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Entries by Tax Department

2012 Taxpayer Relief Act Extends Research Credit

Posted 7:06 PM by
The 2012 Taxpayer Relief Act signed into law by President Obama Jan. 2, 2013, extended several of the business tax breaks that had expired as of Dec. 31, 2011.  The Research and Expense Credit is one of the tax breaks retroactively extended in the Act. The credit now applies to qualified research expenses paid or accrued after Dec. 31, 2011, and before Jan. 1, 2014, thus allowing companies to take advantage of the tax benefits for a few more years.
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Tax & Accounting Alert: FASB Issues New Standards for Fair Value Measurement and Disclosures

Posted 12:00 PM by
In conjunction with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) recently issued new standards for public and private companies on fair value (FV) measurement and disclosures.
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Tax & Accounting Alert - IRS Extends FBAR Deadline for Certain Filers with Signature Authority

Posted 12:00 PM by
On June 16, the IRS released Notice 2011-54, which provides additional time for certain individuals with signature authority over (but no financial interest in) foreign financial accounts to file Form TDF 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
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Tax & Accounting Alert -- Revenue Procedure 2011-26 Offers New Guidance on 50% and 100% Bonus Depreciation

Posted 12:00 PM by
Earlier this year, the IRS issued Revenue Procedure 2011-26, which provides guidance on claiming the 50% or 100% first-year depreciation bonus for qualifying business property. The guidance explains the requirements for claiming 100% bonus depreciation and allows taxpayers to elect 50% bonus depreciation in lieu of 100% bonus depreciation for certain property placed in service in 2010.
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Patent Reform: Good or Bad?

Posted 8:31 PM by
The House Judiciary Committee recently approved the America Invents Act amid controversy whether it is a positive or negative reform. The act introduces a first-inventor-to-file system for patent approval and creates a post-grant review system to kick out bad patents.
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IRS Requests Feedback Regarding Excise Tax on Medical Devices

Posted 8:23 PM by
You may have heard about the Health Care and Education Reconciliation Act of 2010, designed to make changes to the previously passed Patient Protection and Affordable Care Act. But you may not have heard that the Internal Revenue Service (IRS) is inviting the public to comment on issues that have arisen from this act.
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Tax and Accounting Alert - How will the Tax Relief act affect your estate plan?

Posted 7:42 PM by
There’s been much speculation as to what Congress would do about the 2010 estate tax repeal and the scheduled 2011 return of the tax at higher rates and a lower exemption. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has finally given us an answer, but only through 2012.
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Tax and Accounting Alert - Tax Relief act offers many income-tax-saving opportunities for individuals

Posted 4:31 PM by
The extension of the lower income and capital gains tax rates set to expire Dec. 31, along with significant reductions to the estate tax, has probably received the most media coverage. But the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, passed by the Senate Dec. 15 and the House Dec. 16, extends and expands a wide variety of valuable tax breaks.
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Tax and Accounting Alert - Tax Relief act provides businesses with enhanced investment incentives and more

Posted 4:13 PM by
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, passed by the Senate Dec. 15 and the House Dec. 16, may be best known for extending lower income and capital gains tax rates for individuals. But the act also extends and enhances many breaks for businesses. 
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Therapeutic Tax Credit Deadline Looms

Posted 12:44 PM by
A new incentive in the recent healthcare legislation was established for companies that have invested in expenses related to therapeutic discovery projects. Applications will only be accepted only through July 21, 2010, so the time to act is now.
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