Impact of 2017 Tax Cuts Act on Businesses
The Tax Cuts and Jobs Act (TCJA) was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts every taxpayer. To sum it up as follows: 1) A Reduction in the…
Research and Development Tax Credit Creates Valuable Tax Savings Incentive
“Qualifying expenses eligible for the credit include wages, supplies used in the conduct of qualified research activities, and a percentage (65%) of third party contract research.” After many years as an expiring tax provision, the Federal Research & Development Tax…
Entrepreneurs: Beware of the Hobby Loss Rule
On May 4, 2016, the Treasury Inspector General for Tax Administration in its published audit report found that the Internal Revenue Service can improve its methods for identifying high-income taxpayers who may be offsetting their income with “hobby losses” from…
Overview of Key 2016 FLSA Regulation Changes
Important note: For the first time in many years, the Department of Labor (DOL) has revised the overtime requirements of the Fair Labor Standards Act (FLSA). These changes take effect on December 1, 2016 Employers must understand the changes and take action…
Taxpayers eligible to apply 2016 R&D credit toward 2017 payroll taxes
Acceleration in the work schedule for certain start-up businesses Practice note: New for 2016 – Election to apply research credit against payroll tax “In addition to 2017 “Tax Season” changes in due dates for Forms 1065 and 1120, practitioners may…
New Crowdfunding Rules Makes Waves For Startups
You may have heard of crowdfunding sites like Kickstarter and Indiegogo. These use ‘rewards-based’ methods to raise money, offering contributors products or even nominal exposure as a reward for their contributions. Now, new rules will allow ‘securities-based’ crowdfunding. What does…