August 2023 News Updates
Engineered Tax Services Inc.
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Key Dates?and?Tips for?Timely ERTC Submission
As the COVID-19 pandemic took the world by storm, the federal government stepped up with measures to help businesses stay afloat. As part of the?Coronavirus Aid, Relief and Economic Security (CARES) act , the?Employee Retention Tax Credit (ERTC) ?was introduced to encourage businesses to keep their employees on the payroll despite the economic challenges posed by the pandemic.
Cost Segregation?and?Tax Planning?in a New Era of?Bonus Depreciation
In the dynamic world of tax law, anticipating and adapting to changes is crucial. As we witness the phase-out of bonus depreciation—a provision significantly influencing tax planning and cost segregation strategies for numerous businesses—it's essential to comprehend its implications. This blog post aims to guide you through this pivotal shift and the strategic tax planning required in the emerging tax landscape.
Cost Segregation:?Addressing Common Concerns and Solutions
The importance of?cost segregation ?for businesses and property investors cannot be overstated. By accelerating depreciation, taxpayers can significantly reduce their current tax liability, thereby increasing their available cash on hand.
Unleashing the Power of?Cost Segregation for Restaurant Owners
From kitchen appliances to dining room décor, every asset in your restaurant contributes to creating an unforgettable experience for your patrons. But did you know these assets can also lead to significant tax savings through a strategy called?cost segregation ??
The R&D Tax Credit - Who Qualifies?and?How to Claim It
Heidi welcomes George Matar back to the show to help demystify the complex R&D tax credit - covering eligibility, calculation, documentation, misconceptions, and the crucial recent change: R&D cost amortization. They highlight the profound effects on small businesses, present tax liability examples, and encourage listeners to advocate for the repeal of the amortization requirement.