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Entries by Kevin Sullivan

How the Indiana Service Contract Act Could Save Dealers on Taxes

Posted 1:30 PM by
The state of Indiana has adopted statutes that regulate the offering, selling, or issuing of service contracts in the state.1 These statutes provide the requirements for a service contract that is sold within the state, and they may provide dealers within the state an opportunity to save significant federal and state income taxes.
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Tax Reform’s Impact on the Buy Here - Pay Here World

Posted 5:00 AM by
Like it or not, tax reform is here, and its impact is far-reaching. President Trump signed the Tax Cuts and Jobs Act (TCJA) into law on Dec. 22, 2017. The Act includes various provisions that Buy Here - Pay Here (BHPH) dealers should know. As we study and digest these changes, there are numerous questions and situations that the law itself does not clearly address. Technical corrections will likely be made by Congress as well as regulations issued by the IRS throughout 2018.
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How to Capture Research Tax Credit for Internal-Use Software

Posted 5:00 AM by
Late last year, the IRS issued final regulations providing rules for taxpayers who develop their own internal-use software and want to claim a research tax credit (research credit). These changes, initially proposed in 2015, were highly anticipated. But little is known about how to take full advantage of the credit since the new rules were released.
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How Early-Stage Companies Can Get Immediate Tax Savings

Posted 5:00 AM by
Congress, with the passage of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), enables small businesses to use research and development credits (R&D credits) to offset payroll tax liabilities and Alternative Minimum Tax (AMT) liabilities.
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