The Protecting Americans from Tax Hikes (PATH) Act of 2015 made the research and development tax credit permanent, and presented a new savings opportunity to businesses with $50 million or less in gross receipts by allowing these entities to offset the R&D credit against the alternative minimum tax. The changes even allow certain small businesses under $5 million in gross receipts to offset the R&D tax credit against payroll taxes.
Employees traveling to multiple states for work during the year may soon see some relief when filing taxes. Senate Democrats and Republicans have come to an agreement on a bill that would ease the filing process for these employees. The bill would simplify and standardize state income tax collection for traveling employees working out of state temporarily. The bill would also provide relief for employers who must comply with withholding and reporting requirements.
UHY's Steve Wolf participated on a Baltimore Business Journal Table of Experts panel regarding the importance of succession planning and preserving generational wealth. The expert panel also included Matthew Cohen, Business Banking Team Leader from M&T Bank and Maurice Office, Principal and Co-Founder of Offit Kurman.
What comes to mind when you think of companies like Apple, Patagonia, and Ferrari? Success. Vision. Passion. Purpose. Most likely, it’s a combination of all these answers. These companies have a reputation for not only being highly successful, they are also known for their strategic forward-looking vision, passion for what they do, and clear purpose. These companies transcend manufacturing; they have nurtured cultures that focus both on business and the additional impact they can have on the world. How do they accomplish this, and what does this have to do with manufacturing?
To enhance transparency and comparability of financial statements and minimize off-balance sheet items, the Financial Accounting Standards Board (FASB) issued its long-awaited new accounting requirements for leases (“ASC 842”) in early 2016. There are elements of the new accounting requirements for leases that could impact almost all entities to some extent, although lessees will likely see the most significant changes.
As we have advised our clients about the opportunities available applying the game-changing Tax Cuts and Jobs Act of 2017, what have we learned so far? Learn about the 8 key tax reform takeaways, one year later.
A large majority of manufacturers in the United States are considered small, whether a lower middle-market firm or a true small business. In 2015, there were 251,774 firms in the manufacturing sector, with roughly 74% of the firms having 20 or less employees and 98.5% of the firms having less than 500 employees.
On June 21, 2018, in a five to four majority decision deciding the case of South Dakota v. Wayfair, the US Supreme Court overturned 50 years of precedent. Businesses now face a new landscape for sales and use tax with the decision significantly expanding the authority states have to impose transaction taxes upon out of state companies of all types.
Due to the major changes from the Tax Cuts and Jobs Act, the Internal Revenue Service (IRS) is recommending that all taxpayers perform a “paycheck checkup” on their current withholdings. The IRS provides a withholding calculator application on their website to determine proper withholding amounts.