Final Bonus Depreciation Regulations Issued

The IRS issued final regulation on bonus depreciation under IRC Sec. 168(k) on September 16, 2019. This was a follow up to their previously issued proposed regulation released in August 2018. The final regulation clarified that qualified improvement property placed in service after 2017 is no longer eligible for bonus

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Research and Development Tax Credit Expansion Act

On July 22, 2019, a bill (the Research and Development Tax Credit Expansion Act) was introduced that would be effective for taxable years beginning after December 31, 2019 to expand refundability and increase simplification of the research credit for certain small businesses. The Research and Experimentation (R&E) tax credit promotes

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GILTI or not GILTI?

Additional regulations for Global Intangible Low-Taxed Income (“GILTI”) were released on June 14, 2019.  Taxpayers were relieved to find two favorable adjustments: Proposed GILTI high-tax exclusion Final guidance on how to calculate GILTI for partnerships High-Tax Exclusion GILTI was put into place to tax the intangible earnings of companies and

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