Posts by BRAYN Consulting, LLC
Superseding Returns and the R&D Payroll Election
With the final income tax extension deadline upcoming quickly, this article touches on some quirks involved with filing a second income tax return within the timely filing period, including extensions, also known as a superseding return.
Read MoreEngineering Tax Deductions (179D), the CARES Act, and Making the Most of 2020
BRAYN Consulting is a proud sponsor of ACEC’s Rescue/Recover/Rebuild (R3) Webinars, which brings you a new series of online education offerings to help your firm navigate the uncertainties of the COVID-19 business environment. We invite you to join us on Tuesday, June 23rd at 1:30 pm ET for Engineering Tax Deductions (179D), the CARES Act, and…
Read MoreCARES Act Revises NOL Rules and Opens Door For Unclaimed R&D Tax Credits
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides companies and individuals with a host of tax saving opportunities. We previously discussed the benefits that the qualified improvement property (QIP) fix provides for any taxpayers who have incurred renovation costs since 2018. This article focuses on the impacts to net operating loss (NOL)…
Read MoreCELEBRATING 10 YEARS IN BUSINESS – a letter from Founder & CEO, Brady Bryan
Ten years ago, I began a journey with a simple mission: serve small to mid-sized businesses with specialty tax incentives under fixed-fee only engagements. When Zachary, my third child, was born ten years and three months ago, holding and taking care of him gave me a new perspective on life. By the time I started…
Read MoreStimulus Package Update
The CARES Act was passed into law on March 27, 2020 and we will be providing information on how taxpayers are affected and what actions BRAYN is taking to advocate for our clients. Qualified Improvement Property (QIP) Section 2307 of the CARES Act is a technical amendment regarding Qualified Improvement Property (QIP). This technical amendment…
Read MoreBRAYN Welcomes Two New R&D Tax Consultants to Our Team!
We are excited to introduce Justin Stone and Leslie Osborne. They both joined BRAYN in December and are jumping in with both feet as our newest R&D Tax Consultants.
Read MoreTax Court Finds That Architecture Firm’s Fixed-Price Contracts Qualified For Research Credits
by Geoff Garber, Partner and Justin Stone, Tax Consultant Quick Take Taxpayers claiming the federal research tax credit for work under fixed-price contracts received a significant win from the United States Tax Court (“the Court”). On December 6, 2019, the Court issued an order granting summary judgment to the taxpayer, Populous Holdings, Inc. (“Populous”), finding…
Read MoreUpdate: Tax Extenders Finalized (45L & 179D Energy Efficiency Incentives Extended to 2020)
The president signed into law a $426 billion tax cut plan that, among other things, extended several expired provisions of the tax code.
Read MoreTAX EXTENDERS UPDATE – November 2019
Politico reported last week that the House Ways and Means Committee Democrats are likely to unveil a “green energy” incentives package in the coming days, possibly as soon as the week of November 18th. The package could be a discussion draft or a more formal legislative proposal, but either way it is likely to include expired and expiring tax breaks for renewable energy and energy efficiency, such as 179D and 45L.
Read MoreSoft Costs: Depreciable or Not?
by Eric Rader, EIT, Engineering Associate What soft costs should be included in the depreciable cost basis? This is a very common, and confusing, issue for many property owners. A variety of soft costs can be accrued over the course of constructing a new building, renovating an existing building, or the acquisition of a property.…
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