Technology and Biosciences Articles
Are First-Year Depreciation Write-Offs Right for You?
Posted by Megan Morris on September 23, 2020
Beware: It doesn't always make sense to claim 100% bonus depreciation and/or Section 179 deductions in the first year that qualifying business property is placed in service. Instead, there may be valid reasons to depreciate those assets over several years.
Monitor Overtime Pay for Your Remote Workers: DOL Guidance
Posted by Kathleen Strobele on September 22, 2020
Employers already know they must pay non-exempt employees for every hour they work, however, when those employees work from home it's harder to keep track of those hours. The Department of Labor has just issued a “field assistance bulletin” to remind employers of what's required.
Election 2020: Where Do the Candidates Stand on Business Tax Issues?
Posted by Michē Needham on September 10, 2020
Business taxes are a major issue in this year's presidential election. Here's a brief summary of how the 2020 tax platforms of Democrats and Republicans measure up on business-related issues, including corporate tax rates, the qualified business income (QBI) deduction, first-year depreciation deductions, manufacturing breaks, “green” tax credits, breaks for real estate ventures and more.
FAQs on Employee Cafeteria Plans
Posted by Timothy Bubar on September 08, 2020
In this difficult environment, companies may consider cutting certain employee fringe benefits. Before you do so, you might want to think about offering a cafeteria plan that allows participants to choose only the benefits they need.
IRS Adds New FAQs on CARES Act Payroll Tax Deferrals
Posted by Cheryl A. Jankowski on August 28, 2020
Section 2302 of the CARES Act provides that, through December 31, 2020, employers may defer the deposit and payment of the employer's portion of Social Security tax and certain railroad retirement taxes. Half of the deferred amount is due on December 31, 2021, and the other half is due on December 31, 2022.
Top Tech Balancing Act in 2020: Innovation vs. Risk
Posted by Cory Van Deusen V on August 26, 2020
The technology industry is proving out its resilience. As every industry responds to change and disruption, tech companies are being relied upon more than ever to accommodate remote work, food and supply access, health services, communication, connectivity, and entertainment.
Recent State Legislative and Administrative Reactions to the CARES Act
Posted by Mark Stack on August 11, 2020
After the Tax Cuts and Jobs Act amended business tax provisions in the Internal Revenue Code (IRC) states and taxpayers have only recently come to understand the conformity implications of the TCJA. The CARES Act has presented modifications and a new round of conformity challenges for states, taxpayers, and practitioners.
IRS Delivers Temporary Midyear Relief to 401(k) and 403(b) Safe Harbor Plans
Posted by Michael Grimaldi on August 11, 2020
Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the IRS.
Proposed Small Business Taxpayer Regulations Provide More Certainty of IRS’s Position on Accounting Methods Simplification
Posted by Kevin Smeader on August 10, 2020
On July 29, 2020, the IRS and Treasury released an advance copy of proposed regulations (REG-132766-18) to provide guidance for small business taxpayers to implement several statutory exemptions enacted by the 2017 tax reform bill known as the TCJA, P.L. 115-97, for the purpose of simplifying the method of accounting rules.
Salvaging Tax Benefits from New NOL Rules
Posted by Jonathan Roller on August 10, 2020
Due to the COVID-19 pandemic, many small and mid-sized manufacturers expect to have significant net operating losses (NOLs) in 2020. But the Coronavirus Aid, Relief and Economic Security (CARES) Act provides some tax relief. In fact, companies may qualify for a refund if they amend previous tax returns with NOLs.