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Improving Retirement Readiness at Any Age
Are you concerned about your retirement readiness and unsure where to start? Join our complimentary webinar as we explore the framework help improve your retirement readiness. Learn about the importance of intentionally adopting a savings mindset, starting with your very first job or income stream at any age. Discover the target savings range by age […]
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Deadline for Qualified Opportunity Zone Reinvestment Fast Approaching
The Qualified Opportunity Zone (QOZ) program offers investors the ability to reinvest eligible gains from the sale of essentially any asset within 180 days of the recognition date. For investors who realize gains through a Schedule K-1, the QOZ investing timeline can be extended to begin on the federal tax return due date of the […]
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Recent Ransomware Surge:
In an era defined by digital connectivity, the increase of ransomware attacks has cast a glaring spotlight on the relentless and ever-evolving nature of cyber threats. As these attacks continue to target entities across industries, comprehending the underlying reasons for their surge is paramount as is their potential to disrupt operations and extract ransoms underscores […]
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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 Issues §174 Capitalization Guidance
On December 12, the IRS issued Revenue Procedure 2023-8 setting forth guidance for taxpayers making accounting method changes under the new §174 capitalization rules that went into effect on January 1, 2022. The guidance comes at a time when taxpayers and practitioners are still hopeful that the capitalization requirement will be deferred or eliminated by […]
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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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Section 280G and Parachute Payments: The Distraction In Your M&A Deal
Tech companies and their executives are often subject to IRC Section 280G when undergoing a change in control. Check out our recent article providing a basic framework for understanding how Section 280G applies in a transaction and how it can be addressed: Section 280G and Parachute Payments: The Distraction In Your M&A Deal : 2022 […]
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While we wait for a Section 174 fix, software companies may feel the largest impacts
Taxpayers and practitioners had hoped that a “fix” under Section 174 would have been addressed by Congress already. With the first quarter of 2022 behind us, however, we still have no legislation in place that would defer or eliminate the amortization requirement that went into effect for tax years beginning after December 31, 2021. This […]