Author Archives: Denny Murphy, CPA

New Tax Proposals Reinforce Value of R&D Tax Credits

As the country awaits the outcome of tax reform proposals in Washington, several lawmakers have introduced legislation that would enhance the value of research and development (R&D) tax credits for businesses of all sizes.

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Reflections From the AICPA Real Estate and Construction Conference

Dennis Murphy of Skoda Minotti recounts highlights from the 2017 AICPA Real Estate and Construction Conference in Las Vegas.

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R&D Tax Credits: Qualifying Activities and Industries

Only one out of every 20 eligible businesses takes advantage of the R&D credit. That’s because many businesses don’t realize that their industry is ripe with eligible activities.

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How to Qualify for R&D Tax Credits: The Four-Part Test

A simple four-part test helps to determine qualified R&D activity. R&D tax credit eligibility largely depends on whether the work you are conducting meets the criteria established by the IRS.

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The Expansion of the R&D Tax Credit

The permanent extension of the R&D credit is a great wake-up call for those in industries ranging from manufacturing, construction and software development to aerospace, high-tech, biopharmaceuticals and others to sit up and take notice of their eligibility to apply for the tax credits.

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How Individuals Can Take Tax Deductions for Rental Property

If you are the owner of rental property, are you taking full advantage of tax deductions that may be available to you under the tangible property regulations?

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What is a CAM Audit?

Common Area Maintenance, or CAM, is the part of a commercial lease that should spell out what a tenant’s pro-rata share of the operating expenses incurred by the landlord is in the operation of the building or shopping center.

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Tangible Property Regulations: Expense it or Capitalize it?

Complying with the new regulations will likely require many taxpayers to change their current methods of accounting.

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Three Simple Steps to Reduce Your 2014 Business Taxes

As we head into the final month of 2014, it’s a good time to make sure you are taking advantage of any tax-saving opportunities available to you. One of these potential savings applies to the IRS issued Revenue Procedure 2014-15 related to the disposition of assets (assets that are no longer in use). Taxpayers who […]

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The New IRS Repair and Maintenance Regulations Can Help You and Your Business

Effective September 19, 2013, the Internal Revenue Service (IRS) has finalized the regulations regarding the deduction and capitalization of expenditures related to tangible property (commonly referred to as the repair and maintenance regulations). These final regulations apply to taxable years beginning on or after January 1, 2014. There are new provisions in the regulations that […]

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