Department of Labor announced the final overtime rules that go into effect on January 1st, 2020. Learn more from our subsidiary Workforce Solutions.
The Tax Cut and Jobs Act of 2017 (TCJA) eliminated many business deductions, but it didn’t touch the research and development (R&D) tax credit, which was made permanent with the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act).
Although many businesses meet the qualifying criteria, small and midsize businesses often don’t realize they can take advantage of this potentially lucrative dollar-for-dollar credit. Most businesses that design, develop or improve products, processes, techniques, formulas, inventions or software, however, can claim the credit. With some exceptions, like advertising and quality control expenses, R&D expenses are deductible to qualifying businesses.
Taxpayers who do continue to itemize, generally high-net worth individuals, can continue to deduct their charitable contributions.
The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.”