February 2023 News Updates
Engineered Tax Services Inc.
Most Interesting Firm in Specialty Tax. Increasing near-term cash flows for thousands of CPA firms & their clients.
What R&D Changes to?Amortization vs. Expensing?Mean for You
In 2017 the?Tax Cuts and Jobs Act (TCJA)?included significant tax breaks for taxpayers but often when a bill like this is passed, the question is asked “How will we pay for it?”. And one answer was to implement an amortization rule for all research & development (R&D) costs beginning in January of 2022 (five years down the road at that point).
Before 2022 R&D costs were eligible for immediate expensing, and if the R&D tax credit was claimed, those expenses would be added back to prevent double-dipping which took the credit amount from a gross 14% tax credit for eligible expenses to a net tax credit average of 5%-7%.
However, now the TCJA requires all costs relating to R&D must be amortized over 5 years if based in the U.S., or 15 years if they are international costs.
The tax alert contains the following:
Organizational?Tips for Managing Social Media?with Other Responsibilities
If you’re in charge of social media at an accounting firm, it’s likely that this isn’t your only responsibility. You may also be an accountant, an administrator or a manager. Even if you do work at a firm that has a marketing team which you’re a part of, it’s uncommon for accounting firms to have a person solely dedicated to social media. That said, staying organized is imperative.
Unlocking?the Potential?of Cost Segregation
Everyone who owns or has invested in an apartment building should be familiar with?cost segregation. Without it, you could be missing out on millions of dollars in tax savings! Keep reading to learn how apartment building owners can use cost seg to reduce their tax liability and increase revenue.
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What’s New With?Specialty Taxes?in 2023?
Taxes in 2023 are going to look a bit different than they have in the past. In addition to newly passed tax law updates, a number of pandemic-era provisions will gradually sunset in the years to come. With this in mind, here’s everything you need to know about tax law changes coming in 2023.
Easy Does It … and?You CAN Win?This!
David Greenwalt brings a fresh perspective on developing life changing habits that start with the smallest of steps. As many people jump into New Year resolutions, this is the best time to sit back, set realistic goals and prepare to make minor changes that can last a lifetime. As David says, “you CAN win this!”
EP011: OFFERING 401K SERVICES AND PROGRAMS TO YOUR CLIENTS
On this edition of the Advisory Accelerator Podcast, we connect with Bob Rubin of your 401k source.com about how his firm partners with accounting firms to help them offer 401k services to their clients.
401ksource.com can also help companies with their own 401K programs to make sure they're as impactful as possible. Bob is behind our 401k program at Engineered Advisory and all of our related companies.