The American Rescue Plan Act of 2021 passed in March has expanded the Child and Dependent Care and Child Tax Credits available for the 2021 tax year.   Child Tax Credit  The total credit is up to $3,000 per qualifying child ages 6-17 at the end of 2021.  For...

What is the Employee Retention Credit (“ERC”)? The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) created a refundable employee retention credit as an incentive for employers to retain their employees during the 2020 pandemic. The Employee Retention...

What is the Research and Development (R&D) Tax Credit? The R&D tax credit is a general business credit that was created for taxpayers that design, develop, or improve products, processes, techniques, formulas, or software. The R&D tax credit was first...

As a means of raising an anticipated $1 billion in new annual revenue for state education investments, Oregon has enacted a corporate activity tax (CAT), effective for tax years beginning on or after January 1, 2020. What is the CAT? The CAT is imposed on taxpayers...

For taxable years beginning on January 1, 2020, California will now allow cannabis businesses operating as individual sole proprietorships, limited liability companies taxed as partnerships and S Corporations to claim deductions and credits paid or incurred in...

What is a donor-advised fund? A donor-advised fund (DAF) is like a personal charitable giving savings account.  It allows donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time.  The donor can...

As 2020 closes, we can agree that this year was unlike any other; the pandemic, natural disasters, and expected future tax law changes following the election have had a significant impact on many taxpayers. In response to the pandemic, Congress passed two major pieces...

It’s that time of year again!  No, we are not referring to the holidays, but time to review your company’s tax situation, identify tax saving opportunities, and implement strategies before year-end to maximize cash flow.  Given the hardship COVID has had on many small...

The Research and Development (R&D) Tax Credit is a top incentive for Companies to substantially reduce their federal and state income tax liabilities.  Taxpayers with qualifying research may expense these costs immediately and receive an income tax credit...

On September 11, 2020, the IRS released general guidance for the cannabis industry. This is likely a response to a Treasury Department internal watchdog report which was critical of the IRS’ lack of guidance towards the cannabis industry. The guidance is published on...