Alerts

Resources for Businesses in Official Federal Disaster Areas of Hurricane Matthew

If you and your business were affected by Hurricane Matthew, there are deadline extensions and resources you should know about. Whether you need more time to file taxes or need to know where to file FEMA claims, use this article as a launching point for finding the help you need. At the end of this article, look for the state where you or your business is located. Under each state, you’ll find links to: IRS declarations of which counties qualify for tax filing extensions Important FEMA declarations State government resources General Information Not sure if you’re eligible for government assistance?. Read More.

Expanded R&D Credit Opportunities for Software Developers and Investors

Businesses that develop or invest in software for their own use may be newly eligible to claim research and development (“R&D”) tax credits or increase the amount of their R&D tax credits, thanks to the Treasury’s publication of the final regulations . The regulations went into effect on October 4, 2016. Businesses that develop or invest in software to sell to customers or to use in the development of their own products have been able to claim these R&D tax credits for a while now. They can claim the credit for costs they incur in the development process. However, businesses that develop software for their own. Read More.

Year-end Benefit Review: What This Retirement Plan Does that Most Others Don’t

As you’re doing your year-end benefits reviews, what would you say about a benefit plan that allows participants to contribute up to $310,000 each year? Tax deferred. Safe from creditors. A plan that’s designed to eliminate the risk of underfunding. It’s IRS approved. And it also: Optimizes retirement benefits for key employees, owners, and even partners Minimizes additional costs Maximizes tax deductions If this sounds like a plan that could solve some of your biggest retirement plan problems (especially for execs and higher-ups in your organization), take a moment to check out the Direct Recognition Variable Investment Plan (VIP for short). It does things others. Read More.

First Days Are Critical to Maximize Business Loss Claims after Hurricane Matthew

Businesses in the Southeast have had their everyday lives disrupted by the devastation of Hurricane Matthew. Now, part of the recovery challenge they face is preparing insurance claims for property damage, loss of business income, and other expenses directly related to preparing for and recovering from this latest natural disaster. The actions you take in the first critical days after a disaster can make or break your business loss claims – and make a difference in how much compensation you’re able to recover. To help your business rebuild and move forward, our Insurance Recovery Practice is poised to provide immediate. Read More.

Tax Deadline Extensions for Counties Hardest Hit by Hurricane Matthew

Updated November 21, 2016: As of November 17, 2016, the Florida Department of Revenue home page reports updated deadlines for corporate and individual filers for businesses and individuals in counties affected by Hurricane Matthew. Contact the FLDOR or visit their home page for a list of counties and deadlines.  For a complete listing of resources for your state, including the IRS tax relief notices for individual states, please scroll to the bottom of this tax alert. The IRS is updating individual state notices with additional counties as they are added to the federally declared disaster areas. Updated November 14, 2016: The IRS has now extended tax deadline relief to hurricane-affected areas of Virginia , according to a new. Read More.

IRS Simplifies Process for Getting 60-Day Rollover Waivers in Rev. Proc. 2016-47

The Internal Revenue Service (“IRS”) just got a little more lenient about pension plan rollovers. The IRS recently released Revenue Procedure 2016-47 , which states that if individuals miss the 60-day deadline for rolling over retirement funds from one approved retirement account to another, they may be able to avoid penalties and fines if they missed the deadline because of one of 11 pre-approved reasons. And what’s more – if you missed the deadline because of one of these qualified reasons, you can self-certify why you missed the 60-day window by sending a letter of explanation to your plan administrator, trustee, custodian, or. Read More.

Newly Released Drafts Help Businesses Prepare for Revamped R&D Credit

Qualifying businesses can now use the research and development (“R&D”) tax credit to offset up to $250,000 of the Social Security portion of their payroll taxes, thanks to the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”). The PATH Act not only made the R&D credit permanent and retroactive to January 1, 2015 – it also expanded the credit so that qualified small businesses (typically start-ups) can reduce their payroll taxes by taking advantage of the R&D credit. The PATH Act also makes it possible for eligible small businesses to offset their entire Alternative Minimum Tax (“AMT”) liabilities. Read More.

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