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Companies Have a New Way to Simplify R&D Compliance
Posted by Carl Giardino on Wed, Dec 13, 2017 @ 01:37 PM

The research and development (R&D) tax credit is one of the most widely applicable tax credits available to businesses. It provides an incentive for most companies to bring new or improved products to the marketplace or to improve production processes. R&D tax credits may also be applied retroactively, which could result in cash refunds from previously filed tax returns. Smaller businesses benefit as well. Companies with gross receipts that are less than $50 million can use the credit to offset alternative minimum tax (AMT) liability, and qualifying start-up companies can use the credit to offset payroll tax.

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Topics: Carl Giardino, research and development, Taxes, R&D, research and development tax credit, tax credit

Implementing Revenue Recognition Triggers Accounting & Tax Considerations
Posted by Patrick Quinn on Tue, Jun 27, 2017 @ 11:04 AM

By: Carl Giardino and Patrick Quinn

New revenue recognition standards for U.S. and international financial reporting will require careful planning and education to develop an implementation strategy. In addition, the standard affecting U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) may bring about substantial income tax consequences. Historically, many entities found that the financial reporting standards and tax rules regarding revenue recognition ran parallel and produced identical results; under the new standard this may no longer hold true.

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Topics: accounting, tax, Revenue Recognition Standard, Carl Giardino, Patrick Quinn, Revenue recognition

Buying a Business? Stock Purchase vs. Asset Purchase or the Best of Both Worlds
Posted by Carl Giardino on Thu, Apr 7, 2016 @ 09:47 AM

 

Purchasing an incorporated business is often complicated, particularly since the interests of buyer and seller are typically adverse. Both sides want the best deal, one that favors their own interests. From the buyer’s perspective traditional wisdom holds true: buy assets and later on sell stock.

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Topics: tax planning, tax, Carl Giardino, Stock Purchase, Asset Purchase, 338(h)(10), H-10

Opportunities and Obligations under the Tangible Property Regulations
Posted by Carl Giardino on Thu, Sep 11, 2014 @ 08:11 AM

Time is running out for taxpayers to implement the new tangible property regulations. The new rules must be followed beginning in 2014. All taxpayers with tangible business and investment property will need to analyze current accounting practices and potentially institute changes to conform to the new rules. Many taxpayers can leverage the final regulations to increase and accelerate tax deductions. Others may have to defer or recapture deductions as a result of the new rules. And given that many of these rules simply didn't exist a couple of years ago, virtually all taxpayers with tangible property will need to request one or more accounting method changes on their 2014 tax returns to become compliant.

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Topics: Tangible Property Regulations, tax planning, tax, Carl Giardino

IRS Issues Implementation Guidance on Tangible Property Regulations
Posted by Carl Giardino on Wed, Mar 26, 2014 @ 09:14 AM

On January 24, the IRS issued Rev. Proc. 2014-16 clarifying the automatic consent procedures for accounting method changes required or permitted by the temporary and final tangible property regulations issued last September (see our Federal Tax Alert, Updated Tangible Property Rules Expand Safe Harbors, Disposition Rules). Please note that Rev. Proc. 2014-16 modifies Rev. Proc. 2012-19 and rev. Proc. 2011-14.

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Topics: Tangible Property Regulations, IRS, IRS Updates, Carl Giardino

Can Your Business Take Advantage of the Research and Development Credit?
Posted by Carl Giardino on Mon, Apr 29, 2013 @ 09:17 AM

R&D Credit is a Significant, but Under-Utilized, Tax Benefit

Author: Carl J. Giardino, JD, MBA

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Topics: tax, IRS, Carl Giardino, research and development

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