TAKING ADVANTAGE OF THE RESEARCH CREDIT (PART 3)
In this part of our series on the credit for increasing research activities (research credit), we’ll take a look at how the credit is calculated. (For previous articles in this series: Click here for Part 1, discussing what constitutes qualified research. Click here for Part 2, discussing the type of expenses which qualify for the […]
TAKING ADVANTAGE OF THE RESEARCH CREDIT (PART 2)
In this part of our series on the credit for increasing research activities (research credit), we’ll take a look at the type of expenses which qualify for the credit. (For Part 1 of this series discussing what constitutes qualified research, click here.) Qualified Research Expenses In order to qualify for the research credit, an expense […]
TAKING ADVANTAGE OF THE RESEARCH CREDIT (PART 1)
Originally introduced as part of the Economic Recovery Tax Act of 1981 and made permanent by the Protecting Americans from Tax Hikes (PATH) Act of 2015, the credit for increasing research activities (research credit) is a valuable, yet often-overlooked, tax break for qualifying businesses. This first article in a series on the research credit will […]
REVIEWING LOAN COVENANTS
If you have a line of credit or a term loan with a bank, chances are your loan agreement contains various covenants. There are generally three types: Affirmative covenants, which require you to adhere to the provisions of the loan agreement and provide your lender with certain information, such as tax returns or financial statements. […]
REMINDER! W-2s DUE JANUARY 31
You are required to prepare and file a Form W-2 for each employee to whom you made payments for services where: You withheld any amount of income tax, social security tax, or Medicare tax from the employee’s wages, regardless of the amount of wages, or You would have had to withhold income tax if the […]
REMINDER! 1099S FOR NONEMPLOYEE COMPENSATION DUE JANUARY 31
While most 1099s aren’t due until February 29 (March 31, if you file them electronically), any Forms 1099-MISC for which Box 7, Nonemployee Compensation, is checked must be filed by January 31, regardless of whether you are filing on paper or electronically. You are required to issue a Form 1099-MISC for nonemployee compensation to any […]
