The Tax Cuts and Jobs Act (TCJA) is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. LBMC highlights some of the most significant changes affecting business and individual taxpayers.
More Businesses May Claim R&D Tax Credit Under New IRS Rules
New IRS regulations could allow more businesses to take an R&D tax credit against the costs of developing software for internal use. In most cases, but not all, a tax credit is much more valuable than a tax deduction.
IRS Employees Must Initiate All Future Audits By Mail; Never By Telephone
Effective immediately throughout the IRS, “all initial contacts with taxpayers to commence an examination must be made by mail, instead of the telephone, using the appropriate initial contact letters.”
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