News

MANDATORY CAPITALIZATION OF R&E EXPENSES – THE IMPACT ON LIFE SCIENCES COMPANIES

Our friends at BDO explain that Research & Experimental (R&E) expenditures after December 31, 2021 will no longer be immediately tax deductible. Instead, businesses are subject to mandatory capitalization of R&E expenses – now they must capitalize and amortize these expenditures over a period of either 5 or 15 years, depending where the research takes …

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PLANNING FOR THE SOLAR ENERGY INVESTMENT TAX CREDIT: IRS Construction deadlines and qualifying percentages

  Solar energy Investment Tax Credit aside, solar energy is a popular choice for businesses looking to reduce their carbon footprint through alternative energy sources. In addition to supporting a company’s environmental, social, and governance (ESG) strategy, converting to solar energy potentially can lock-in lower energy rates. Our friends at BDO explain in this article …

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Tech is Bringing Efficiencies to Back of House – Restaurant Update

From the drive-through speaker to QR code menus, restaurant patrons are familiar with technology that streamlines front of house restaurant operations. Recent years have seen increased focus on innovation at the back of house. Though not necessarily visible to the average customer, changes underway will have a profound impact on customer experience. Tech is bringing …

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Legislative Update! Louisiana Partnership Requirements

  During the 2021 regular Louisiana Legislative Session, Act 287 was passed for new Louisiana partnership requirements, and Richard Tullier, CPA and Allison Civello, CPA provide this summary. This Act requires all partnerships doing business in Louisiana to file the LA Form IT-565 and thus requires all partnerships to obtain a Louisiana Revenue Account Number. …

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W-2 Employees or 1099-NEC Contractors? What are the Pitfalls if you Misclassify?

It is important for business owners to be familiar with the differences between a W-2 and a 1099-NEC, between an employee and an independent contractor.  Understanding these differences can help prevent significant penalties, interest, back taxes, legal fees, and even jail time. The January 31, 2022 due date for filing these forms with the IRS …

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Casualty Loss Summary

As we assess the damage, rebuild, and recover from Hurricane Ida, Stephen Albert, CPA and Richard Tullier, CPA briefly explain the tax deduction available to individuals for casualty losses. Read further for a casualty loss summary. In general for insurance claims after hurricanes and other disasters: a casualty loss is determined by comparing any proceeds …

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