- Section 263A or the uniform capitalization (UNICAP) rules require a taxpayer to capitalize additional costs into ending inventory that might not be capitalized under GAAP. Most food processors and beverage bottlers currently opt to use the simplified production method within the regulations because of the simplicity afforded under this method.
- Wisconsin opens its research and development tax credit beyond C corporations to individuals, partnerships, S corporations and LLCs treated as partnerships.
- The IRS announced that it is going to undertake a compliance check on section 457(b) plans operated by non-governmental tax-exempt organizations. Federal law generally permits section 501(c) tax-exempt organizations to sponsor Code Section 457(b) Eligible plans of deferred compensation.
- Food companies are constantly facing increasing costs—raw materials, fuel, regulatory changes—all while trying to stay competitive with pricing and gain market share. Some of these costs stem from research and development (R&D) strategies to develop new products related to food safety, cost reduction, organic/natural products, dietary guidelines, and sustainable resources.
- While the 3.8% Medicare surtax is generally deemed to be assessed on unearned or passive income, taxpayers in the trade or business of trading financial instruments or commodities will include related income as NII.
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