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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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New York Updates Their Passthrough Entity Tax FAQ’s Ahead of Key Payment Deadline
The New York State Department of Taxation and Finance recently updated their passthrough entity tax (PTET) FAQ’s, which could have an impact on upcoming tax payments due September 15, 2023. For those up-to-speed on the New York State and New York City PTET regime, please skip down two paragraphs to get to the “new stuff.” […]
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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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CLA Talks: The Startup Journey Episode 2 – Rick McGlinchey of PureInsights
Watch and listen to Episode 2 of The Startup Journey with CLA’s Keith Davidson and Rick McGlinchey of PureInsights. The Startup Journey is a video blog series focusing on a look behind the scenes of our startup clients and their experiences.
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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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CLA Talks: The Startup Journey Episode 1 – Nick Clark of Common Desk
Watch and listen to Episode 1 of The Startup Journey with CLA’s Keith Davidson and Nick Clark of Common Desk. The Startup Journey is a new video blog focusing on a look behind the scenes of our startup clients and their experiences.
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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.
