On March 20, 2025, the IRS released updated guidance on the Employee Retention Credit (ERC), clarifying how taxpayers should handle the wage expense reduction associated with the credit. These updates are critical for corporate tax advisors navigating ERC claims, amended returns, and potential tax consequences for their clients. Key Takeaways from the IRS FAQ Update … Read more
A new legislative push in Congress could reshape how businesses account for research and development (R&D) expenses. On March 10, 2025, a bipartisan group of lawmakers introduced the American Innovation and R&D Competitiveness Act. If enacted, this bill would undo a key provision of the 2017 Tax Cuts and Jobs Act (TCJA) that forced businesses … Read more
What a week in Washington! On February 25, 2025, the House narrowly passed its fiscal year 2025 budget resolution with a 217-215 vote, marking a critical first step toward a sweeping reconciliation package. This “one big, beautiful bill,” as dubbed by President Trump, aims to tackle tax cuts, border security, defense, and energy policy in … Read more
The introduction of House Concurrent Resolution 14 (H.Con.Res. 14) in the 119th Congress marks an important step in setting the federal budget for fiscal year 2025 and providing a framework for fiscal policy through 2034. This resolution has significant implications for upcoming tax legislation, as it establishes revenue targets, spending priorities, and potential areas for … Read more
Unlocking Innovation Incentives for Michigan Businesses For years, Michigan has been a hub for manufacturing, technology, engineering, and life sciences. Now, with the introduction of the new Michigan State Research Tax Credit, beginning in the 2025 tax year, businesses across the state—particularly small and mid-sized enterprises (SMEs)—have a fresh opportunity to reduce tax liability while … Read more
Facing a tax audit can be a daunting experience for any business. Whether it’s a routine check or an in-depth review, the key to handling a tax audit successfully lies in preparation and organization. A well-prepared audit process can not only help you avoid penalties but also give you confidence that your business is operating … Read more
Tax reform is a recurring and significant topic for corporations, influencing everything from cash flow management to long-term strategic planning. As we enter 2024, several updates to corporate tax policies are set to take effect, reshaping the financial landscape for businesses of all sizes. Staying informed about these changes is crucial to adapting your strategies … Read more
Tax laws are like the weather—constantly changing and often unpredictable. For businesses, these changes can have profound implications, particularly when it comes to corporate tax credits and incentives. Whether your company is a small startup or a multinational corporation, staying informed about tax law changes is crucial to optimizing your financial strategy and ensuring compliance. … Read more
Understanding Section 174 can be crucial for technology startups to fully understand how it can benefit their company. Find out more!
Get the latest on the tax package currently being debated in congress. Our team shares their thoughts on possible outcomes.
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