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Archive for Tax Credit

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The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when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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Alert Your Clients To Possible Refund Delays In 2017

Ron Marini

Tax professionals should alert their clients that a new law requires the IRS to hold refunds until mid-February 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit.

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

peterscalisenov29

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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Important California State Tax Credits And Incentives Updates

Monika Miles

Are you trying to pursue California’s state tax credits and incentives? If so, there are three recent updates you may want to know about: State Tax Credit and Online Reporting Requirements, Film & Television State Tax Credit Application Dates, and Film & TV Credit Expenditures and Payroll.

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General Tax Benefits Of Charitably Giving

John Dundon

Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures:

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Focus On Wyoming

Monika Miles

Vast plains and the Rocky Mountains paint the landscape of Wyoming, the Cowboy State. Its famed Yellowstone National Park, a nearly 3,500 square mile wilderness area, is home to hundreds of animal species (i.e., bears, wolves, bison, elk and antelope), dramatic canyons, alpine rivers, lush forests, hot springs and gushing geysers, its most famous geyser being Old Faithful. Yellowstone was the nation’s first national park and the first national monument was Devil’s Tower. Known for its backcountry skiing areas, forested trails and Snake River is Grand Teton National Park.

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Revisiting the California Competes Tax Credit Program

Monika Miles

Do you operate a business in California? Have you taken advantage of the state’s tax credits offered through the California Competes program? The truth is, this program is showing itself to be very difficult for companies to actually receive benefits from.

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Tax Credits For Education Expenses—Part II: The Lifetime Learning Credit (LTC)

Harold Goedde

This article explains the nature of the Lifetime Learning Credit (LTC), eligibility, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules. (Click here to read the first article.)

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Tax Credits For Education Expenses—Part I: The American Opportunity Credit (AOC)

Harold Goedde

This article explains the nature of and eligibility rules, who can claim the credit, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules.

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Solar Tax Credits – Before You Take The Leap Know Your Options And What Is Legally Deductible

Peter W. Flournoy

When you see those TV ads for home solar power, you may get the impression that Uncle Sam is going to pick up 30% of your cost and you only have to come up with the other 70%. That is not necessarily the whole picture. True, the federal government has a 30% tax credit for the cost of a qualified solar installation (some states also have solar credits or other incentives). However, the federal credit is non-refundable and can only be used to offset your current tax liability, and any excess carries over to future years as long as the credit still applies in future years. Currently, the credit is allowed through 2021. What this means: You may not get all the credit in the first year as you might have been led to believe or assumed based upon the TV ads.

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New Tax Credits For Architecture And Engineering Firms

Gian Pazzia

Architecture and engineering firms may want to take another look at the oft-forgotten Research & Development (R&D) Tax Credit. Many may be eligible for federal and state research credits without realizing it. Historically, the R&D Tax Credit was geared to only benefit large companies, mostly in the manufacturing, software, high-tech, and pharmaceutical industries. However, recent changes now allow designers of buildings and systems to also claim this credit.

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