TAX PLANNING | 10/22/2024 The Department of the Treasury and the Internal Revenue Service have issued Revenue Procedure 2024-31 PDF and proposed regulations to provide guidance for the Energy Efficient Home Improvement Credit. The revenue procedure provides procedures and requirements that a manufacturer of specified property must follow to be treated as a qualified manufacturer (QM). To become a …
CORPORATE TAX | 03/24/2024 If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA credit applies to tips that your staff …
TAX PLANNING | 11/30/2023 R&D Credit: Payroll Tax Offset New and expanding businesses need to be vigilant in seeking savings opportunities that can help fuel growth. With research and development (R&D) tax credits, the innovation that drives your business could also help you access extra cash and offset your payroll tax liability—instead of income tax. …