Broadcast Date: Thursday, January 26, 2023
from 3:00 pm to 4:00 pm (ET)
Overview:
The Tax Cuts and Jobs Act (TCJA) has been beneficial for companies engaged in research and development (R&D). It kept the R&D tax credit permanent and eliminated other tax credits and incentives in exchange for lower tax rates. However, beginning after December 31, 2021, the taxpayer option to deduct current R&D expenditures was abolished. It now requires the charging of expenditures to a capital account and amortizing them in a specified number of years.
These changes pose significant complexities to taxpayers and companies. This underscores the need to keep themselves in the loop of any further developments to successfully navigate through the uncertainties in this ever-changing legislative terrain.
Listen as tax professionals Mike Woeber (Corporate Tax Advisors, Inc.) and Michael Silvio, CPA (Macias Gini & O’ Connell, LLP) provide a comprehensive discussion of the current and emerging trends concerning R&D tax credit. Speakers, among other things, will also offer practical tips and strategies to counter challenges in this evolving legal climate.
Key topics include:
- Research and Development Tax Credits Regulations
- Recent Rule Changes Impacting Businesses
- Requirements and Qualification Standards
- Practical Tips and Strategies
- What Lies Ahead
Learning Objectives:
- Identify the major reforms in R&D credits and its impact on businesses.
- Understand and determine the qualification standards and requirements for the current R&D credits regulation.
Credit:
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-Demand Webcast
Prerequisite:
General knowledge of tax laws
Course Code:
1410369
NY Category of CLE Credit:
Area of Professional Practice
NASBA Field of Study:
Taxes – Technical
Total Credit:
1.0 CLE
1.0 CPE (Not eligible for QAS (On-demand) CPE credit)
How to Claim CLE Credits Per State:
https://knowledgewebcasts.com/how-to-claim-cle-credits-per-state/
CLE State Requirements:
https://knowledgewebcasts.com/cle-state-requirements/
CPE State Requirements:
Speaker Panel:
Mike Woeber, President and Co-founder
Tax Advisor & Accounting Consultant
Corporate Tax Advisors, Inc.
Mike Woeber is the President and Co-founder of Corporate Tax Advisors, Inc. and is based in the CTA corporate office in Huntsville, Alabama. Mike began his career in 1989 working on the auditing and accounting team with Ernst & Young in Birmingham, Alabama. He focused on financial statement audits of publicly traded manufacturers, technology, and healthcare companies. After two years in audit Mike joined E&Y’s tax group and moved to their Huntsville, AL office. It was during his early years in Huntsville that he began advising privately held businesses on a variety of accounting and tax matters. This included financial statement audits, business tax preparation and individual tax preparation. It was during Mike’s 15 years as a tax partner with a regional firm that he began focusing on the research tax credit incentive.
In 2014, Mike and a group of close associates formed Corporate Tax Advisors, Inc., with the goal of forming a national business that was not a “traditional CPA firm.” The purpose of CTA, is, as it always has been, to operate as a specialty tax consulting firm focusing solely on assisting companies in identifying potential tax credits and unique tax strategies. These include research & development, renewable energy, and employment tax credits.
Michael Silvio, CPA, Partner
Recognized Leader in the Federal Credits and Incentives Tax Specialty
Macias Gini & O’ Connell, LLP
With more than 30 years of public accounting and tax planning experience, Michael is a tax partner at MGO. He’s served businesses in multiple industries, including hi-tech, consumer product, software, biotech, life science, healthcare, manufacturing, construction, professional service, and nonprofit.
Michael’s knowledge surrounding the Federal Credits and Incentives Tax has earned him the reputation as a national leader on the topic. Over the years, he’s conducted more than 450 research credit studies for companies in various industries and served as a representative before the IRS and state taxing authorities to support and defend numerous taxpayers’ research credit claims. In addition, he has helped clients save millions in taxes consulting on tax incentives related to domestic production, accounting methods, federal and state grant programs, and energy and “green” tax incentives, including energy-efficient building incentives.
Agenda:
Michael Silvio, CPA, Partner
Recognized Leader in the Federal Credits and Incentives Tax Specialty
Macias Gini & O’ Connell, LLP
AND
Mike Woeber, President and Co-founder
Tax Advisor & Accounting Consultant
Corporate Tax Advisors, Inc.
- Review the new rules surrounding the required capitalization of research expenses.
- Discuss what types of expenses are now required to be capitalized and how to uncover these expenses.
- Discuss the impact that the capitalization of research expenses has on other areas of the tax code.
- Discuss the interplay between the capitalization of research expenses and the Section 280C election.
Date & Time:
Thursday, January 26, 2023
3:00 pm to 4:00 pm (ET)
Who Should Attend:
- Tax Attorneys
- Tax VP’s/Directors
- Tax Managers
- Tax Compliance Officers
- Tax Accountants
- Tax Executives
- Tax Associates
- Tax Supervisors
- Tax Consultants
- Tax Specialists
- Tax Advisors and Analysts
- Chief Financial Officers
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