Cherry Bekaert: Professional Services: Recent Episodes
Cherry Bekaert
Cherry Bekaert’s podcast for professional services companies where we discuss developing trends and market dynamics as well as tax and accounting tips that could impact your business.
Navigating Coverage, Claims and Complexities
In the fast-paced world of professional services, where client trust and reputation are paramount, maintaining seamless operations is crucial. Business interruption insurance serves as a vital safety net, offering financial protection against unexpected disruptions, like natural disasters or cyberattacks.
By covering lost income and operating expenses during such events, this insurance helps firms maintain stability and focus on recovery, ensuring they continue to meet client needs without compromising their reputation.
This podcast episode explores the world of business interruption insurance with Cherry Bekaert’s Forensic & Dispute Advisory Services team members, featuring Partner and Practice Leader Lori Smith, and Managing Directors John Collier and J.C. Tuthill. This episode is essential for business leaders looking to safeguard their operations against unexpected disruptions.
Together, they discuss:
0:12 – The importance of understanding your insurance policy’s fine print to avoid inadequate coverage that could lead to serious financial setbacks. Navigate your policy's declaration page, including coverage types, limits, deductibles, and waiting periods, enabling comprehensive protection for your business.
3:39 – The process of calculating claims and the benefits of hiring independent forensic accountants to assess losses and maximize coverage accurately. Discover the impact of various coverages, such as ordinary payroll, extra expenses, civil authority coverage, utility failures and dependent property coverage on your claims.
11:07 – Practical advice on managing your insurance policies. Understand the importance of defined terms, endorsements, riders, and exclusions, and learn how to work proactively with insurance agents and forensic accountants. In the event of a loss, get tips on prompt reporting, loss mitigation and effective communication with insurance adjusters.
Don’t miss this informative episode filled with practical advice and strategies to help your business stay resilient despite unforeseen challenges. If your clients or firm has any questions about business interruption insurance or how to prepare for a disruptive event, please reach out to our Forensic & Dispute Advisory Services team.
Related Insights
- Article: Calculating and Recovering Lost Profits From Business Interruptions
- Article: Navigating Hurricanes and Tax Relief: Guidance from the IRS and State Tax Authorities
- Article: Ways to Effectively Manage Cyber Risk for Professional Services Firms
- Article: Get Ahead of Natural Disasters With Business Continuity Response & Disaster Recovery Plans
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In the latest episode of Cherry Bekaert’s Professional Services podcast, we discuss the importance of cybersecurity, privacy and data security within the professional services industry. Scott Duda, Professional Services Industry Leader, is joined by Steve Ursillo, a Partner with Cherry Bekaert’s Information Assurance & Cybersecurity practice, as they explore the top cyber threats facing the industry.
Listen to learn more about:
- The top cyber threats facing the professional services industry
- Why managing cyber risk is important for professional service organizations
- How cyber threats affect the overall well-being and operational integrity of professional service firms
- What measures professional services firms should implement to reduce their exposure to cyber threats
- How Cherry Bekaert’s team assists professional service organizations to help manage the threat landscape
Professional services firms can benefit from expert assistance to effectively manage their cybersecurity threats to better ensure compliance, protect client data and maintain operational integrity.
Cherry Bekaert’s Information Assurance & Cybersecurity practice offers a full range of cybersecurity, privacy, attest and risk mitigation services to help protect your information systems, data and people from cyber threats. Our team can assist in identifying relevant cyber and privacy risks to create practical solutions and plans to reduce the likelihood and impact of any potential system or data breaches. Don't wait until it's too late to protect your firm from cyber threats. Contact us today to collaborate with our professionals and tailor a flexible and scalable solution to meet a variety of cyber, privacy and risk needs.
Related Guidance
- Alert: Reducing Vulnerability: Strategies for Managing Cybersecurity Risks in IT Supply Chains
- Article: Third-Party Risk Management (TPRM): Top Strategies for Managing Vendor Risks
- Webinar Recording: Getting Ahead of CMMC Compliance: Latest Insights & How to Prepare
- Article: The Imperative of Cybersecurity Vigilance to Safeguard Critical Assets in Light of Nation-State Threats
[Questions? Contact Us]
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Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. In this episode of Cherry Bekaert’s Professional Services podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Eric Poppe, a Managing Director in our Government Contractor Industry practice, to discuss the types of systems reviews and the advantages these reviews can provide emerging small businesses.
Listen in to find out about:
- The types of system reviews and why an A&E firm would need one
- Size limitations and/or system limitations that A&E firms face when maintaining an adequate accounting system
- Determining the best time to get a system review and the length of validity
- Understanding who can perform these types of engagements
- Best practices for preparing for a successful system review
- Analyzing why a system review might be beneficial for an emerging small business
Cherry Bekaert’s Professional Services team is well versed in guiding A&E firms in the development and maintenance of compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.
If you have any questions specific to your business needs, Cherry Bekaert’s Professional Services team is available to discuss your situation with you.
Related Resources:
- Podcast Series: Contractor Business Systems
- Podcast: What Are Indirect Rate Overhead Audits and When Is It Required?
- Podcast: Form 7205: What A&E Firms Need To Know To Claim the Section 179D Tax Deduction
- Article: The FAR Audit: Does Your Architectural/Engineering Firm Need One?
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Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies require that A&E firms have their overhead rates audited.
In this episode of Cherry Bekaert’s Professional Service Podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Mandy Grivnovics, an Audit Senior Manager in our Professional Services practice. Together they define an indirect rate audit and its drivers. They also discuss key considerations and best practices to get through an indirect rate overhead audit.
Listen in to find out about:
- Overhead rate audits and their drivers
- Determining factors for A&E firms that work with State Departments of Transportation whether an audit is needed
- Critical audit components, including timekeeping/labor and cost allowability
- Key considerations relating to allowable costs and unallowable costs
- Best practices for preparing and successfully getting through an overhead rate audit
If you have any questions specific to your business needs, Cherry Bekaert’s Professional Service Assurance and Advisory team is available to discuss your situation with you.
Related Resources:
- Webinar Recording: 2022 Professional Services Series: Understanding Overhead Rate Basics
- Article: The FAR Audit: Does Your Architectural/Engineering Firm Need One?
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When the Inflation Reduction Act (IRA) was signed, it greatly increased the benefits of the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) for A&E firms. A large part of the process when claiming the Section 179D deduction relies on keeping strict documentation. Form 7205 is a form in the claiming process that qualified businesses and individuals use to calculate the deduction, mark yourself as the designer or building owner, and provide information on the person performing the certification and completing the allocation.
The Internal Revenue Service (IRS) released an updated Form 7205 in February 2023. In today’s Professional Services podcast, Cherry Bekaert leaders Scott Duda, Professional Services Industry Leader, and Ron Wainwright, Tax Credit & Incentive Advisory Partner, discuss:
- Background on Form 7205
- Form 7205 benefits for A&E firms
- Impact of the IRA on A&E firm eligibility for Section 179D benefits
- Requirements to qualify for Section 179D benefits
- Form 7205 requirements
- Form 7205 utilization
- Future focus areas for A&E firms in 2023
Related Guidance
- New IRS Form 7205 for Returns Requiring Section 179D Documentation
- How Can A&E Firms Take Advantage of New Tax Credits in the Inflation Reduction Act?
- What the New Audit Technique Guidelines Mean for Cost Segregation
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What year-end, tax-saving steps can professional services businesses and their owners take? How can they prepare for tax law changes impacting 2023?
In this episode of Cherry Bekaert’s Professional Services podcast series, Dale Hrapchak, Tax Partner in Cherry Bekaert’s Professional Services Industry practice, and Amber Teague, Tax Partner in the Firm’s Private Client Services practice, discuss year-end tax planning at the entity and individual levels, including pertinent information for professional services businesses.
Listen in to find out about:
- Methods to reduce current year income for both accrual method basis and cash method basis taxpayers
- Other year-end planning considerations, including fixed assets and bonus depreciation
- Employee Retention Credit (ERC)
- Research & Development (R&D) Tax Credit
- Section 179D Energy-Efficient Tax Deduction
- Pass-thru entity considerations
- Tax planning, including quarterly projections to avoid surprises
- Planning around capital gains (potential loss harvesting)
- Retirement plans, including VIP retirement plans and health saving contributions to manage income
- Charitable contributions
- Year-end gifting
If you need help with year-end tax planning, Cherry Bekaert tax advisors are available to discuss your situation. We welcome the opportunity to identify tax planning opportunities for you and your company.
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The Inflation Reduction Act was recently signed into law on August 16, 2022. The bipartisan legislation has a large focus on encouraging organizations to take advantage of new renewable energy infrastructure tax credits. These new tax credits are highly advantageous to architecture and engineering (“A&E”) industries.
In our latest podcast, Ron Wainwright, a Partner in our Tax Credits and Incentives Advisory group, joins Scott Duda, Professional Services Industry Practice Leader, to discuss what these new how A&E firms can take advantage of these new tax credits.
Chapter Markers:
- 1:11 - Overview of the Inflation Reduction Act
- 2:54 - How will the IRA Impact A&E Firms?
- 6:02 - 179D Changes
- 12:43 - 45L Energy Efficient Home Credit Changes
- 16:09 - What Should A&E Firms Look Out For?
IRC Section 179D energy tax deductions continue to provide opportunities and benefits for architecture and engineering (A&E) firms. Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice, sat down with Ron Wainwright, a Partner in the Firm’s Tax Credits & Incentives Advisory practice, and Sean O’Leary, a Senior Tax Manager to discuss ways 179D can help provide A&E firms with a competitive advantage.
This podcast includes:
- An overview of 179D and its potential benefits
- Types of real estate investments eligible for 179D
- Technical requirements to meet the energy-efficient benefits
- Impact on A&E firms from 179D provisions for government-owned properties
- Client case study
- Issues and impact of the Audit Technique Outline on 179D
If you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you.
Related Resources:
- Case Study: Global A&E Firm Saves $2 Million with 179D Tax Deduction
- Podcast: The Benefits of using a CPA Firm to Perform Credits & Incentives Projects
Following our Digital Transformation in Law Firms Series Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice had the opportunity to sit down with Denise Tyson, the Head of Finance & Operations at Tyson & Mendes, and Jennifer Mackinnon, Senior Client Success Manager with our own Digital Advisory Practice. Denise joins us to talk about Tyson & Mendes’ journey of digital transformation for reporting, the power of data, and the benefits of using a powerful analytics tool like Tableau Software.
Discussion includes:
- An overview of the digital transformation journey for Denise and Tyson & Mendes
- The real value of seeing information as knowledge
- Structuring for data security
- The transition from executive reporting to cross-collaboration between multiple departments and areas
If you have any questions specific to your business needs, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you.
If you haven’t already, catch up on our series:
Digital Transformation in Law Firms: Part I – Understand Your Customer
Digital Transformation in Law Firms: Part II – Optimize Your Operations
Digital Transformation in Law Firms: Part III – Innovate for Growth
Digital Transformation in Law Firms: Part IV – Enable Your Workforce
Digital Transformation in Law Firms: Part V – Protect Your Business
Related Resources
Case Study: Tyson & Mendes: Improves Operations and Business Practices with Tableau
The Infrastructure Investment and Jobs Act (“IIJA” or the “Infrastructure Bill”), a $1.2 trillion investment in our nation’s infrastructure and competitiveness, provides significant opportunities for businesses within the professional services sector.
How will this increased activity impact professional services firms? What do professional services firms need to do to prepare for the influx in opportunities?
Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry and Nita Sanger, a Director in the Firm’s Digital Advisory practice as they talk about how the Infrastructure Bill will impact the professional services industry and what companies need to do to position themselves for growth. Topics covered in this episode include:
· How the increase in activity will impact different subsectors within the professional services sector
· Areas you should examine to take advantage of increased demand and grow your business, including go-to-market, products and services offered, and how you operate as a business
As your company looks to prepare for the increase in opportunities, now is the time to revisit your people, processes, and technology to ensure you are giving your people the opportunity to be the most efficient and effective that they can be to take advantage of this once-in-a generation investment and maximize your full growth potential.
To determine actions needed to optimize your business to take advantage of the Infrastructure Bill funding, we recommend your organization take a more holistic approach and conduct a “design-thinking” session facilitated by our team of strategists, technologists and analysts. Your journey will be unique, and we are here to guide you forward.
More Resources:
Building a Better Roadmap: Are You Ready to Capitalize on Infrastructure Investment?
Is Your A&E Firm Ready to Capitalize on the Infrastructure Bill?
Join host Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice as he sits down with Jeff Gump, Financial Advisor with Cherry Bekaert Wealth Management, to discuss VIP plans. Although many think of very important people when they hear VIP, in this case, it stands for Direct Recognition Variable Investment Plans. Coincidentally, although many may think they are familiar with these types of plans and have seen them before, there are some considerations that may have been missed. In this episode, Jeff explains what sets these types of plans apart and why they are becoming more attractive to companies in the professional services space.
Discussion includes:
- What is a Direct Recognition Variable Investment Plan (VIP) and how do these types of plans compare to other deferred compensation plans?
- What are the considerations for business owners and professionals?
- How a VIP differs from a traditional Cash Balance Plan
- Steps for exploring the implementation of a VIP Plan
DISCLOSURE:
“Investment Advisory Services and insurance products are offered through Cherry Bekaert Wealth Management, LLC. Cherry Bekaert Wealth Management LLC and Cherry Bekaert LLP are affiliated companies. Cherry Bekaert Benefits Consulting and Cherry Bekaert Wealth Management LLC partner to service VIP but are not affiliated companies.”
Cybersecurity and data threats are making headlines daily, particularly in the financial and professional services space. Law firms are responsible for handling a tremendous amount of private information for their clients. Ensuring your firm has a strong cybersecurity architecture is critical to mitigate risk and minimize disruption.
In the final episode of this series Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice is joined by Dan Hulen, a Director and Business Applications Leader in the Firm’s Digital Advisory practice, and Dan Sembler, a Director in our Risk & Accounting Advisory practice, who share their insights into the biggest IT security threats law firms are facing, and what you can do to protect your business.
Discussion includes:
- Major risks impacting law firms when it comes to data protection and preventative measures from security breaches and disclosure of sensitive information
- Data management, retention, and other data “infrastructure” considerations
- How law firms can identify and evaluate reputational risks
- Utilizing Business Process Automation (or Robotic Process Automation) to reduce risk
Cyber threats are at the forefront of concerns for many in professional services, but there are tools and resources available to protect your business. If you have any questions specific to your business needs, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you.
If you haven’t already, catch up on our series:
- Digital Transformation in Law Firms: Part I – Understand Your Customer
- Digital Transformation in Law Firms: Part II – Optimize Your Operations
- Digital Transformation in Law Firms: Part III – Innovate for Growth
- Digital Transformation in Law Firms: Part IV – Enable Your Workforce
Workforces empowered by digital solutions that enable collaboration and communication at any time, from any location on any device, enhances productivity and the customer experience, increases revenue and overall employee satisfaction, and accelerates speed to market.
Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and John Schrader, a Director and Business Applications Leader in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to enable your workforce.
Discussion includes:
- Defining digital transformation from a people, process, and technology standpoint
- How law firms can enable their workforce in this digital age
- Case study examples of the benefits law firms have realized from digital transformation
- Where the biggest efficiencies to be gained are as part of digital transformation
- Where law firms should get started on their digital transformation journey
Empower your workforce with the digital tools needed to surpass the competition and deliver on an exceptional experience for your overall firm. If you have any questions specific to your situation, Cherry Bekaert’s Digital Advisory team is available to discuss your situation with you.
If you haven’t already, catch up on our series:
- Digital Transformation in Law Firms: Part I – Understand Your Customer
- Digital Transformation in Law Firms: Part II – Optimize Your Operations
- Digital Transformation in Law Firms: Part III – Innovate for Growth
Analytics can help reinvent your firm and allow you to compete—and scale—in a more informed way. Leveraging firm, customer and external data and integrating it into your business’ decision-making cycles can be transformative.
Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Nita Sanger, a Director in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to innovate for growth.
Discussion includes:
- How the legal industry has done in 2021 and how that growth has been different for large and mid-tier firms.
- The actions mid-tier law firms should take to position themselves for growth.
- How the role of the General Counsel, as the buyer of legal services, has changed in recent times and what that means for mid-tier law firms.
- How alternate legal services providers are impacting mid-tier law firms.
If you haven’t already, catch up on part one and two of our series:
- Digital Transformation in Law Firms: Part I – Understand Your Customer
- Digital Transformation in Law Firms: Part II – Optimize Your Operations
Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Jim Holman, Leader of Strategy & Operations in the Firm’s Digital Advisory practice as they talk about how law firms can leverage digital transformation to optimize operations.
Discussion includes:
- How a lack of process consistency can lead to inefficiencies, which can lead to higher internal processing costs, putting financial constraints on law firms and decreasing profitability, as well as increasing the chance for errors, not just errors within billing, but errors within the client experience.
- How US firms are faring in terms of operational improvements compared to international firms and what can be learned from their operational challenges and changes.
- Areas within emerging technologies that law firms should consider as they look to remove redundancies and inefficiencies to improve operations, as well as available tools.
If you haven’t already, catch up on part one of our series:
- Digital Transformation in Law Firms: Part I – Understand Your Customer
Listen to leaders from Cherry Bekaert’s Professional Services Industry practice and Digital Advisory practice discuss a new series for law firms on digital transformation.
Digital innovations are changing the way legal services are being delivered and received. Firms are looking for innovative ways to continue to meet changing customer needs and manage profitable revenue growth. Through digital enablement, law firms can nimbly meet evolving customer needs, expand their go-to-market footprint, and compete more effectively.
In the first episode, Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Steve Holliday, a Director in the Firm’s Digital Advisory practice, talk about the importance of “Understanding Your Customer” and how law firms can leverage these capabilities to better know their customers and achieve better customer loyalty.
Beginning January 2022, more A&E firms may qualify for the 179D energy efficient tax deduction with the expected passage of the Reconciliation Bill. If your A&E firm has not looked into the 179D tax deduction, or previously did not qualify, you should evaluate design projects from 2021 through 2025 to determine eligibility.
Listen to Scott Duda, Partner and Leader of Cherry Bekaert’s Professional Services Industry practice, and Ron Wainwright, Strategic Tax Advisory Partner with the Firm’s Credits and Accounting Methods practice, to learn about proposed legislation that will lower the energy efficiency standards while increasing the deduction rate and the tax incentives that the 179D energy tax deduction offers to A&E firms.
Topics covered:
- Status of pending legislation impacting 179D
- Update on proposed changes to 179D
- Steps A&E firms should take now to maximize 179D deductions
Contributors:
- J. Scott Duda, CPA, Partner and Professional Services Industry Practice Leader, sduda@cbh.com
- Ronald G. Wainwright, Jr., CPA, MST, Strategic Tax Advisory Partner, Credits and Accounting Methods, rwainwright@cbh.com
Related Guidance:
- Podcast: How A&E Firms Generate Cash Flow from the 179D Energy Tax Deduction
- Brochure: Section 179D Energy Tax Deduction for A&E Firms
- Case Study: A&E Firm Achieves Tax Savings Through 179D Energy Deduction Study
There has been considerable consolidation in the marketplace over the last 18 months. Covid has created challenges causing owners to consider earlier exits than planned, PPP and other government subsidies have infused some firms with excess cash and Private Equity firms are buying smaller professional services firms and rolling them into a larger platform. If your company has a potential deal or if you have closed a deal, what should you be thinking about from a valuation perspective before year end?
From diligence to performing your own quality of earnings analysis on your financial statements so there are no surprises throughout a transaction, to understanding the tax implications for the buyer and seller, the structure for what's being acquired, and how that's going to impact the accounting and potentially any existing or future bank covenants, we cover the questions you should be asking before year end. If you have acquired another firm and the dust has now settled there are a number of things that have to happen in a relatively short period of time, including potentially a whole new set of reporting requirements, covenant considerations, opening balance sheet preparation, purchase price allocation values, earnout calculations and rollover equity considerations.
Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice and Anna Townsend, a partner in the Firm’s Valuation Services group, as they discuss what you need to think about as you go down the diligence and deal path.
The COVID-19 pandemic has resulted in enabling employees to work remotely and many professional services companies are now looking at potential hybrid workplaces or a virtual workforce. What are the tax ramifications for professional services companies transitioning from a traditional office environment to a virtual work environment? How does having remote employees in different states or countries impact a company’s tax filings?
Listen to Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice, Dorita Calderon, a State & Local Tax Manager, Will Hooker, Director, International Tax Services and Kirk Hesser, Transfer Pricing Leader, as they discuss the potential state & local tax implications, including state income tax filings, state franchise tax filings, payroll withholding and sales tax filings, as well as international tax implications for employees crossing borders.
The Infrastructure Investment and Jobs Act is expected to pass and become effective in January 2022, igniting a surge of business for Architecture and Engineering (A&E) firms as the United States embarks on bridge repairs, road improvement projects, transit rail and airport modernization, infrastructure expansion and more. How can A&E firms prepare for this growth opportunity? What steps should be taken now to secure the capital for this stream of new business? Cherry Bekaert’s Scott Duda, Leader of the Professional Services Industry Practice, and Ron Wainwright, Leader of the Firm’s Credits & Accounting Methods team, answer these questions and discuss the two key R&D credits that will help innovative A&E firms become leaders in this new age of infrastructure expansion.
Related Guidance:
Podcast: R&D Tax Credits for Architectural and Engineering (A&E) Firms: Opportunities, Expectations and Eligibility
Podcast: How A&E Firms Generate Cash Flow from the 179D Energy Tax Deduction
Digest: A&E Quarterly Regulatory Round Up
It’s not too late for law firms to qualify for tax credits due to partial shutdowns or declines in gross receipts during 2020 and 2021. Law firms may qualify as an eligible employer for purposes of the credit if they had or were subject to government mandates by virtue of certain courts being closed during the period of 2020 and potentially into 2021. Law firms can file amended payroll tax returns to claim ERC benefits.
Listen to Jamie Walker, a leader in our Professional Services Industry practice and Martin Karamon, a Tax Services Principal and leader of Cherry Bekaert’s ERC Team as they give an update on the ERC, including Rev. Proc. 2021-33, issued by the Department of Treasury and the Internal Revenue Service, which provides a safe harbor that allows employers claiming the ERC to exclude forgiven Paycheck Protection Program (“PPP”) loans from the definition of gross receipts, solely for determining eligibility for the ERC, and how law firms qualify for the ERC.
Law firms have worked to document the fact that they were eligible employers tied to the mandates that were restricting access to the courts. And it's not just court closures. Firms also should think about court restrictions, delays specific to trials where there was a prohibition on having in-person juries, as well as restrictions and/or disturbances changing the way that law firms could operate that were tied to government mandates specific to the way that the courts were allowing firms to address matters before the Court.
The architectural and engineering (A&E) industry is evolving at record speed, fueled by the Administration’s pending infrastructure legislation that prioritizes the design of energy-efficient commercial and residential structures. To take advantage of these opportunities, A&E firms need to stay on the cutting edge of innovation by investing in emerging technologies and actively pursuing mergers & acquisitions. R&D credits provide the funding needed to subsidize these investments.
Cherry Bekaert’s Scott Duda, leader of the Professional Services Practice and Ron Wainwright, National leader of the Firm’s Credits & Accounting Methods Team, discuss how R&D credits are helping A&E firms become leaders in their industry, and they share guidance about securing these lucrative incentives.
TOPICS COVERED:
- What to expect in 2022 and beyond
- Impact of the pending infrastructure legislation
- How to qualify for the R&D tax credit
- Technology investments to stay competitive
- Eligibility requirements and filing tips
- Addressing a common misconception
The A&E industry is leading the way in constructing energy efficient commercial building properties. Firms are seeking funds to invest in R&D and grow through profitable mergers and acquisitions. Find out how to cash in on the 179D Energy Tax Deduction by reducing tax bills and making more money available to grow your business.
Cherry Bekaert’s Scott Duda, leader of the Professional Services Practice is joined by Ron Wainwright, National leader of the Firm’s Credits & Accounting Methods Team, for a discussion about this lucrative energy tax incentive. Topics covered include:
- Qualifying for the 179D Energy Tax Deduction
- The relationship between the 179D deduction and LEED incentives
- The truth about carryback periods
- Three myths that may be costing your firm money
- Scott and Ron’s favorite success stories