The 2022 Tax year is swiftly coming to an end. Taxpayers should be on the lookout for three provisions effective January 1, 2023 which could have a significant impact on entity returns for the manufacturing industry; (1) the Tax Cuts and Jobs Act (TCJA) of 2018’s amendment to §174, (2) the Internal Revenue Code (IRC)… [keep reading…]
Tag: research and development
Changes to Tax Treatment of R&D Costs on the Horizon
While the Tax Cuts and Jobs Act (“TCJA”) is nearly four years old, some of the key provisions of the legislation have not yet taken effect. Among these provisions are the changes to Section 174 of the tax code, which covers the deductibility of research and development expenditures. Companies that operate within the manufacturing industry… [keep reading…]