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September 2016

An R&D Tax Credit Success Story: TCC

McGuire Sponsel would like to feature The Consultants Consortium, Inc. (TCC), a client that engaged us to conduct Research and Development (R&D) Tax Credit Studies.  TCC is a software development and implementation company that specializes in consulting services and IT solutions. The company focuses on software design, software architecture, and the integration of new system solutions and products.  

McGuire Sponsel conducted on-site fieldwork, which consisted of interviews and reviewing contemporaneous documentation, to determine which activities, projects, and employees were eligible as qualified research. Time-tracking data was used to extract qualified percentages and thereby create a strong case in terms of substantiation. In seeking qualified R&D Tax Credits, McGuire Sponsel was able to include the wages of employees who participated in either software development or solution testing directly or in a supervisory or support role. 

“We have had the pleasure to work with McGuire Sponsel, which has assisted us in obtaining R&D Credits along with Economic Incentives," states Alison Maloof, CFO of TCC Software Solutions. "TCC is thrilled to work with McGuire Sponsel and their team of experts. I strongly recommend McGuire Sponsel to any company looking to obtain R&D Tax Credits, Economic Incentives or Cost Segregation Studies.”

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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.


IRS Releases Audit Guide Related to the Tangible Property Regulations

Dave McGuire

Most taxpayers finalized the implementation of the Tangible Property regulations over a year ago.  As a reminder, these regulations covered how to determine when an expenditure is capital versus when an expenditure can be treated as an expense.  In most situations, the implementation of these regulations is considered to be taxpayer favorable.  Most taxpayers that correctly implement these regulations will find that more items can be expensed as compared to the old rules.
During the implementation process many taxpayers were required to file a Change in Accounting Method, also known as a form 3115.  Due to the number of these forms and the new changes related to the Tangible Property Regulations, the IRS issued an Audit Techniques Guide on September 14, 2016, detailing how auditors are to deal with these new changes.  While an Audit Techniques Guide does not set precedent, it does provide valuable insight into how the IRS interprets the new regulations.  Most of the guidance offered in this manual follows closely with how most tax preparers were implementing these rules.  However, it is important to highlight a few areas in this new guidance.

Get Proactive: 6 Steps to Help Clients Maximize State and Local Incentives

Steve Brunson

Featured in Accounting Today, Steve Brunson discusses the necessary steps for clients to maximize state and local incentives.

How often do you read headlines in the local business journal about companies receiving state and local incentives to expand or relocate? Are your clients in the headlines for incentive deals? If not, you may be able to help them get there—and create a lot of value and goodwill in the process.

Growing companies create jobs, bring income into the area, train skilled workforces and produce tax revenues for state and local governments. When companies look to expand operations, make capital investment or add new jobs, state and local economic development teams have a variety of discretionary incentives at their disposal to help them attract and retain business. These include time sensitive discretionary incentives, including tax abatements, payroll tax credits, infrastructure grants, lower- or no-interest loans, training grants and tax increment financing. Every state and location is different in what they can provide and how aggressively they use incentives to attract and retain business.


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