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Changes to the R&D tax benefit beginning in 2022

  • Starting in 2022, companies must amortize their R&D costs over five years. Currently, R&D expenses can be deducted in the year incurred or paid, based on your accounting method.
  • For research conducted outside of the US, the amortization period will be 15 years.
  • Business groups are urging Congress and the White House to delay this change.
  •  Read full post...

100% Deduction for Restaurant Meals in 2021 and 2022

Recent tax law changes provide temporary relief from the 50% haircut that normally applies to the business meal deductions. The taxpayer or an employee must be at the meal. The easing applies only to:  Read full post...

Is your 72nd Birthday this year?

People who turn 72 in 2021 can postpone taking their first Required Minimum Distribution (RMD) from IRA accounts until April 1, 2022. Read full post...

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