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Houston Business Journal
By Olivia Pulsinelli
March 28, 2018
Alliantgroup, a Houston-based nationwide tax-consulting services firm, made two big announcements last week.
On March 22, the firm announced it had acquired ForrestBrown, the only chartered tax advisory firm specializing exclusively in research and development tax credits in the U.K. The value of the deal was not disclosed in alliantgroup’s press release.
ForrestBrown now is a wholly owned subsidiary of alliantgroup, though it retains its brand, all 63 employees and U.K. headquarters. The firm has doubled in size for each of the past five years, per the release.
In addition to complementing alliantgroup’s expertise in U.S. federal and state tax incentives, the deal will help alliantgroup further promote job creation and innovation, alliantgroup CEO Dhaval Jadav said in the release, though specific details were not provided.
“We are excited about the value-add this brings for alliantgroup’s U.S. clients with a U.K. presence and […]
On February 9th, Congress passed a budget agreement that included a number of tax energy extenders, including the Energy-Efficient Commercial Building Deduction (179D) through December 31, 2017. Since it was initially passed as part of the Energy Policy Act of 2005, Section 179D has proven not only to be sound energy policy, but a vital incentive in terms of promoting U.S. job creation and economic growth.
With this latest extension, 179D will continue to be available for the 2017 tax year, ensuring much-needed dollars for American architectures, engineering and construction companies. “This is a great day for architects, engineers and contractors who work on government buildings,” said Dean Zerbe, alliantgroup National Managing Director and former […]
Legislation to Overhaul America’s Tax Code for First Time in 31 Years Will Deliver More Jobs, Fairer Taxes, Bigger Paychecks
WASHINGTON, D.C. – Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act – bold legislation to overhaul America’s tax code for the first time in 31 years. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.
Upon introducing the Tax Cuts and Jobs Act – co-sponsored by Speaker Paul Ryan (R-WI) and all Ways and Means Committee Republican Members – Chairman Brady said:
“Today marks the beginning of the end of our nation’s broken tax code. The Tax Cuts and Jobs Act will deliver real tax relief to Americans across the country – especially low- and middle-income Americans who have been struggling for far too long to earn a raise and get ahead.
“Our legislation is focused entirely on growing […]
On September 11, 2017, the LB&I Division of the IRS issued a new directive that allows IRS examiners to accept a taxpayer’s determination of its qualified research expenses (QREs) to the extent that the QREs are computed in accordance with ASC 730 Financial Statement R&D. The new directive is a step in the right direction and gives taxpayers who qualify a potential partial safe harbor in calculating the research credit. However, the new directive leaves many open questions.
That the IRS would create such a safe harbor is encouraging, but many taxpayers looking for certainty in their credit calculations will not be able to take advantage. In order to use the directive, certain requirements must be met:
1) Taxpayers must have assets of at least $10 million
2) Taxpayers must have certified financial statements which expense R&D pursuant to ASC 730
The financial statements cannot have a qualification, contingency or adverse opinion with […]
By Dean Zerbe, alliantgroup National Managing Director
As I’ve mentioned earlier, I don’t expect much to happen in tax this election year—except for some small-ball items closer to the end of the year (for example, provisions to further address identity theft). Nothing has changed on that front.
So with the presidential election in full swing and the candidates having put forward their policies/proposals, the House Republicans have also unveiled last week a framework for tax reform. Given the driving leadership of Ways and Means Chairman Kevin Brady (R-TX), as well as Speaker Ryan, this House tax reform proposal deserves close scrutiny for those looking for early tea leaves of what reform may look like—especially if Mr. Trump wins the White House.
I wouldn’t be overly focused on particulars (and the same goes for the proposals of the presidential candidates), but I would be interested in big ideas/themes. For example, to me the […]
Dean Zerbe, National Managing Director of alliantgroup, recently testified before the Senate Committee on Small Business and Entrepreneurship on “Targeted Tax Reform: Solutions to Relieve Compliance Burdens for America’s Small Businesses.” Dean’s commentary begins at 10:10.
A happy day for the software industry with the Treasury Department issuing last week new regulations on when development of software would be eligible for the Research and Development (R&D) tax credit. Treasury notes in the regulations (and we agree) that it expects the regulations will have a positive economic impact on a substantial number of small entities (especially manufacturers, sellers on the web , banks and financial institutions are all potential beneficiaries).
We view that the proposed regulations not only are a boon for those engaged in software development, but for close readers the proposed regulations also have broad benefits for industries seeking to qualify for the R&D tax credit.
Historically, the grind in software development being eligible for the R&D tax credit has been the definition of “Internal Use Software” (IUS) – i.e. software that is not sold, leased or licensed to a third party. In brief, […]
Committee On Ways and Means: SECTION-BY-SECTION SUMMARY OF H.R. 5771, THE “TAX INCREASE PREVENTION ACT OF 2014″
H.R. 5771 would extend, for one year (generally through the end of 2014), a number of tax relief provisions that expired either at the end of calendar year 2013 or during 2014, thus preventing tax increases on millions of families and businesses as the tax year 2014 filing season begins early next year. By enacting H.R. 5771, Congress can continue to pursue its efforts to make certain expiring tax provisions permanent to provide certainty and stability to families and businesses, without causing disruption for taxpayers trying to file their 2014 tax returns. In addition, H.R. 5771 corrects numerous technical and clerical errors in the tax code, as well as eliminating many superfluous provisions (known as “deadwood”) that no longer serve any purpose.
Overall, the Joint Committee on Taxation (JCT) estimates that the legislation would reduce revenues by $44.7 billion over the ten-year budget window (fiscal years 2015 through 2024).
Section 1. […]
I haven’t sent an update on Congress and taxes in a while because . . . well, there hasn’t been that much going on in Washington in the world of taxes. However, with filing season upon us and the beginning of the end of this congressional session, I thought it might be useful to give you and your clients a view of the road ahead.
Tax extenders are the closest to a sure thing that is going to happen in taxes right now. I don’t expect Congress to take extenders up in the few weeks they will be in session in September (and then breaking early to go back for the elections) but the smart money is strongly expecting tax extenders to be addressed in the lame duck session (regardless of the election results).
While there is still a fair amount of uncertainty, the general talk on Capitol Hill is that the […]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
Alternative Simplified Credit Election
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final and temporary regulations.
SUMMARY: This document contains final and temporary regulations relating to the election of the alternative simplified credit. The final and temporary regulations will affect certain taxpayers claiming the credit. The text of these temporary regulations also serves as the text of the proposed regulations (REG-133495-13) published in the Proposed Rules section in this issue of the Federal Register.
DATES: Effective Date: These regulations are effective on .
Applicability Date: For dates of applicability, see §1.41-9T(d).
FOR FURTHER INFORMATION CONTACT: David Selig (202) 317-4137 (not a toll-free number).
This document amends 26 CFR part 1 to provide rules relating to the election of the alternative simplified credit (ASC) under section 41(c)(5) of the Internal Revenue Code (Code).
Section 41(a) provides an incremental tax […]