by Teri M. Samples, CPA and Michael J. Devereux II, CPA, Mueller Prost After nearly a decade of issuing a long series of proposed and temporary regulations, the IRS finally has issued final regulations providing guidance to help taxpayers determine how to treat repair and maintenance expenditures related to tangible property from a tax perspective. Such property includes … [Read more...] about New Repair Regs Impact Property and Equipment Owners
Tax Issues
Benefits and Burdens of the Domestic Production Activities Deduction
by Michael J. Devereux II, CPA, Mueller Prost PC Enacted in 2004, the Domestic Production Activities Deduction (DPAD)1 is generally nine percent (9%) of a taxpayer's qualified production activities income (QPAI or qualifying income) for the tax year.2 The DPAD is designed to be the economic equivalent of a three percent (3%) reduction in tax rate on qualifying activities. This … [Read more...] about Benefits and Burdens of the Domestic Production Activities Deduction
Medical Device Tax Could Make Health Care Less Affordable
by The Tax Foundation The federal medical device tax, which went into force on Jan. 1, will have an adverse effect on the medical device industry, consumers and the economy according to an analysis by the Tax Foundation. Economist Kyle Pomerleau found the provision represents poor tax policy and should be repealed. The 2.3 percent excise tax on the manufacturers of medical … [Read more...] about Medical Device Tax Could Make Health Care Less Affordable
Cliff Notes and Other Tax Changes
by Michael J. Devereux II and Adam J. Herman, CPA/ABV/CFF, CVA, ASA, CFE, Mueller Prost PC On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (2012 Act), thereby retroactively averting the so-called "fiscal cliff." Absent any action by Congress, tax rates would have increased for all Americans and many of the tax provisions plastics … [Read more...] about Cliff Notes and Other Tax Changes
Substantiating Research Tax Credits in Today’s Environment
by Michael J. Devereux II and Adam J. Herman, CPA/ABV/CFF, CVA, ASA The Credit for Increasing Research Activities, also known as the Research & Experimentation (R&E) tax credit or Research & Development (R&D) tax credit, is a rewarding program of which plastics processors may take advantage to reduce their Federal (and in some cases State) income tax … [Read more...] about Substantiating Research Tax Credits in Today’s Environment