In general, manufacturing companies are great candidates for the various tax credits the Internal Revenue Service (IRS) offers. One of the most popular is the Research and Development (R&D) Tax Credit.
Saving for retirement is important, and the sooner you start planning, the better. Even though Roth IRAs have been around for more than a decade, many people are not aware of exactly how they work.
Late in the day on Monday, December 21, Congress passed a comprehensive stimulus package. There are several key tax-related provisions in the bill.
It is that time of the year again to start planning for the end of the year. As the person responsible for your company’s financial management, there are many year-end tasks that you need to oversee.
The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.
Minnesota passed a bipartisan tax and bonding bill recently that included full conformity for all Section 179 expensing for tax years beginning in 2020. Additionally, the bill included retroactive Section 179 conformity to 2018 for assets acquired in a like-kind exchange.