Lease accounting is going to have a drastic makeover. Are you Ready?

Accounting standards codifiction 842 is the new lease accounting standard that replaces the previous leasing standard 840.  The new standard aims to overcome the major loophole in ASC 840 - "Off-Balance Sheet Operating Leases."  

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Could your process of experimentation save you money?

Many companies do simulations, modeling, or hypothesize to improve something they already do or create a new product. If this sounds like your company, you could be saving money on your taxes. So far, we have discussed permitted purpose and the elimination of uncertainty test.

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R&D Tax Credit Studies: The Elimination of Uncertainty Test

99 percent of people would agree that by improving the look of something you make it better than it was. Well for the research and development tax credit, you need to do more than just improve the visual appeal of a product. To qualify, your company must pass four tests.

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First Time Intern

During my fall semester of 2016, I attended my university’s business fair. Many recruiters and students were in attendance. I spent the day listening to presentations, asking questions, handing out my resume, and giving quick elevator speeches to recruiters. The one company that stood apart from the rest was PriceKubecka. The recruiters were personable in the way they engaged the classroom of future accountants and took the time to talk to us individually.

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401(k) Plans Can be a Business Owner’s Best Friend

Many small business owners see a 401(k) as an unnecessary expense they may not be able to afford. However, a 401(k) plan is not out of reach and is incredibly beneficial to business owners of any size. Here are some of the benefits they can offer:

Helps recruit and retain employees

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Keeping an Eye on Your 401(k) Service Providers

Towards the end of last year there were several news stories covering the FBI’s raid of Vantage Benefits Administrators, Inc., a Dallas-based third-party administrator. Since that raid, there have been lawsuits brought by plan sponsors filed against Vantage, Vantage’s President Jeff Richie and his wife, advisors who referred the plan sponsors to Vantage, and Matrix Trust Company, who served as trustee for several of these plan sponsors.

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An Ideal Fit

Working at PriceKubecka as an audit intern has been an amazing experience. I knew when I was searching for an internship that I didn’t want to go the typical route and intern with a Big Four firm. I wanted to work at a firm that was innovating, as well as one where I could make an impact and see the bigger picture of the firm. When I met PK at my school’s career fair, I could feel their enthusiasm and I knew they were the firm I wanted to work for.

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R&D Tax Credit Studies: What is the Permitted Purpose test and why does it matter?

Many people hear about all the ‘work’ associated with completing a research and development (R&D) tax credit study, but the reality is that the savings associated with this credit make it more than worth it, which you can read about in a prior blog. Although, to receive all these benefits, your company must pass four qualifying tests.

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R&D Tax Credit for Architects: Let the Government Pay You for Your Great Designs

The Research and Development (R&D) tax credit is often thought of as a credit created for research done by scientists with white lab coats in a laboratory.  This is simply not true.  In 2003, the IRS relaxed the rules for claiming the credit which opened it up to a wide range of industries, including architecture firms.

How does getting a significant tax credit for something that you already do sound?

Generally, architecture firms spend more than half of their time on activities that qualify as R&D expenses.  These activities include:

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Is the Research and Development (R&D) Tax Credit Worth the Hassle?

In a world where technology reigns supreme, more people than ever could qualify for the research and development tax credit. Under section 41 of the Internal Revenue Code, companies that work in the world of technology, have a qualified purpose, engage in elimination of uncertainty, and utilize experimentation, may be eligible for the R&D tax credit. With the recent broadening of the qualifying parameters most technology, engineering and architecture companies can take advantage of this credit.

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