Tax Warrior Chronicles

Opportunities to Increase Cash Flow from 2018–2020 Business Losses

Posted on Wed, Apr 22, 2020

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides relief to taxpayers with net operating losses (“NOLs”) and excess business losses (“EBLs”) arising in taxable years 2018 to 2020.  The IRS recently issued guidance related to the new NOLs rules under the CARES Act, which are favorable to taxpayers seeking such relief.

 

Background – Net Operating Losses

Generally, NOLs for businesses and individuals can offset income in future or prior tax years when the company or individuals have income.  The 2017 Tax Cuts and Jobs Act (“TCJA”) changed the NOL carryback and carryforward rules by disallowing all carrybacks NOLs arising in taxable years beginning after December

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VLOG - Tax Tips for Law Firm Partners

Posted on Mon, Jan 27, 2020

By: Irina Moyseyenko, CPA, MT

 

In our first vlog of 2020, Irina Moyseyenko, CPA, MT, gives three (3) important tax and cash-flow planning tips for newly dubbed law firm partners.  The way you are now paid is different and you need to plan accordingly. Click on the image to view. 

 

 

 

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IRS Tax Credit Helps Pay for R&D

Posted on Mon, Jul 28, 2014

In today’s competitive business environment, organizations are constantly changing their products to meet their customers’ demands.  The process can be costly.  Developing software, training staff, refitting machinery, testing ideas and securing new supplies are all part of the process.

 

If your company has technical struggles developing a new product or process, you should consider the federal Alternative Simplified Research Credit (ASC).  In reality, the credit may help finance your company’s R&D activities and increase the owner’s after-tax cash flow. Here’s how it works.

 

Industries that benefit most from this credit are in the technology and/or manufacturing fields.  But, the

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