- 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
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.