OSCPA's Financial Planning Series: ERC, R&D, Section 174 & Energy Tax Credits: Compliance & Planning Considerations - Virtual
2.00 Credits
Member Price $80
Non-Member Price $105
Overview
Session 3 Description:
Staying up-to-date with the latest tax breaks and incentives, such as the Inflation Reduction Act of 2022 can help you guide clients towards the most appropriate decisions. For instance, many small- and medium-size (SMBs) businesses may be missing out on an opportunity to reduce their income taxes and or payroll taxes through tax credits such as the research and development (R&D) tax credit. Many are unaware that R&D doesn’t apply just to organizations doing hard core science. In fact, any business in any industry that is investing time, effort and resources to improving products, processes or solutions is eligible for the federal R&D tax credit and possibly state R&D tax credits.
Businesses engaged in research and development (R&D) activities and those businesses that may have taken advantage of the employee retention credit (ERC) as well as businesses that have an unexpected tax liability. Recent changes have made claiming tax credits more complicated, coupled with the impact of Section 174 amortization implementation on annual tax liabilities. Additionally, with the Inflation Reduction Act of 2022, new tax credits and related transferability rules have been established for a variety of “energy related” investments. For these reasons, accountants must understand the rules and regulations surrounding R&D and ERC tax credits.
Join us for an update on tax year 2024 compliance considerations and a review of key statutory milestones in 2024 to gain valuable insights to help you navigate the complexities of these tax credit programs.
This OSCPA series will cover Financial Planning topics integral to advising clients and staying up-to-date on hot topics.This event will consist of four individual events each consisting of 100-minute sessions scheduled over the month of September on the following dates:
- Tuesday, September 3, 2024
- Tuesday, September 10, 2024
- Tuesday, September 17, 2024
- Tuesday, September 24, 2024
Hear from local leaders with combined decades of career experience. This session is recommended for two hours of CPE.
Objectives
- Provide an update on recent IRS guidance for ERC
- Review the history of R&D and 174 Amortization Change
- Interpret the draft form 6765 for 2024
- Analyze recent court cases related to R&D and ERC
- Discuss energy credits and the Inflation Reduction Act of 2022
- Develop a plan to monetize and utilize tax credits
This event is part of the following bundles:
Leader(s):
Leader Bios
Michael Smith
Michael A. Smith, CPA, CGMA is the Director of Tax, Strategic Partnerships & Alliances at ADP. He is an accomplished leader in the field of accounting and tax, boasting nearly three decades of experience. With expertise in traditional income tax compliance, planning, and consulting, he has effectively served clients of various sizes across multiple sectors. His proficiency extends to big data analytics, accounting, tax provisions, and financial operations.
Michael’s knowledge encompasses statutory credits and negotiated incentives, including a comprehensive understanding of the Research & Development Credit under the P.A.T.H Act of 2015. He actively engages in strategic partnerships through ADP’s Tax Credit Services business unit, expanding service offerings to encompass cost segregation, property tax, sales & use tax, 179D energy and solar renewable credits within the Inflation Reduction Act of 2022. Utilizing cutting-edge data analytic tools, Michael advises businesses on optimizing available tax benefits, grants, and incentives to enhance their financial outcomes. His dedication to excellence and commitment to client success make him a valuable asset in navigating complex tax landscapes.
Non-Member Price $105
Member Price $80