Credits

Bringing Clarity to Fuel Excise Taxes and Credits

The federal excise taxes, tax credits, and exemptions for various types of fuel constitute a confusing area of the tax law. This item is intended to clear up much of the confusion faced by taxpayers and advisers alike when attempting to claim these tax credits.

R&D Tax Credits for Food and Beverage Companies

Food manufacturers should look closely at the R&D tax credit even if, in the past, they did not believe their activities in developing new products or processes qualified as technological research.

IRS Offers Guidance on Accounting for Black Liquor Credit Repayments

The IRS Chief Counsel’s Office addressed under what circumstances interest must accompany a repayment of the alternative fuel mixture credit received and during what year taxpayers converting the AFMC into the cellulosic biofuel producer credit should include that credit in income under Sec. 87.

Rehabilitation Credits Disallowed

The Third Circuit held that a corporate partner in a partnership was not entitled to claim historic rehabilitation credits passed through to it from the partnership because the corporation was not a bona fide partner in the partnership.

What’s New With the New Markets Tax Credit?

The IRS published final regulations relating to how an entity serving targeted populations can meet the requirements to be a qualified active low-income community business under the provisions of the new markets tax credit program.

Going Green Yields Immediate Tax Savings

Taxpayers may not be aware of many tax incentives are available at the federal, state, and local levels to defray the costs of energy-efficient equipment and systems.

Lack of Gross Receipts Does Not Preclude Taxpayers from Claiming R&D Credit

Some practitioners incorrectly assume that lack of gross receipts precludes taxpayers from taking the R&D credit. They should take a look at situations in which they may have forgone the credit because the taxpayer had no gross receipts to ensure that the taxpayer has obtained the maximum allowable credits available to it.

Work Opportunity Credits for Veterans

The IRS issued a notice that gives employers guidance on two new tax credits for qualified veterans and provides extra time to comply with some of the credits’ requirements.

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Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.

PRACTICE MANAGEMENT

2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”