Taxpayers may now enjoy significant savings for the 2014 tax year.   On December 19, the President approved the Tax Increase Prevention Act of 2014.  The Act retroactively renews several provisions, collectively referred to as tax extenders, that expired on December 31, 2013.  Although the bill is a temporary solution and will not renew the incentives [...]

Designed to foster technological advancement, §41 of the Internal Revenue Code (Research and Development Tax Credits) offers generous tax incentives to taxpayers engaged in qualified research.  Due to the complexity of its requirements, this lucrative credit is often underutilized by small to medium sized businesses. To harness the most dramatic savings under the lucrative R&D Tax Credit, businesses [...]

On July 1, 2014, a powerful tax incentive capable of saving businesses over $8 million per year took effect in California. (Note: The exact maximum savings is $8,375,000. I got this amount by calculating $200 million x 7.5% = $15 million, then calculating $200 million at the reduced rate of 3.3125% = $6,625,000. The difference [...]

Collectively, the U.S. and China account for over one-third of the world’s climate-disrupting gas emissions.  So when the two countries engaged in a mutual commitment to significantly reduce emissions earlier this month, skeptics naturally wondered whether the stated goals are actually attainable.  The U.S., for example, vowed to reduce emissions by 26-28 percent compared to [...]

Update per GovTracks.us: H.R. 5771: Tax Increase Prevention Act of 2014 Introduced:  Dec 1, 2014Status: Approved by President Obama December 19, 2014.On December 1, legislators introduced H.R. 5771, also known as the Tax Increase Prevention Act of 2014. The House passed the Bill Dec. 3 and the Senate Dec. 16.  The President has now signed [...]