Definitions of the Millennial generation vary, but basically these are people who, today, range from 20 to 36 years old. Their distinctive characteristics are attributed to two primary factors: Most were raised by highly attentive Baby Boomer parents, and Instant communication via electronic technology has been ubiquitous. As Millennials left home and went to college, far … Continue reading How the Work World is Changing with Millennials
The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital contribution to a business entity that underperformed. Or a taxpayer might have advanced … Continue reading Bad Debt Losses: Can You Deduct Loans Gone Bad?
As 2017 winds down, it’s time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted. Even if all goes according to the GOP timeline, the changes generally won’t take … Continue reading Keep Tax Reform Proposals in Mind When Making Last-Minute Year-End Moves
According to our project partner, CTI, some specific examples of qualifying research activities that architecture and engineering firms have conducted in the course of business include, but are not limited to, the following: Experimentation with natural ventilation Energy analysis of exterior wall systems and building envelope Occupant thermal comfort conditions Exterior environmental effects Design criteria … Continue reading Common Qualifying Activities and Case Examples of R&D Credit Qualifications
The federal overtime law can lend itself to differing interpretations. In those cases, workers may challenge how an employer applies the rules. Under the Fair Labor Standards Act (FLSA), eligible employees must be paid time-and-a-half their regular pay rate when they work more than 40 hours a week, unless there’s an exemption. Here are three examples … Continue reading Resolving Overtime Pay Disputes
Believe it or not, 2018 is right around the corner, which means that the start of a new decade in 2020 isn’t that far off. So the question is: Do you have 20/20 vision? In other words, how do you see your industry, and your firm’s place in it, during the next few years? What You Can … Continue reading 20/20 Vision: A Look at the Future of the Industry
The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever. Annual Gift Tax Exemption Here’s what the recent increase in the exclusion may mean for you, including … Continue reading IRS Increases Annual Gift Tax Exclusion for 2018
Although several federal laws address pregnancy discrimination, employers need to be aware that it’s generally state and local rules that govern a company’s policies and actions on this important matter. With so much attention paid to the rights of pregnant employees, it’s easy for employers to assume that these workers have more protections than they actually … Continue reading Accommodating Pregnant Employees: A Refresher Course
Safety is a major concern for construction firms. Most improvement efforts focus on repairing and maintaining equipment or removing hazards from the job site. But little attention is paid to workers who aren’t getting enough rest. Sleep deprivation can lead to increased injuries and fatalities. In addition, the risk of chronic health issues — including depression, obesity … Continue reading Hidden Work Hazard: Sleep Deprivation
R&D Study If it is determined in the course of our tax consulting that your firm could qualify for a substantial R&D tax credit, we may suggest a third-party expert to conduct a more extensive R&D study. Our team has experience with initial discovery and phase two project review and qualification for low to medium … Continue reading What is an R&D Study?