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Archive for Peter J. Scalise

The Service Issues New Administrative Authority Governing R&D Tax Credit Claim Filers

On Thursday, March 30th, the Department of the Treasury (hereinafter the “Treasury Department”) and Internal Revenue Service (hereinafter the “Service”) issued interim administrative guidance in the form of IRS Notice 2017-23 clarifying how eligible start-up companies (i.e., those companies with less than $ 5 million in gross receipts and earning revenue for less than 5 years) can take advantage of a new option enabling them to apply part or all of their R&D Tax Credit against their federal-level payroll tax liability, instead of their income tax liability. As a reminder prior to January 1st of 2016, taxpayers could only take the R&D Tax Credit against their income tax liability.

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Tax Research Methodology

Peter Scalise

A Practical Guide to Perfecting Your Tax Research Techniques and Achieving Sustainable Tax Return Filing Positions

In order to optimize your CPA Firm’s overall efficiency, effectiveness, and productivity in connection to researching and resolving a tax issue and determining the sustainability of a tax return filing position per Circular 230, the appropriate tax research processes must be meticulously designed, implemented, and executed. The subsequent five practical steps will guide you in establishing an all-inclusive tax research effort on behalf of your entire client base while properly ascertaining the likelihood of success should a tax position taken on a tax return be challenged by the Internal Revenue Service (hereinafter the “Service”) upon examination.

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AICPA Requests Administrative Guidance By Dept Of Treasury

Peter Scalise

The American Institute of Certified Public Accountants (hereinafter “AICPA”) has requested the Department of the Treasury and the Internal Revenue Service (hereinafter the “Service”) to issue some form of immediate administrative authority governing the enhanced R&D Tax Credit Program (hereinafter “RTCP”) in connection to qualifying Small Businesses and qualifying Start-Up Companies to accurately calculate the R&D Tax Credit from a quantitative perspective effective for tax years beginning on or after January 1, 2016.

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The Service Issues New Administrative Authority Governing TPR Compliance

Pete Scalise

The Internal Revenue Service (hereinafter the “Service”) recently issued IRS Notice 2017-6 in connection to Tangible Property Regulations Compliance (hereinafter “TPR Compliance” or “Regulations”) that extended a specific eligibility provision for taxpayers making an automatic change of accounting method providing an opportunity to continue to take advantage of the Regulations on their 2016 tax returns.

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AICPA Real Estate & Construction Conference – Construction Tax Planning Panel Discussion

Peter Scalise

2017 AICPA Real Estate & Construction Conference

Save The Date: December 7th – December 9th, Las Vegas, NV

Join Peter J. Scalise, the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, at the upcoming AICPA Real Estate & Construction Conference at the Wynn in Las Vegas, NV on Wednesday, December 7th between 4:00PM and 6:00PM for the Construction Tax Planning Panel Discussion.

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A Practical Guide To The Enhanced R&D Tax Credit Program For Eligible Small Businesses And Eligible Start-Ups

Peter Scalise

The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when research and development jobs were significantly declining throughout the United States. Notably, the RTCP was introduced into the Code to encourage businesses to invest in significant research and development efforts with the high expectations that such an advantageous tax incentive program would facilitate in stimulating economic growth and investment throughout the United States and prevent further jobs from being outsourced to other countries.

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Lights, Camera, Action And Tax Cut! A Spotlight On The Expansion Of The NYS Film Tax Credit Program

On November 4th of 2016, New York State Governor Andrew Cuomo signed Chapter 420 of the Laws of 2016 which expanded the New York State Film Tax Credit Program (hereinafter the “NYSFTCP”) for qualified production companies that produce feature films; television series; relocated television series; television pilots; television movies; and/or incur post-production costs associated with the original creation of these aforementioned film productions.

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The Service Issues Final Treasury Regulations Governing R&D Tax Credit Claims

Introduction
On October 3rd of 2016, the Internal Revenue Service (hereinafter “the Service”) issued Final Treasury Regulations setting forth guidance on research and development efforts in connection to Internal Use Software (hereinafter “IUS”) for purposes of claiming the Research & Development Tax Credit (hereinafter “RTC”) under I.R.C. § 41.

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The Service Issues New Administrative Authority Governing TPR Compliance

The Internal Revenue Service (hereinafter “IRS”; or “the Service”) recently issued on September 14th of 2016 an Audit Techniques Guide (hereinafter “ATG”) governing Tangible Property Regulation Compliance (hereinafter “TPR Compliance”).

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The Enhanced R&D Tax Credit Program Provides A True Path To Meaningful Tax Savings For both Small Businesses And Start-Up Companies

Peter Scalise

The Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) significantly enhanced the Federal-Level R&D Tax Credit Program (hereinafter “RTC Program”) under I.R.C. § 41 on a myriad of levels for both eligible “Small Businesses” and “Start-Up Companies”. More specifically, the enhanced RTC Program has been considerably restructured for these aforementioned eligible companies to now:

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Construction Tax Planning: A Proactive Approach To Accelerated Depreciation Planning

Peter Scalise

A properly designed and implemented Construction Tax Planning engagement will proactively identify additional tax savings related to new and/or planned construction projects. It should be duly noted that a Construction Tax Planning engagement should not be confused with a Cost Segregation engagement as there are several noteworthy differences between a Cost Segregation Engagement and a Construction Tax Planning Engagement.

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The Enhanced R&D Tax Credit Program Provides A True Path To Significant Tax Savings For Small Businesses

Peter Scalise

The Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) significantly enhanced the Federal-Level R&D Tax Credit Program (hereinafter “RTC Program”) under I.R.C. § 41 on a myriad of levels for both eligible “Small Businesses” and eligible “Start-Up Companies”. More specifically, the enhanced RTC Program has been considerably restructured for these aforementioned eligible companies to now:

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