Section 174 R&E Expenditures - What Businesses Need to Know

Section 174  R&E expenditures can no longer be deducted when incurred. Instead, the amounts incurred must be capitalized and amortized over either five years or 15 years, depending on where the research activities are performed, both using a mid- year convention.

Read Section 174 R&E Expenditures

State and Local Income Tax Issues to Consider Before Making Your Next Tax Payment

State and local taxes represent a key and often material part of a business’s total tax liability. Many states are reporting budget surpluses, reducing tax rates and offering new credits and incentives, but states are also looking to expand taxation of the digital and internet economy.  

 Read State and Local Income Tax Payments

2023 Tax Limits for Businesses and Individuals

From social security to deductions and retirement plans, plus employee benefits, these tax limits are higher in 2023 due to increased inflation for businesses and individuals.

• 2023 Tax Rate Guide
  
  
• Increased 2023 Tax Limits for Businesses
  
  
• Inflation Is Reason for Changes to 2023 Tax Limits for Individuals

Secure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans

This landmark legislation builds on the original SECURE Act that was enacted on December 19, 2019, and aims to expand coverage and increase retirement savings while simplifying and clarifying retirement plan rules.

Read Workplace Retirement Changes

Related Article: 

Don’t Limit Your Business to a State Retirement Plan

What's Happening! Promotions Announced!

See what's happening at Lumsden McCormick.  From promotions to board appointments and Firm newsletter, see what we are up to.

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See Who Got Promoted 👍

Win Hockey Tickets!

Lumsden McCormick clients are eligible to win Sabres tickets!  

• Buffalo Sabres vs. Dallas Stars
• KeyBank Center | March 9, 2023 | 7:00 PM
• Section 206 | Row 3

Enter to win by February 28!