Tag Archive for Tax Incentives

California Competes Tax Credit – An Update

California Competes Tax Credit – An Update

Statutory tax credits are helpful to businesses looking to expand their operations within a state. As is often headlined in mainstream media, states compete with one another to entice companies to build plants, new headquarters operations, etc. within their state. And companies (particularly large ones) are happy to be courted for these often lucrative incentives which can include income tax credits, sales tax rebates, alternative financing, property tax incentives and infrastructure improvements – to name a few.

But over the years, state tax incentive programs have been criticized by many as “corporate giveaways” because companies often receive the tax breaks but don’t live up to the agreed upon investment (generally headcount). When companies fail to meet their milestones, it is often difficult for states to claw that money back and states are left to decide how to deal with the shortfall.

California’s Credit

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Written by | Posted in California Competes Tax Credit

Understanding The Most Underutilized R&D Tax Incentive (Webinar Today, Thursday, June 28, 2018)

WHEN: Thursday, June 28, 2018 from 12:00 – 12:15 PM CT

Is your company taking full advantage of the R&D Tax Credit?

According to the Wall Street Journal, only 5% of companies eligible for the R&D Tax Credit actually take advantage of this incentive.

alliantgroup’s mission since 2002 has been one of education and awareness, and after over 15 years of experience specializing in the R&D Tax Credit, we have received a number of frequently asked questions throughout the years.

This webinar will answer the most pressing questions that you have, such as:

  • My company doesn’t invent anything, can I still qualify?
  • Why does the government offer the R&D credit?
  • Does my company need to be in a specific industry?
  • This sounds too good to be true…is it?

Whether your company has never heard of the credit, is interested but don’t think you qualify, or claim it every year you don’t want to miss this presentation that will give you a better understanding on how the credit works and how to receive the full benefit that your company deserves.

Join our presenter and tax expert, alliantgroup Managing Director, Reed Showalter, CPA as he breaks down these common questions for a better understanding of the benefits this incentive could, and should, be providing for you, your company or your clients.

REGISTER HERE FOR TRAINING SESSION

With Our Compliments!

 

 

Written by | Posted in Tax Incentives • TaxConnections

Smart CEOs, CFOs, VPs Tax Reducing Tax Liability With R&D Tax Credits Encouraged By The IRS And States

IRS, R&D Tax Credits, TaxConnections

One of the biggest reasons to file for R&D Tax Credits is to reduce your tax liability. The IRS and the States encourage research and development and this is why you want to take the opportunity to use them. There are extraordinary opportunities for corporate CEOs, CFOs and Senior Management Executives who file claims for R&D Tax Credits.

One R&D Tax Credit opportunity is unclaimed credit from prior years’ tax filings. Another benefit is if you are unable to use the tax credit this year you can carry it back one year or carry it forward twenty years. The R&D Tax Credit should be part of your company’s tax planning and tax savings initiatives. Here is what the IRS says about R&D Tax Credits.

Research And Development – Manufacturing Tax Tips

The expenditures of research and development (“R&D”) are generally capital expenses. However, you can choose to deduct these expenditures as current business expenses.

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Written by | Posted in TaxConnections

Understanding The Most Underutilized Tax Incentive (Thursday, June 28th 2018)

Is your company taking full advantage of the R&D Tax Credit?

According to the Wall Street Journal, only 5% of companies eligible for the R&D Tax Credit actually take advantage of this incentive.

alliantgroup’s mission since 2002 has been one of education and awareness, and after over 15 years of experience specializing in the R&D Tax Credit, we have received a number of frequently asked questions throughout the years.

This webinar will answer the most pressing questions that you have, such as:

  • My company doesn’t invent anything, can I still qualify?
  • Why does the government offer the R&D credit?
  • Does my company need to be in a specific industry?
  • This sounds too good to be true…is it?
  • Why should I partner with alliantgroup?

Whether your company has never heard of the credit, is interested but don’t think you qualify, or claim it every year you don’t want to miss this presentation that will give you a better understanding on how the credit works and how to receive the full benefit that your company deserves.

Join our presenter and tax expert, alliantgroup Managing Director, Reed Showalter, CPA as he breaks down these common questions for a better understanding of the benefits this incentive could, and should, be providing for you, your company or your clients.

REGISTER FOR COMPLIMENTARY WEBINAR THURSDAY 6.28.2018

 

 

Written by | Posted in Tax Incentives

Michigan in the Spotlight: History, Business Climate, Tax Incentives and Credits

This month takes us to the Wolverine State of Michigan. The origins of this name are obscure, but may be derived from a busy trade in Wolverine furs during the 18thCentury.

Its largest city, Detroit, is famed as the seat of the U.S. auto industry, which inspired Diego Riviera’s murals at the Detroit institute of Arts. Also in Detroit is Hitsville U.S.A., the original headquarters of the Motown Record Company. Michigan is home to many great musicians including The Supremes, The Temptations, Stevie Wonder, Smokey Robinson, Bob Seger, Kid Rock and Alice Cooper.

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Written by | Posted in Tax Credit • Tax Incentives • United States

Governments Dismantling Harmful Tax Incentives Worldwide: BEPS Project Driving Major Changes To International Tax Rules

Governments have dismantled, or are in the process of amending, nearly 100 preferential tax regimes as part of the OECD/G20 BEPS (Base Erosion & Profit Shifting) standards to improve the international tax framework, according to a progress report released this month.

The report provides details on the outcome of peer reviews undertaken of 164 preferential tax regimes identified amongst the more than 100 jurisdictions participating in the OECD Inclusive Framework on BEPS.

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Written by | Posted in International • Tax Updates

Georgia’s State Tax Climate Is Attractive

The last of the original thirteen colonies is Georgia, the Peach State. Georgia is also known as the Empire State of the South. The state has varied terrain with mountains and natural rock in the northwest, urban areas, forest in the southern part and farmland.

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Written by | Posted in State Tax • United States

Lights, Camera, Action and Tax Cut!

Peter Scalise

Your Practical Guide to Movie Production Tax Incentives

Introduction

Whether you’re a publicly held movie studio conglomerate producing and distributing substantial numbers of films annually commanding significant shares of box office revenues worldwide or an independent filmmaker, movie production tax incentives should certainly be considered and incorporated into the tax planning process to properly tax effect the cost of filmmaking.    Read More

Written by | Posted in ng Production Activities • q • Tax Incentives

Tax Incentives for Higher Education

The tax code provides a variety of tax incentives for families who are paying higher education costs or are repaying student loans. You may be able to claim an American Opportunity Credit or Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family who are enrolled in eligible educational institutions. Read More

Written by | Posted in Tax Incentives

Will Your Favorite Tax Benefit Expire?

More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is each year they are extending the provisions later and later in the year creating uncertainty for taxpayers on whether they can depend on these tax incentives or not. This makes tax planning unclear and leaves taxpayers wondering about their projected tax liability.

For 2014, Congress waited almost to the end of the year to apply many of the provisions to the 2014 tax year. This was not only a problem for taxpayers but also for the IRS, which needed to adjust its forms and tax filing software at the last minute and actually had to delay the start of the tax season. Read More

Written by | Posted in Tax Provision/Tax Reporting

Lights, Camera, Action And Tax Cut! A Practical Guide To Movie Production Tax Incentives

As a synopsis, Movie Production Tax Incentives (hereinafter “MPIs”) are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state qualified phases of filmmaking production such as the “Qualified Pre-Production Phase”; the “Qualified Production Phase” and the “Qualified Post-Production Phase”. The state-by-state legislative histories and policies driving MPIs are clearly aimed at increasing economic growth at the state and local levels through filmmaking and television production throughout the United States while curtailing the departure of movie production to other countries.

While the applicable Qualifying Production Activities (hereinafter “QPAs”) vary significantly from state-to-state many common QPAs include, but are not limited to, feature films; Read More

Written by | Posted in Specialty Tax Incentives

The Service Announces Tax Season Kick-Off Date

The Internal Revenue Service (hereinafter the “Service”) announced that it will commence accepting tax returns electronically filed on January 20th of 2015. Hard copy tax returns will also be accepted and processed starting on this date as well.

The Service’s decision follows the passage of the tax extenders package into law on December 19, 2014 which retroactively reinstated over 50 tax incentives that had previously expired on December 31, 2013.  “We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems,” said IRS Commissioner John Koskinen in a prepared statement. “Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season.”

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Written by | Posted in Federal • IRS
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