by Michael J. Devereux II, Mueller Prost On Sept. 5, 2013, the US Treasury proposed five changes to regulations defining research expenditures under Internal Revenue Code §174. As an added bonus, Treasury indicated that taxpayers may rely upon these proposed regulations for all tax years. On July 18, 2014, these regulations were finalized with minimal changes. The first … [Read more...] about US Treasury Expands Definition of Research Expenditures
Legal / Accounting
Federal Research Credit Extended and Improved
by Michael J. Devereux II, Mueller Prost On Dec. 18, President Obama signed the Protecting Americans from Tax Hikes Act of 2015, also known as the "tax extenders package." We are pleased to announce that the Research Credit has become a permanent fixture of the Internal Revenue Code! In addition, the tax extenders package makes a number of changes to how taxpayers may … [Read more...] about Federal Research Credit Extended and Improved
Obama Signs “Extender” Legislation
by Michael J. Devereux II, Mueller Prost On Dec. 16, 2014, in the last vote of the 113th Congress, the U.S. Senate passed H.R. 5771, the Tax Increase Prevention Act of 2014, commonly known as Extenders. The Senate passage of the Extender legislation paved the way for President Obamas signature, which he gave just three days later. Had this legislation not been passed, … [Read more...] about Obama Signs “Extender” Legislation
US Tariffs on Steel and Aluminum Imports: Action Items for Businesses
Dave Andrea, Daron Gifford and Bryan Welsh Plante Moran By now, you've heard about the new tariffs on imported steel and aluminum instituted in early March 2018. It's no surprise many businesses have questions and concerns. Here's our overview and key actions to consider. The situation The 25 percent tariff on imported steel and 10 percent tariff on aluminum were based on … [Read more...] about US Tariffs on Steel and Aluminum Imports: Action Items for Businesses
Tax Reform Implications for the Plastics Sector
by Michael J. Devereux II, CPA, CMP, partner Mueller Prost Against the odds, the Republican-led Congress and President Trump were able to pass the Tax Reform & Jobs Act of 2017 (The "Act"). As such, most plastics processors will see a drop in their tax bills, beginning in 2018. Many of the provisions plastics processors rely upon to compute their federal tax liability … [Read more...] about Tax Reform Implications for the Plastics Sector