U.S. Tax Corner: Steep interest rates hikes

  • U.S. Tax Corner: Steep interest rates hikes
  • Fuel Charge Credit for Farming Businesses
  • Air Quality Improvement Tax Credit
  • Taxation of Accounts Receivable
  • Unearned Receipts in your Business
  • Shareholder Loans

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Mandatory Capitalization of Research & Development Expenses

Despite lobbying by many Fortune 100 companies and strong bi-partisan support to retain the deductibility of research and development (R&D) costs, 2022 brings an unexpected change for companies in the manufacturing, technology, SaaS, and life sciences industries. Those companies with significant R&D costs, including software development costs, will now be subject to mandatory capitalization, for U.S. tax purposes, as an intangible asset. This can have a significant impact on their 2022 financial statements and cash flows, as they will no longer be allowed to deduct those expenses in the year incurred.

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US Tax Corner

  • US Tax Corner
  • Should you file if you can’t pay?
  • Convention Expenses
  • Computer Consultants
  • No Tax on Investment Income – Are you maxing out your TFSA?

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