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CPAs Talk Tech Biz

A blog for the owners, founders, and executives of privately held technology companies.
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November 11, 2022

Carried Interest Rules: Final Section 1061 Regulations Are Now in Effect

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…)

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Categories: Business Taxation
Tags: Carried Interest Rules, Investment businesses, Tax Cuts and Jobs Act of 2017,
November 3, 2022

R&D Tax Incentives - Prepare for 2022 Rule Changes

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…)

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Categories: Business Taxation, Updates & Alerts
Tags: R&D Tax Incentives, Tax Cuts and Jobs Act of 2017,
August 29, 2022

Microcaptive Insurance Plans: Questionable Transactions Draw IRS Scrutiny

Many businesses form wholly owned captive insurance companies for legitimate risk management purposes and to take advantage of potential tax savings. Unfortunately, some promoters of so-called “microcaptive” schemes have run afoul of the IRS by helping businesses set up captive insurers solely to evade federal income taxes.

If your business is considering forming a microcaptive insurance company to reduce its tax burden, you should consult with a qualified, objective tax professional before taking any action. The penalties for illegal tax-avoidance schemes can be severe, and the IRS has been quite successful in pursuing such cases in recent years. (more…)

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Categories: Business Taxation
Tags: Captive insurance, Microcaptive Insurance Plans, Risk Management,
August 23, 2022

Inflation Reduction Act of 2022

In early August 2022, a reduced version of the Biden Administration’s tax reform, climate change, green energy, and social policy agenda was passed by both the House and Senate. On August 16, 2022, President Biden signed the $750 billion Inflation Reduction Act of 2022 into law. The numerous changes will require significant guidance from multiple federal agencies to implement.  With one exception, the Act’s provisions will be effective beginning January 1, 2023.  We have summarized some of the key provisions below, and as guidance is released, will continue to keep you updated on how the Inflation Reduction Act may affect you or your business. (more…)

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Categories: Business Taxation, Tax Reform, Updates & Alerts
Tags: Inflation Reduction Act of 2022,
July 22, 2022

IRS Information Returns - Filing Changes on the Horizon?

If your company is among the millions of businesses that still file paper versions of tax information returns such as Form W-2 and the various types of Form 1099, proposed new regulations from the IRS could soon affect you. The agency has proposed new regulations that would greatly expand the number of employers who are required to file these documents electronically rather than on paper.

The new rules are still subject to revision and the IRS has not yet officially announced when they will take effect. When they were first unveiled, however, the agency said it wanted to implement them by the end of this year. Companies that are still filing paper W-2s and 1099s should consider transitioning soon. (more…)

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Categories: Business Taxation, Updates & Alerts
Tags: Form 1099, Form W-2, Tax information returns,
July 18, 2022

California Competes Tax Credit and Grants – 2022 Update

The state’s popular California Competes Tax Credit program continues to be available during the 2022-2023 fiscal year. The state has allocated approximately $304 million in California Competes Tax Credits and a total of $120 million in California Competes Grant funding. (more…)

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Categories: Business Taxation, Updates & Alerts
Tags: California Competes Grant, California Competes Tax Credit, Tax Credit,
May 11, 2022

Tax-Deferred Benefits - Using Retirement Plans as a Recruiting Tool

With unemployment at its lowest level in decades, many businesses are struggling to retain employees and fill vacancies. An attractive retirement or profit-sharing plan can help meet this challenge while also reducing a company’s tax liability. It can also help company owners accumulate wealth for their own retirement. (more…)

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Categories: Business Taxation, Individual Retirement Accounts
Tags: 401K, IRAs, Recruiting, retirement plans,
March 23, 2022

Selling a Business? Consider Tax Questions Early

As businesses adjust to the post-pandemic economy and private equity firms increase their searches for new acquisitions, a growing number of business owners may find themselves facing intriguing but unnerving questions about whether now is the time to sell—and if so, how to structure the deal. Among the many factors to consider is the tax consequences of the transaction. (more…)

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Categories: Business Taxation
February 25, 2022

Recent California Tax Law Changes Can Benefit Business Owners and Employees

Recently enacted California tax legislation included both good news and bad news for business owners. Senate Bill 113 (SB 113) contained a number of key and favorable changes made retro-active for the 2021 tax year.  California Senate Bill 114 (SB 114) reinstated a mandatory COVID-19 supplemental sick leave requirement for employers. (more…)

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Categories: Business Taxation, COVID-19, Updates & Alerts
Tags: Pass-Through Entity Elective Tax,
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