Business Tax Quarterly Suggested Readings - Summer 2019
July 01, 2019
R&D Tax Credit-Related Content
Manufacturers interested in the research-and development tax credit may still question eligibility. As a first measure, it’s critical to vet manufacturing-related activities through a four-part test.
In the latest evidence, Illinois approved a measure to extend a state-level research-and-development tax credit. Meanwhile, New York has a similar credit, and in its case, permanent.
In leveraging the tax credit, major corporations are netting major savings. This occurs when qualified research and development spending is subtracted from the total calculated tax.
Following the social media giant’s libra announcement, the world’s first cryptocurrency hit a 15-month high. Unlike the media hype that surrounded its 2017 performance, however, bitcoin’s strong gains this year may also be fueled by greater demand from professional investors.
Even as new tax guidance on cryptocurrency transactions is pending, the IRS is stepping up enforcement. The agency is preparing notices to taxpayers identified through a document-matching program who may have omitted or underreported cryptocurrency income.
Signaling the mainstreaming of crypto payments, one of the largest U.S. telecommunications providers has announced that customers can now pay bills with virtual currency. However, the payments could trigger unintended tax consequences, reports Bloomberg Tax.
Business Tax Quarterly - Summer 2019