Federal and state research credits (often referred to as the “research and development,” “R&D” or “research and experimentation” credit) are among the most valuable tax incentives available today. But many businesses overlook these tax breaks because they mistakenly believe that they don’t qualify or wouldn’t benefit. In recent years, federal legislation credit and explains which companies are eligible for it.

These brief tips detail a recent U.S. Supreme Court case highlighting state taxation of trust income; explain why now may be a good time to forgive intrafamily loans, and explore the benefits of deducting employee bonuses this year and paying them next year.

One byproduct of the U.S. tax system, under which married couples file joint tax returns, is that marriage may produce a tax penalty or bonus, depending on a couple’s particular circumstances. In other words, when couples marry, their tax liability may be more or less than their individual tax liabilities combined. Using fictional examples, this article explains how getting married can affect your tax bill.

Business owners are still getting used to the massive tax law changes that generally went into effect last year. But it’s still possible to take steps before the end of the year to reduce liability. This article presents some options to consider, such as making capital purchases, establishing a new retirement plan and reviewing entity structure. The article also points out that all of these strategies could affect other aspects of a business’s tax planning, so obtaining professional advice is essential.

The end of the year is an excellent time to revisit your tax strategies with an eye toward ensuring you’re taking any and all actions needed to reduce your tax bill — before it’s too late. One area to look at is capital gains. Rising value is a good thing, but if you sell an investment, be aware that the gains are potentially taxable. This means that, depending on the kind of asset it is, your tax bill might increase along with the proceeds of the investment sale. But with proper planning, you can reduce your capital gains tax liability — and avoid unpleasant surprises.

When an individual changes jobs, an important consideration is how to handle any money accumulated in his or her current employer’s retirement plan. Although on option is simply to withdraw the funds, this can be costly. This article suggests several strategies, including leaving the funds where they are or rolling over the funds to an IRA, that will help people changing jobs avoid unfavorable tax consequences and penalties.

Equity-based compensation is a powerful tool for attracting, retaining and motivating executives and other employees. By rewarding recipients for their contributions to a business’s success, it aligns their interests with those of the company and provides them with an incentive to stay. This article explores several equity-based compensation options.

It may be advantageous to file a gift tax return when transferring property to a family member, even when one isn’t required. If the return meets the IRS’s “adequate disclosure” requirements, the three-year statute of limitations clock starts. This article explains why filing a gift tax return can reduce future tax surprises and defines “adequate disclosure.”

A major decision for those who are newly retired, or planning on retiring soon, is deciding what to do with the savings accumulated in their company’s 401(k) plan. This article discusses the various factors to consider before making a decision.

We are pleased to announce the recent hires to our firm! Read more about the new faces in our firm.