The Research and Development (R&D) Tax Credit is a valuable incentive offered by the US government to encourage innovation. However, calculating this credit can involve complex formulas and historical data analysis. This is where the Alternative Simplified Credit (ASC) method comes in, offering a streamlined approach for qualifying businesses. Traditional vs. Alternative Simplified Credit Calculation The Regular … The post Understanding The Alternative Simplified Credit Calculation For R&D first appeared on TaxConnections ..read more

Many of you have shared with us this tax season was a challenging one for many tax firms due to lack of tax staff with three to five years of experience to support Tax Managers, Tax Directors, and Tax Partners. This has been a challenge for firms for a few years now, so what is … The post Learn How To Staff Your Tax Practice And Get Work Done In Today’s Market first appeared on TaxConnections ..read more

On Thursday, April 18th the Internal Revenue Service announced that it is now accepting applications for the 2025 Internal Revenue Service Advisory Council (hereinafter “IRSAC”) through May 31, 2024, including nominees for a newly created subcommittee focused on fairness issues. The IRSAC serves as an advisory body to the IRS commissioner and the Service’s leadership. … The post IRS Seeks Membership Nominations For The 2025 Internal Revenue Service Advisory Council first appeared on TaxConnections ..read more

California has proposed a new digital advertising tax (AB 2829) that has been met with mixed reactions from businesses and consumers alike. If passed, the tax would be levied on large-scale California businesses that generate over $100,000,000.00 in annual global revenue from digital advertising services and would take effect on January 1, 2025. Some have hailed … The post California’s AB 2829 Digital Advertising Tax Proposal first appeared on TaxConnections ..read more

Part 1: Tax Relief for Working Families Calculation of Refundable Credit on a Per-Child Basis. —Under current law, the maximum refundable child tax credit for a taxpayer is computed by multiplying that taxpayer’s earned income (in excess of $2,500) by 15 percent. This provision modifies the calculation of the maximum refundable credit amount by providing … The post The Tax Relief for American Families And Workers Act of 2024 first appeared on TaxConnections ..read more

The Internal Revenue Service issued frequently asked questions (FAQs) in Fact Sheet 2024-13 related to the tax treatment of work-life referral services provided to employees under an employer’s work-life referral program. A work-life referral program is an employer-funded fringe benefit that provides work-life referral services to eligible employees. Work-life referral services are restricted to informational and … The post IRS Issues Frequently Asked Questions Related To The Tax Treatment Of Work-Life Referral Services Provided To Employees first appeared on TaxConnections ..read more

If you’re reading this, you’ve probably received a letter of audit from a government entity. You’ve also likely now gotten over your initial anxiety and are looking for help with the next steps. You’re in the right place – we’re here to tell you that there’s no need to panic. So, what exactly is a … The post Navigating A Sales Tax Audit: A Comprehensive Guide To Protecting Your Business first appeared on TaxConnections ..read more

Eliminate Earmarks For The F-35 JSF Program 1-Year Savings: $1.5 billion 5-Year Savings: $7.5 billion The many problems of the JSF make it impossible to justify Congress adding funding beyond that requested by the DOD. Total acquisition costs of the program now exceed $428 billion, 84 percent greater than the initial estimate of $233 billion, … The post Citizens Against Government Waste: The Prime Cut Series (#5) first appeared on TaxConnections ..read more

The Research and Development payroll tax credit, also known as the R&D payroll tax credit is a tax incentive designed for qualified businesses to offset their payroll tax. It is designed for new companies that perform research and technology development activities to be able to apply up to $500,000 of research credit against payroll tax liability. … The post How To Receive Your R&D Payroll Tax Credit first appeared on TaxConnections ..read more

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