Insights by Author: Devin Witt

Section 174 Research Deduction Changes for 2022

November 19, 2021

Have you been deducting your R&D expenses as they occur? Starting in the new year, that…

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Can I Claim a Home Office Deduction During COVID?

August 11, 2020

Many of us have rearranged, redecorated, or reimagined our homes to convert them into office spaces…

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Tax Tips for Law Firms

January 31, 2020

Whether you’re a partner or an associate in a law firm, the IRS has rules that…

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Tax Deductions from Land Donations Under Scrutiny

January 16, 2020

The IRS announced that they will be keeping a watchful eye on certain land donation deals…

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CA, You’re Not Alone – Treasury Bans All SALT Deduction Workarounds

July 30, 2019

The Treasury Department and the IRS recently issued final regulations blocking all states from trying to…

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IRS Released Safe Harbor Guidance for Vehicle Deductions

April 3, 2019

The IRS recently released a safe harbor method that harmonizes 100% bonus depreciation with the annual…

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Teach Them Young – How to Leverage Summer Job Salaries

July 31, 2018

If you want to teach your child the value of a dollar this summer, take a…

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New Bill Delays Three Taxes

April 9, 2018

The president signed a “continuing resolution” on January 22, delaying three health-related taxes: the medical device…

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New Option for Claiming Research Credit

May 19, 2017

The IRS recently provided interim guidance to qualified small businesses on a new option for claiming…

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CA Partial Sales and Use Tax Exemption

August 26, 2014

As a way to encourage economic growth in California, a new tax law recently went into…

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SAS 136: Preparation before year end

As previously communicated, Statement on Auditing Standards (SAS) 136, Forming an Opinion and Reporting on Financial ...
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On Your Mark, Small Businesses: Get Set to Reserve the 2021 Main Street Hiring Credit

The Main Street Hiring Credit has been reenacted for 2021, bringing financial relief to small businesses ...
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What To Know About the New Lease Accounting Standard

Every day that passes marks less time for private companies to get ready for ASC 842, ...
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Credit for Other Dependents: A CTC Alternative

The IRS is reminding families about the Credit for Other Dependents, a tax credit available to taxpayers for ...
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Document Management and Recordkeeping for Nonprofits

If you work for a nonprofit that's funded by grants or donations, you need to keep ...
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Estate Planning for High-Net-Worth Individuals

President Biden's proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up ...
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The Future of Global Minimum Tax and Multinational Corporations

The "race to the bottom" of international tax rates may soon come to an end. The ...
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How to Claim the Employee Retention Tax Credit

Congress created an employee retention tax credit to retain employees on their payroll during the pandemic. ...
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Child Tax Credit Advances Start July 15

On July 15, 2021, the IRS will start sending monthly child tax credit payments to qualifying ...
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Are You Ready To Retire Early?

Maybe your job, even your entire sector, has disappeared in 2020's economic turmoil. Or perhaps you ...
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Accounting Tips to Benefit Your E-Commerce Business 

E-commerce marketplaces popped up in the early 1990s and have been on the rise ever since. ...
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A New Frontier in Cryptocurrencies: What are NFTs?

Non-fungible tokens — a player in the shadowy cryptocurrency world — have increasingly been making their ...
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