Inflation Reduction Act Potentially Doubles Research & Development Credit for Select Small Businesses The Inflation Reduction Act that President Biden signed into law has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the…
When Limited Liability Companies Should Consider C Corporation Tax Elections While most limited liability companies prefer their default partnership type or S corporation treatment, some may benefit from C corporate tax treatment. A few of the considerations that may make C…
Winners and Losers in Inflation Reduction Act of 2022 Here’s who we feel comes out on top from the Inflation Reduction Act of 2022 and who takes a hit: WINNERS: The Wealthy None of the billions of dollars in tax…
R&D Tax Credits Can Save Your Business Hundreds of Thousands The Research and Development Tax Credit (R&D tax credit) is a dollar-for-dollar cash incentive for US-based businesses that experiment and create more efficient processes and products, but a large amount…
Senate Passes the Inflation Reduction Act; Here’s What It Means for Taxes On Sunday, August 7, 2022, after an intensive overnight marathon session popularly known as vote-a-rama, the Senate passed a legislative package, the Inflation Reduction Act of 2022 (the…
New York-Based Firms Contributing to Unemployment Insurance Now Owe an Interest Assessment Surcharge In the last few years, New York’s Unemployment Insurance (UI) Trust Fund hasn’t had sufficient funds to pay unemployed workers’ claims, so the state borrowed money from…
The Major Tax Provisions of the Proposed 2022 Inflation Reduction Act Recently, Sen. Joe Manchin (D-W.Va.) announced that he would support a climate and tax bill known as the Inflation Reduction Act of 2022, which includes several provisions of the Build Back…
What Does It Mean To Be An ESG Company? ESG means using Environmental, Social, and Governance factors to evaluate companies and countries on how far advanced they are with sustainability. In recent years, investors have placed increased emphasis on a company’s…
Following New York State, New York City Enacts Pass-Through Entity Tax (NYC PTET) New York City has enacted an NYC pass-through entity tax (NYC PTET) that is similar to the New York State PTET, with some differences, effective for tax…
Democrats Anticipate Reducing Biden Proposed Tax Hike to Get It Passed Senate Democrats are working on shrinking the tax increases in President Joe Biden’s current economic package in order to get it passed in the coming weeks. The changes under…