Consulting

How to Claim the R&D Tax Credit

The purpose of an R&D Study is to quantify and support a company’s research and development efforts through the analysis of qualifying activities and the expenses those activities generate. The result of the study is the dollar amount of the Research and Development Tax Credit that a company can claim on its tax return…

Performing an R&D Study: What Documentation is Needed?

An R&D study is vital for properly calculating and documenting the R&D Tax Credit. If the R&D Tax Credit you claim on a tax return ever falls under examination by the IRS or state authority, one of the first questions asked is “did you have an R&D study performed prior to taking the R&D Tax Credit on your tax return?”

Research and Development Tax Credit: What You Need to Know

Research and development activities are often costly, but necessary, aspects of running a business. Not only does continuous research allow you to improve current products, but it also ensures that your business stays at the forefront of your industry by developing new products, treatments, or methods of production…

SBA Provides Businesses with New PPP Forgiveness Platform

The Small Business Association is making it easier for small businesses to apply for forgiveness of their Paycheck Protection Program loans. Instead of processing forgiveness applications with their lenders, borrowers who received under $150,000 in 2nd draw PPP funds can utilize the SBA’s new portal that officially launches Aug. 4th, 2021…

Online Sign-up Open for Advance Child Tax Credit Payments

If you qualify for the advance child tax credit (CTC) payments, online sign-up is now available through a designated IRS tool. The CTC tool allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive the advance CTC payments. Taxpayers who use the tool can also claim the 2020 recovery rebate credit and the third economic impact payment if you haven’t already done so…

Business Tax Strategies to Keep in Mind for COVID-19 Relief

This year has included a whirlwind of changes in many areas, especially those related to the impact of COVID-19 on businesses of all sizes. Luckily, there are significant tax planning strategies to consider when managing financial losses, determining taxable income, and deducting PPP loan expenses…

An Update on PPP Loan Forgiveness as of 10/22/2020

As the landscape surrounding PPP loan forgiveness continues to develop, it’s important to remain updated on how the approved changes and pending legislation can affect you as a recipient of PPP funds. Our last update covered what loan recipients should do while lenders and the SBA waited to process forgiveness applications. Additional guidance has now been issued, prompting many lenders to move forward with processing applications and passing them along to the SBA for review….

PPP Loan Forgiveness Update as of 9/29/2020

While the Paycheck Protection Program (PPP) has provided much-needed funds to over 5 million organizations, the loan forgiveness portion of the program is still plagued by a general lack of information. The Small Business Administration (SBA) and the Treasury Department have yet to provide lending institutions with proper guidance to successfully process forgiveness applications so that businesses can adequately plan for the future…

Identifying Critical Processes for Business Continuity

Business Continuity is quickly becoming a more common facet of business management as organizations become more interconnected and the threat of disasters increase. Weather-related disasters are becoming more and more common, while the COVID-19 global pandemic continues to loom over the economy, disrupting supply chains and stretching reserve funds to the brink…