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April 29, 2020

On April 10th, 2020, the Internal Revenue Service posted Rev. Proc. 2020-22 to its website. This new revenue procedure provides guidance allowing taxpayers to make or revoke certain elections under Code section 163(j) and also provides guidance on the implementation of...

April 29, 2020

For decades, companies have been trying to design software that could accurately and completely capture a company’s R&D tax credits. The main reason that companies have been unsuccessful over the years is because the R&D tax credit
rules are interpretive and guided...

April 20, 2020

On Friday, April 17th, 2020, the Internal Revenue Service posted Rev. Proc. 2020-25 to its website. This new revenue procedure provides guidance on how taxpayers can fix the “retail glitch” that was retroactively corrected by H.R. 748, the Coronavirus Aid, Relief, and...

April 20, 2020

We are currently in unprecedented times, with regular routines and business and social norms being disrupted in attempts to minimize the impact of COVID-19. The disruption is not only limited to individuals or even businesses but also is affecting governmental agencies...

April 10, 2020

On Friday, March 28th, 2020, the President signed into law H.R. 748, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, Public Law No. 116-136. Among many provisions, the CARES Act finally fixed the “retail glitch”, which prevented commercial building ow...

April 1, 2020

The CARES Act stimulus package creates favorable opportunities to generate or enhance losses for your clients with significant depreciable property. Some highlights include:
 

  • NOLs generated in 2018-2020 can be carried back five years.
     

  • Losses carried back w...

January 22, 2020

The US Tax Court once again confirms a positive environment for companies looking to claim R&D Tax Credits.  The latest court case reinforced the current law surrounding the definition of funded research.  Click here for our summary of the case Populous Holdings,...

December 22, 2019

On December 20, 2019, a new spending bill with tax extenders was signed into law. The tax provisions include a retroactive extension of both the 179D Energy-Efficient Commercial Buildings Deduction and the 45L Energy-Efficient Home Credit. Both of these provisions had...

November 13, 2019

Over the past week there were several developments in the area of tax depreciation. These changes range from inflation-adjusted limits to new IRS audit guidance to the latest information on depreciation-related tax accounting method changes. Click here for our analysis...

November 5, 2019

Following passage of the Tax Cuts and Jobs Act (TCJA), tax professionals have questioned whether the identification of tangible personal property, in cost segregation studies, now negatively affects like kind exchanges. Under 13303 of the TCJA, 1031 now restricts like...

September 16, 2019

On Friday, September 13, the IRS released advance copies of final 100 percent bonus depreciation regulations and new, proposed 100 percent bonus depreciation regulations. Treasury Decision 9874 contains the final regulations for many TCJA 100 percent bonus depreciation...