Creating an app. Developing software. Improving a process. Launching a new product. Building or testing a prototype. Energy-efficient design. Adapting tools or equipment to streamline construction. Tailoring new materials for use in construction builds. These are all examples of projects that span all sizes of companies, many industries, and different business types. Each of these … Continued The post Research & Development Tax Credit Myths Debunked first appeared on JLK Rosenberger.

The Research and Development (R&D) tax credit is a powerful federal tax savings opportunity available to those conducting qualified research activities. Many businesses do not consider the credit because of the various misconceptions about what specific activities may qualify. In fact, qualified research activities may include a broader spectrum of activities than most think. Getting … Continued The post R&D Tax Credits: Section 41 Overview and New Refund Claim Requirements first appeared on JLK Rosenberger.

Reading time:  2 minutes The new lease accounting standard that took effect at the beginning of this year for private companies, ASC 842 Leases, effectively expands the due diligence process for buyers in the process of making acquisitions. Buyers making acquisitions this year are advised to ask early in the process if the acquiree has … Continued The post ASC 842 Leases Expands Due Diligence Process in Business Acquisitions first appeared on JLK Rosenberger.

Reading time: 2 minutes 30 seconds After many years of delays, ASC 842 – the new lease accounting reporting standard went into effect on January 1, 2022, for private companies with a calendar year-end. By the end of this year, companies will need to report most operating leases on their balance sheets as liabilities and … Continued The post Contractors, Don’t Delay New Lease Standards first appeared on JLK Rosenberger.

Reading time: 2 minutes Most Americans simply do not have the retirement savings to live comfortably in retirement. In fact, a recent First National Bank of Omaha Financial Wellness Survey found that only 60% of respondents worry they will not have enough to retire by age 65. An astounding 46% indicated they only have $15,000 … Continued The post New Retirement Plan Changes Proposed first appeared on JLK Rosenberger.

The IRS continues to face the difficult challenge of working through a historically large number of unprocessed tax returns. This has created significant issues for those attempting to resolve open matters because amended returns and written communications continue to sit unprocessed. The agency recognized the challenge and in early February made the decision to suspend … Continued The post IRS Announces U.S. Residency Certification Requirement Relief first appeared on JLK Rosenberger.