Tax Credits and Incentives Articles
Maximizing Benefits with the Work Opportunity Tax Credit
Posted by Kristin Re’ on December 30, 2024
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire individuals from targeted groups facing significant barriers to employment. The credit can be as much as $2,400 per eligible employee. To qualify, employers must complete a pre-screening notice and file Form 8850.
2024 Year-End Tax Planning Guide for Businesses - Business Incentives & Tax Credits
Posted by Kristin Re’ on November 21, 2024
Explore tax credits for boosting research activities, bonus credits, tax credit monetization, and more in this comprehensive guide to business incentives and tax credits.
How to Navigate the Changes to R&E Tax Treatment
Posted by Kristin Re’ on November 05, 2024
The Tax Cuts and Jobs Act requires businesses to amortize rather than immediately deduct R&E expenses, resulting in higher tax bills and reduced cash flow for many manufacturers. To offset this impact, companies can leverage tools like the research tax credit, cost segregation studies for accelerated depreciation, and reclassification of certain expenses. Congress may revisit this issue in 2025, potentially restoring immediate expensing for R&E costs.
Treasury, IRS Release Proposed Regulations on Qualified Alternative Fuel Vehicle Refueling Property Credit
Posted by Kristin Re’ on October 22, 2024
On September 18, the IRS and the Treasury Department released proposed regulations regarding the credit for qualified alternative fuel vehicle refueling property under IRC Section 30C.
Treasury, IRS Release Final Regulations on Transfer of Certain Energy Tax Credits
Posted by Kristin Re’ on May 28, 2024
The Department of the Treasury and the IRS on April 25 released long-awaited final regulations (T.D. 9993) related to the transfer of certain credits under Internal Revenue Code Section 6418, added by the Inflation Reduction Act (IRA), which describes rules for the election to transfer eligible credits in a taxable year.
Optimizing Sec. 179 Tax Deductions Alongside Bonus Depreciation
Posted by Kristin Re’ on March 25, 2024
Using Sec. 179 deductions together with bonus depreciation deductions is a smart tax strategy. For more information on how these rules apply or for any questions, our team is ready to help you.
Maximizing Tax Benefits: Utilizing the Work Opportunity Tax Credit in Manufacturing
Posted by Kristin Re’ on March 12, 2024
Claiming the Work Opportunity Tax Credit is a federal tax credit that offers manufacturers an opportunity to diversity the workforce while realizing significant tax saving.
Maximizing Tax Advantages: Research Credit and Payroll Taxes
Posted by Kristin Re’ on March 04, 2024
Commercial businesses can benefit from the research and payroll tax credits available through the Inflation Reduction Act.
IRS Efforts to Address Questionable Employee Retention Tax Credit Claims
Posted by Megan Morris-Smith on January 29, 2024
IRS now allows individuals to voluntarily return a portion of the funds before any collection procedures are initiated.
Green Energy Home Improvements Earn Tax Breaks
Posted by Emilie Wuerch on August 01, 2023
Making green energy home improvements is advantageous for improved energy efficiency as well as tax breaks and incentives for property owners.