With a new administration set to take office, there are major questions about legislative priorities. Our Strategic Advisory Board has been connecting with key members of Congress and they’ve gathered intel on the three bills that are set to be passed in the first 100 days. We know a fix to 174 is imminent but what else can you and your clients bank on?
Rick Lazio
Joe Crowley
The IRS has released another round of ERC notices, disallowing claims. We expect this is just the tip of the iceberg and hundreds of thousands more claims could be denied. If one of your clients receives an IRS letter, they only have 30 days to respond, otherwise they will face stiff penalties.
The new 6765 for R&D credits now requires taxpayers to provide substantiation for their claim upon filing. This creates a burden many firms are not equipped to handle, and many businesses are turning to third parties who are using methods and shortcuts that are not endorsed by the IRS.
July 11, 12 PM CT
Everyone is coming out of the woodwork with AI tools and solutions that are going to “revolutionize your business.” But where does AI fit in your business and where would it be a bad idea? alliantgroup has deployed nearly 40 AI solutions across our firm, but we’ve also had experiments that just haven’t worked out.
May 1, 12 PM CT
The R&D tax credit and deduction are crucial for SMBs, driving innovation, employment, and growth. Unfortunately, the 2017 Tax Cuts and Jobs Act introduced amortization for Section 174 expenses, adversely affecting SMBs dependent on these refunds for research and operational improvements.
April 26, 12 PM CT
In a recent statement, Sharyn Fisk draws attention to the crucial responsibility that CPAs hold in ensuring their clients are safeguarded when it comes to Employee Retention Credit (ERC) claims. This timely reminder underscores the importance of proactive measures that CPAs must take to protect both their clients and their financial well-being.
In this informative session, we will be diving into Section 41 which rewards food processors for their everyday activities. This incentive gives companies the resources they need to increase company value, invest in new equipment, attract, and retain technical talent, and continue innovating.
Many architects, engineers, manufacturers, and software developers are unaware that recent legislation could put dollars back into their business as early as this year.
The Tax Relief for American Families and Jobs Act of 2024 has passed the House of Representatives and is currently being deliberated by the Senate.
With a rumored solution for 174 amortizations, the R&D tax credit could put cash back into businesses’ pockets before the next deadline. ERC is coming to an end, but the new tax bill may cut off claims earlier than expected. What does this mean for eligible businesses?
Under recently expanded guidance, this deduction can now be worth up to $5 a square foot for businesses who work on public projects, including nonprofits and tribal lands.
The healthcare industry was one of the highest impacted by the coronavirus pandemic, and as such pop-up ERC shops have been inundating businesses within this field. ERC has been heavily exploited by these fly by night providers and businesses need to know how the credit has changed including the right questions to ask to remain compliant.