R&D Credit Claims on Amended Returns There are new documentation requirements for R&D refund claims on amended returns filed after January 10, 2022. The purpose of the new documentation requirements is to initially determine the validity of the claim for an R&D refund credit before examining the claim on its merits.Now the taxpayer must: +...

The IRS has clarified how corporate taxpayers should be calculating their charitable contribution deductions and the use of charitable contribution carryovers. Further, the IRS has clarified the ordering rules with respect to the interplay between charitable contributions and prior year net operating losses (NOLs). To prevent doubling up on tax benefits, IRS Code Section 170(d)(2)(B)...

Have you analyzed, or spoken to your Gardiner + Company partner, or manager, about this tax credit? The ERC was improved during 2021 to reach more businesses and help more Americans stay employed. The ERC is: + A refundable payroll tax credit + Available to for-profit and not-for-profit businesses + Subject to two tests –...

Mileage Rates 2022 The IRS has updated mileage rates for 2022. + Beginning January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: + 58.5¢ per mile driven for business use, up 2.5¢ from the 2021 rate + 18¢ per mile driven for medical,...

A flat tax bill passed the Iowa House and Senate last week and is expected to be signed by Governor Reynolds. Under current Iowa law, the highest personal income tax bracket will be 6.5% in 2023. With the new bill, the highest personal rate will be reduced to 6.0% in 2023, 5.7% in 2024, 4.8%...

Senate File 619 (SF 619) was signed into law on June 16, 2021 – this legislation makes a significant number of changes to Iowa tax law. Historically, Iowa has decoupled from federal bonus deprecation as the statutory definition of “net income” under Iowa Code required adding back federal bonus deprecation. SF 619 now conforms Iowa...