the legislative state of play, confusion over the technical application of section 174, and whether companies should extend their 2022 tax returns. https://www.claconnect.com/en/resources/articles/2023/section-174-capitalization-uncertainty-answers-to-top-faqs
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To Extend or Not to Extend – it is not even a question.
Co-Author – Matt Winans – Matt.Winans@claconnect.com We would like to outline the benefits of extending your income tax return(s); regardless of whether it is an individual or business. We would also like to dispel myths about extending. The facts: The benefits: In conclusion, “Extend is your Friend” its normal and does not create additional risk(s).
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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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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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ERC for Recovery Startup Businesses
By: Lakshmi Kesaraju, CPA Your startup may be eligible for a $100,000 tax credit that can be used to offset your payroll taxes. The Employee Retention Tax Credit (ERTC) program is ever-changing since creation of the credit under the Coronavirus Aid, Relief and Economic Security (CARES) Act in April 2020. It has been extended and […]
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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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Proposed Changes to Qualified Small Business Stock
Examining the tax proposals related to Qualified Small Business Stock
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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 […]