Broadcast Date: Wednesday, August 30, 2023
from 12:00 pm to 1:30 pm (ET)

Overview:

Encouraging and supporting research and development (R&D) has been a fundamental principle in U.S. tax policy. The R&D tax credit allows many small and medium businesses to innovate and financially grow. However, in 2022, the Congress implemented a significant change to IRC Section 174 which mandates R&D costs to be amortized over five years, rather than taking an immediate deduction. This resulted to a substantial tax burden on businesses.

To ensure compliance and maximize the benefits of R&D tax credits, companies must keep tabs on the new legislative developments that will likely impact their tax liability.

Listen as a panel of distinguished thought leaders and practitioners organized by The Knowledge Group offer a comprehensive roadmap to successfully navigate the recent shifts in R&D tax credits and amortization. Speakers will provide powerful insights on how to leverage opportunities.

Key topics include:

  • R&D Tax Credit Updates
  • Notable Implications of Amortization on Businesses
  • How to Maximize R&D Tax Credit Opportunities
  • Best Compliance Strategies
  • What Comes Next?

Learning Objectives:

  • Understand the recent shifts in R&D tax credits and amortization and their implications on businesses.
  • Learn effective strategies to maximize R&D tax credit opportunities and develop best compliance practices.

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:

1410906

 

NY Category of CLE Credit:

Areas of Professional Practice

 

NASBA Field of Study:

Taxes – Technical

 

Total Credits:

1.5 CLE

1.5 CPE (Not eligible for QAS (On-demand) CPE credit)

Speaker Panel:

Michael Silvio, CPA, Tax 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.

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., 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.

Martin Karamon, J.D., LL.M., Partner
Cherry Bekaert Advisory LLC

Martin Karamon, J.D., LL.M. focus on delivering federal tax credits and incentives services. His specialties include federal and state research credit analyses, Employee Retention Credits, New Markets Tax Credit services, hiring incentives including the federal Disaster Recovery and Retention credit, the Employee Payroll Retention Tax Credit, Qualified Opportunity Zone services, and IRS defense services.

Agenda:

Segment 1

Michael Silvio, CPATax Partner

Recognized Leader in the Federal Credits and Incentives Tax Specialty

Macias Gini & O'Connell, LLP

  • What is Sec. 174 capitalization and how does it differ from the R&D credit?
  • Discussion of the history behind how the Sec. 174 costing rules arose.
  • Discussion of Sec. 174 costs to include and potential methodologies for determining qualifying costs.

 

Segment 2:

Mike Woeber, President and Co-founder

Tax Advisor & Accounting Consultant

Corporate Tax Advisors, Inc.

  • Beyond Section 41 QREs
  • Foreign Activity
  • Depreciation and Amortization
  • Other Incidental Costs for Development
  • Section 174 Costs – Software Development
  • Software Licenses and Data Subscription

 

Segment 3:

Martin Karamon, J.D., LL.M., Partner

Cherry Bekaert Advisory LLC

  • Substantiation of IRC Section 174 Costs
  • Mathematical Example of Capitalization and Amortization over five years.
  • New Administrative Guidance

Date & Time:

Wednesday, August 30, 2023

12:00 pm to 1:30 pm (ET)

Who Should Attend:

  • R&D Tax Credit Professionals
  • Tax Lawyers
  • Tax Directors
  • Tax Managers
  • Tax Executives
  • Tax Associates
  • Tax Advisors and Analysts
  • Tax Compliance Officers
  • Chief Financial Officers
  • Controllers/Comptrollers
  • Accountants
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SPEAKERS

Michael Silvio, CPATax Partner
Recognized Leader in the Federal Credits and Incentives Tax Specialty
Macias Gini & O'Connell, LLP
Mike WoeberPresident and Co-founder
Tax Advisor & Accounting Consultant
Corporate Tax Advisors, Inc.
Martin Karamon, J.D., LL.M.Partner
Cherry Bekaert Advisory LLC

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