McGuire on the Wire Episode 80

TJ Sponsel and David Seibel, EA, join the podcast this week to discuss the recent IRS guidance on Section 174 and overview our efforts to bring a resolution.

On July 20, 2023, the Internal Revenue Service (IRS) released Chief Counsel Advice Memorandum AM 2023-005, which provides further guidance for determining if an employer qualifies for the Employee Retention Credit (ERC) through a full or partial suspension of operations due to a supply chain disruption.

Dave McGuire and David Seibel, EA, discuss where Section 174 stands today and provide guidance on how to move forward.

Mike Hammel, MAcc, joins the podcast to discuss leveraging specialty tax services for government contracting.

In his latest piece in Accounting Today, Dave McGuire discusses the effect that reducing bonus depreciation has on cost segregation.

As we approach the midyear point for 2023, it is a good time to revisit where certain aspects of specialty tax stand. Between amortization requirements for 174, leveraging down of bonus depreciation, and all changes under the IRA for energy incentives, it is a complicated year for CPAs and your clients. In this webinar, we will review the major changes, discuss how these changes can be used as planning opportunities, and discuss legislative efforts to update and change these provisions.

On June 13, 2023 the House Ways and Means Committee voted to pass the “Build It in America Act.” This legislation, which passed along party lines 24-18, includes extensions to multiple expired business provisions, including the ability to deduct 174 expenses.

In his latest piece in Forbes, Dave McGuire discusses the Inflation Reduction Act of 2022 (IRA) signed into law by President Biden in August of 2022; the law created new credits and concepts, including prevailing wage and apprenticeship requirements. With the dust beginning to settle on the law and updated IRS regulations, it’s a good time to look at how businesses can access the incentives in this law.

On June 1, 2023, McGuire Sponsel opened an office on Phoenix, Arizona, as the firm continues to build partnerships with CPAs and clients across the West Coast.

Kelsey Brewer and Tim LeMasters join the podcast to discuss the growth of McGuire Sponsel and our recent expansion to Phoenix.