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Eric R. Soro CPA

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Bipartisan Senate Bill Introduced to Assist U.S. Manufacturers

Posted by Eric R. Soro CPA

Jun 8, 2017 3:26:24 PM

On June 6, 2017, Senators Christopher Coons (D-DE) and Pat Roberts (R-KS) introduced a bipartisan bill that will help companies that design and manufacture in America. Ready for the catchy name? They are calling it the “Invent and Manufacture in America Act.” 

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Topics: r&d tax credits



Research & Development Tax Credits Video Part 2 - Does Your Business Qualify Under the IRS Test?

Posted by Eric R. Soro CPA

Apr 5, 2017 2:26:00 PM


Businesses claimed over $11 billion in federal research & development tax credits in one year, according to recently released IRS statistics. These credits are available to businesses in a wide array of industries, and new rules make it easier than ever before to derive a benefit from this credit. 
Are you paying too much in taxes by not considering R&D?

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Topics: research and development, R&D, r&d tax credits, industry, manufacturing



I have $4 Billion: R&D in a Different Light

Posted by Eric R. Soro CPA

Jun 9, 2016 9:30:00 AM

I read in a recent article that $4 billion of Research & Development Tax credits (R&D) went unclaimed in one year. The real figure is unknown, but if it is $4 Billion, you cannot help to ask yourself… Is any of that my money?

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Topics: Path Act 2015, research and development, R&D, r&d credits, r&d tax credits



New for 2016: IRS Increases Penalties on Information returns

Posted by Eric R. Soro CPA

Apr 7, 2016 2:17:00 PM

The Trade Preferences Extension Act of 2015 reads as follows:

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Topics: informational tax returns, informational returns, information returns, irs penalties



Form 720 Due July 31: Have a Specified or Self Insured Health Plan?

Posted by Eric R. Soro CPA

Jul 23, 2015 12:28:00 PM

Funding The Patient-Centered Outcomes Research Trust Fund

Affordable Health Care Act Memo | With authorization from Congress, the Patient-Centered Outcomes Research Institute conducts millions of dollars’ worth of research on how to identify the manner in which diseases, disorders, and other health conditions can most effectively and appropriately be prevented, diagnosed, treated, and managed clinically. To fund this research, Congress established the Patient-Centered Outcomes Research Trust Fund (PCORTF) as part of the numerous other health-care related measures passed under the Patient Protection and Affordable Care Act of 2010 (PPACA).  

 

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Topics: affordable health care act,



Congress Passes Extenders Package

Posted by Eric R. Soro CPA

Dec 17, 2014 4:40:00 PM

 Congress Passes Extenders Package, ABLE Act; Cuts IRS Budget

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Topics: dopkins tax, year end tax planning, Tax Extenders



SSA Increases Taxable Wage Base & Benefits in 2015

Posted by Eric R. Soro CPA

Dec 5, 2014 8:00:00 AM

The Social Security Administration (SSA) recently announced that the taxable wage base for purposes of computing the Social Security portion of the FICA payroll tax will increase to $118,500 in 2015. The SSA also announced that Social Security benefits will rise by 1.7%.

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Topics: medicare tax, social security wage base, social security



IRS REDUCES STANDARD MILEAGE RATES FOR 2014

Posted by Eric R. Soro CPA

Feb 20, 2014 1:27:56 PM

The IRS has announced a one half cent decrease in the standard mileage rates that taxpayers will use for calculating business, medical, and moving expenses in 2014. Use of the standard mileage rate is a popular alternative to using the actual expense method, which requires taxpayers to keep track of specific costs for maintenance, repairs, tires, oil, insurance, etc.

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Topics: tax, irs announcements, 1040, schedule a, travel expenses



Employee vs. Independent Contractor-- the $54 billion Tax Gap

Posted by Eric R. Soro CPA

Jan 13, 2014 12:11:08 PM

Statistic: The “Tax Gap” is the annual shortfall between taxes owed and taxes paid. Employment tax noncompliance is estimated by the IRS to account for $54 billion of the tax gap.

So you can bet that the IRS would be aggressive in closing that gap by going after worker misclassification. Therefore, to assist with the complexity of the differences between an employee and independent contractor we have provided the following indicators often used by the IRS:   

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Topics: tax, employee or independent contractor, 1099





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