Tax credits

Specialized tax services can be a great way to enhance revenue and cement your relationship as the client’s trusted advisor.

The service’s recent move to set new requirements for claiming refunds on research tax credits is provoking an uproar among tax professionals.

Under the 2017 Tax Cuts and Jobs Act, R&E expenses paid or incurred after 2021 must be capitalized and amortized over five years (15 years if research is performed overseas).

The Internal Revenue Service’s Office of Chief Counsel is spelling out new requirements for information from companies submitting claims for research credit tax refunds to prove they’re valid.

Some clients may have to pay the money back if their jobs or salaries change.

The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15.

The Internal Revenue Service is suspending a requirement for taxpayers who received too much on their advance payments for the Premium Tax Credit last year to repay the excess amount.

Commissioner Charles Rettig left open the possibility that there may be delays.

The Internal Revenue Service is mailing letters to taxpayers explaining why they may not be getting as much of a Recovery Rebate Credit as they were expecting on their taxes.

Members of Congress are proposing bipartisan legislation to extend the deadline for Paycheck Protection Program loans another two months as accountants press for more time on the expiring program.

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

Experts have identified a dozen credits, deductions and more as worth particular attention this year.

Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.

The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.

A group of 25 Democrats in the House wrote to congressional leaders asking them to provide $12.1 billion in funding for the Internal Revenue Service, including $5.2 billion for enforcement, with an eye toward cracking down on high-income tax cheats.

The legislation would encourage saving earlier by enrolling employees automatically in their company’s 401(k) plan, whenever a new plan is created.

Educating clients with startup businesses on the new regulations can help them provide for employees without breaking the bank.

There's a great deal of help for businesses in the CARES Act and the FFCRA.

Some tax credits are refundable, meaning they can get a refund in case the credits exceed their actual tax liability.

While they don't need a child to claim the earned income tax credit, the benefit's value increases based on the number of kids clients have.