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April 2015

McGuire Sponsel Announces Kyle Riddle's Shareholder Status

McGuire Sponsel is excited to announce that Kyle Riddle is now a shareholder in the firm. Having worked with many of our alliance firms and clients over the years, Kyle has a strong commitment to client service and growing McGuire Sponsel. 
In 2006 Kyle began conducting cost segregation studies at another firm. It was there that Kyle met and started working with Dave McGuire and TJ Sponsel. When Dave and TJ formed McGuire Sponsel in 2007, Kyle made the move as well.
Previously performing both Cost Segregation and R&D Tax Credit studies, in March 2008 Kyle transitioned to the R&D Tax Credit Practice fulltime. In the years since, the R&D Tax Credit Practice has grown exponentially, as has Kyle's influence on the Practice. Kyle now oversees the day to day operations of the Practice, still managing some of the projects, as well as collaborating with clients that are under IRS or state audit.  

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Trusted Partners.
Proven Solutions.

Conceived out of the need to provide tested and proven specialty advisory solutions, McGuire Sponsel partners with accounting firms to offer cost segregation studies, research and development studies, IC-DISC studies, and financing & economic incentive opportunities.

Clarifying the Proposed Software Regulations

T.J. Sponsel II
Managing Director

Now that another tax season has concluded, I wanted to revisit the Proposed Treasury Regulations that address the definition of Internal Use Software for the R&D Tax Credit. For those of you that didn't see these regulations when they were released in January, the Internal Revenue Service released Proposed Treasury Regulations that improve the R&D Tax Credit for closely-held businesses, specifically as it relates to internal use software development.
As I shared back in January, there has been much confusion over the years on what is truly considered internal use software development versus software being developed with the intent to sell, lease or license. 

Have you Accessed the Benefits of the Repair Regulations?

David McGuire

With another tax season over, it gives us time to review what effect the repair regulations had on taxpayers.  The ordinary stress of a busy tax season was compounded by the delay in issuing clarification on these regulations.  In February the IRS issued Revenue Procedure 2015-20, which lessened the requirements related to the changes in accounting method for certain small taxpayers.  This regulation also opened up a request for comment on whether the de minimis safe harbor limit needed to be increased.  While this relieved the administrative burden for some taxpayers, it came too late for others.
The implementation of these regulations gave us a chance to review where taxpayers have utilized these regulations to seize opportunities.  These include writing off disposed assets or removing assets that are now considered repairs. In order to speed up the implementation of these regulations, some taxpayers and professionals may have incorrectly enacted parts of these new regulations and, thereby, created some exposure.  

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