The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features that are especially favorable to small businesses:

Initially, the employee retention credit (ERC), enacted by the CARES Act, was not available to paycheck protection program (PPP) borrowers. The passage of the Consolidated Appropriations Act 2021, on December 27, 2020, changed that and allowed PPP borrowers to claim the credit after all. This modification to the law allowed PPP borrowers to qualify for the ERC for 2020 retroactively by filing amended employment tax returns (on Forms 941-X) for the applicable quarters in 2020.

If your company generally benefits from research and development (R&D) expenditures, prepare for a change. Starting this year, R&D costs can no longer be expensed immediately but must be capitalized and amortized over at least five years, due to major tax legislation enacted in 2017. The impact will include higher immediate tax liability for companies with R&D expenditures.

Keeping track of every IT asset — particularly as remote work has become common — is essential if your company wants to limit financial losses and fraud risk. According to some estimates, most remote employees use at least two employer-assigned devices, and a smaller percentage use three or more. In general, the more devices in use, the greater the potential for loss or theft.

Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules.

The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.

Some parents who have a legal agreement with their child’s other parent about who claims the child on their taxes may have some questions this tax season about the child tax credit and the 2021 recovery rebate credit. Here’s what people in this situation need to know before filing their 2021 federal tax return.

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning April 1, 2022. The rates will be:

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips.