By Deepa Bhat, CPA, CFE, ACA, Assurance & Advisory Principal
ASL Construction Group
It’s been a while since we’ve had a deep dive article on work in progress (WIP) schedules (to refresh your memory, see Red Flags on a Contractor’s Work in Progress Schedule). As I review the WIP schedule for a new client, I find myself referring to this article for all the recommendations I’d like to make to this client. A few additional observations are noted below: (more…)
By Amy Whitcomb Price, CPA, MST, Tax & Advisory Director
ASL Real Estate Group
The Inflation Reduction Act (IRA), which includes expanded or extended tax credits, was signed into law on August 16, 2022. The bill has been championed as a “climate change bill”, with many provisions specifically focused on direct consumer incentives to buy energy-efficient appliances, clean vehicles, rooftop solar systems, and invest in home energy efficiency. The bill provides a great opportunity for homeowners to make their homes more eco-friendly while receiving cash incentives from the government to do so. The bill includes: (more…)
For investment businesses—including many private equity, venture capital, real estate, and hedge fund partnerships—new rules governing the taxation of “carried interest” have been a source of concern for several years. The Tax Cut and Jobs Act of 2017 changed the way such income is to be reported and taxed, but 2022 is the first year in which the final regulations implementing those changes take full effect. (more…)
The ability to deduct research and development (R&D) costs as a current business expense, rather than treat them as a capital asset that must be amortized over time, has helped many businesses over the years. By enabling companies to lower their income tax burden, this tax treatment encouraged valuable research and technological innovation. (more…)
