The IRS has recently simplified the process for filing Research & Development tax credit refund claims, removing certain documentation requirements to ease the burden on taxpayers, effective June 18, 2024. In this #AnchinAlert, Yair Holtzman, Partner, and Leader of Anchin’s Research & Development Tax Credits Group, shares the critical elements that remain mandatory for claimants, including the identification of business components and the detailed accounting of qualified expenses on Form 6765. https://lnkd.in/e2FZcZyd #RnDTaxCredit #TaxCredit #ResearchandDevelopment
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Some great insights to IRS interim guidance.
As taxpayers hope for a Section 174 fix in a year-end 2023 tax bill, IRS weighs in with interim guidance in the form of Notice 2023-63. While much needed, the guidance left some questions unanswered while creating others. Check out our latest article to see what this development means for your organization.
IRS to Propose Section 174 Regulations, Interim Guidance Issued
claconnect.com
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As taxpayers hope for a Section 174 fix in a year-end 2023 tax bill, IRS weighs in with interim guidance in the form of Notice 2023-63. While much needed, the guidance left some questions unanswered while creating others. Check out our latest article to see what this development means for your organization.
IRS to Propose Section 174 Regulations, Interim Guidance Issued
claconnect.com
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One week from today!: ABA Tax Section Pro Bono & Tax Clinics Committee September Poolside Chat: Reflections on One Year of the Inflation Reduction Act September 22, 2023 11:00 AM-12:00 PM EST It has been one year since President Biden signed the Inflation Reduction Act (IRA) into law. The IRA provided $80 billion in additional funding for the IRS, expanded clean energy tax credits, and extended expanded Premium Tax Credits under the Affordable Care Act, among other provisions. In this panel, we will speak with IRS officials who are working on implementation of the IRA in terms of taxpayer services. We will discuss how the law has impacted the IRS, tax practitioners, and taxpayers. Moderator: Omeed Firouzi, Professor of Practice and Director of the Temple University Beasley School of Law Low Income Taxpayer Clinic Panelists: Scott Irick, Initiative Lead for IRS Strategic Operating Plan Initiative Carollynn Lear, Initiative Lead for IRS Strategic Operating Plan Initiative This Poolside Chat is part of a regular series of informal conversations about topics of interest to pro bono and tax clinic practitioners presented by the Pro Bono & Tax Clinics Committee of the ABA Tax Section. Each session, with a clever title referencing the appropriate season, dives into a particular issue in an informal discussion not for CLE, but for exploration and information sharing. Prior session recordings are posted on the Tax Section’s website. This recording will be as well. Register below for free. This event is open to all members of the pro bono & tax clinics community; ABA or Tax Section membership is not required. Please note that CLE credit will not be provided for this session Register here: https://lnkd.in/e5bMSkJB
Welcome! You are invited to join a meeting: Pro Bono & Tax Clinics Committee September Poolside Chat: Reflections on One Year of the Inflation Reduction Act. After registering, you will receive a confirmation email about joining the meeting.
americanbar.zoom.us
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The City of Peoria will host an Arizona Department of Revenue Business Tax Workshop to help businesses learn about transaction privilege taxes. The free workshop will be held Thursday, July 25 from 9 a.m. - 12 p.m. at City Hall. Register today at https://lnkd.in/gXimw__J Level up your tax knowledge for business success! Join the Arizona Department of Revenue for an introductory level course discussing the basics of transaction privilege tax for businesses. As this is an introductory course, we will not be covering any industry specific content, rather discussing topics that are relevant to all business owners. Target Audience: Business owners, CPAs, EA, Tax Attorneys Agenda: TPT Features TPT vs. Use Tax Licensing Filing Frequency and Thresholds Location Based Reporting Tax Rates Exemption Certificates Deduction Codes Added Tax vs. Factored Tax Best Practices Example Q&A Prerequisites: None Course Materials: Business Tax Basics handout will be provided at the conclusion of the workshop. #peoriaaz #tax #tpt #transactionprivilegetax #taxes #smallbusiness #licensing #taxrates #deductioncodes #exemption
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As tax advisors, we are here to help you manage your finances and stay compliant with tax regulations. Whether you need tax planning, return preparation, or audit assistance, our expertise and personalized approach will guide you through the process. Follow us on social media for tax strategies, financial best practices, and industry updates. Schedule a consultation for further advice. #TaxAccountant #TaxTips #TaxPlanning #SmallBusiness #TaxCompliance #TaxStrategies #TaxInvestigations #YourTaxExpert #TaxAdvice https://bit.ly/4bc76JE
HMRC's 'Nudge' Letters: What You Need to Know
taxaccountant.co.uk
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Recent California Legislation Will Have Taxpayers Considering New Tax Planning Strategies New budget legislation, SB 167, passed by the California Legislature on June 13th and signed into law by the governor on June 27, 2024 will have significant impacts on taxpayers by suspending net operating loss (NOL) deductions and limiting the utilization of credits from 2024 through 2026. Let me know if you have any questions! #taxcredit #taxcredit #taxincentive #taxincentive #californialegislation #taxplanning #nol #carryforward #refundabletax #SB167
Recent California Legislation Will Have Taxpayers Considering New Tax Planning Strategies
ctillc.com
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Partner | Research & Development Tax Credit Leader | Federal Tax Credits & Incentives at Forvis Mazars
The Internal Revenue Service announced the release of draft Form 6765, Credit for Increasing Research Activities! The IRS received helpful comments from various external stakeholders that have informed several revisions the IRS is making to reduce taxpayer burden. The feedback and changes will alleviate taxpayer burden, provide taxpayers with a consistent and predefined format and improve the information received for tax administration. Read on to learn more about the changes from the initial draft form. #ForvisMazars #researchanddevelopment #taxcredits
IRS releases revised draft Form 6765, Credit for Increasing Research Activities, following public comment
irs.gov
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If you're interested in finding out more about keeping tax records, check out this great new blog post from the Dallas-based Mostafa Ibrahim Sabry CPA, LLC. Just click below.
Think Twice Before Tossing: The Critical Timing for Disposing of Your Tax Records Safely
mostafaibrahimcpa.com
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