Specialty Tax Services

Lurie Advisors Provide Strategy, Guidance & Innovative Approaches to Help You Capitalize on Tax Credits & Incentives.

Federal and state tax credits and incentives can provide an important funding boost to business ventures and also offset project expenses. Whether your business is growing, diversifying, adding jobs, investing in new technology or expanding, there are credits designed to help your business reach the next level. The Lurie Specialty Tax Services group provides strategy, counsel and project work for a wide variety of businesses.

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Julie Helms, CPA | Director, Specialty Tax Services

Latest Tax Credit & Incentive Insights

Learn more about our team’s expertise and innovative ways we are helping businesses and organizations expand opportunities through strategic tax planning. 

Specialty Tax Solutions & Guidance

Discover new ways to expand your business with the help of federal and state tax credit and incentives. Our team has the expertise to find you specialized tax solutions in several common and emerging areas, such as:

A tax credit for the use of energy efficient products in the construction or renovation of residential facilities that are three stories or less.

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The Tax Cuts and Jobs Act (TCJA) further limited the amount of business interest expense that can be claimed in any given year. This provision also received subsequent modification by the CARES Act, passed in March 2020 as a result of the COVID-19 pandemic. Understanding the impact this provision may have on you can be convoluted, complicated, and could involve modeling to ensure that unintended tax consequences are mitigated.

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179D is a deduction available for the use of energy efficient components within buildings. It allows for up to $1.80 per square foot deduction if the lighting, HVAC, and building envelope meet energy efficiency guidelines.

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As part of the Tax Cuts and Jobs Act (TCJA) passed in 2017, Sec. 199A allows owners of sole proprietorships, S corporations, or partnerships to deduct up to 20% of the income earned by a qualifying business. In contrast to C corporations where income is subject to double taxation, the income earned by a sole proprietorship, S corporation, or partnership is subject to only a single level of tax (generally). Qualifying owners of these businesses report their share of the business’s income directly on their tax return and pay the corresponding tax at ordinary rates which, under the TCJA are typically higher than the Corporate rate of 21%. Sec. 199A attempts to mitigate this difference.

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263A is a tax requirement for certain companies (over $25M in average gross receipts, adjusted for inflation) to identify costs associated with inventory and allocate those costs to their ending inventory balance for the year.

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Historically, the never-ending cycle of §1031 exchanges seemed to be the only way to diversify a portfolio and that once you wanted to stop exchanging; the tax liability could be overbearing. The good news is that there are options to end a §1031 cycle in a tax favorable way. 

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Cost segregation is an analysis of real estate to maximize the return on investment through depreciation deductions.  The analysis identifies assets comprising the building and assigns cost and the most advantageous recovery period to accelerate deductions and generate cash.

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Employers paying wages while qualifying employees are on Family or Medial Leave could be rewarded thanks to the Tax Cuts and Jobs Act (TCJA). The Family and Medical Leave Credit allows for qualifying employers that pay at least 50% of the salaries of employees on family or medical leave up to a 25% credit on those qualifying wages.

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Nexus is the determination of whether or not you may have a tax liability within a specific jurisdiction.

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The Tax Cuts and Jobs Act (TCJA) and the CARES Act made changes to the ability to either carryback or carryforward Net Operating Losses (NOLS). NOLs were first modified under the TCJA to no longer be allowed to be carried back (pre-TCJA, you were allowed to carry back a loss two years and forward 20). However, the CARES Act is allowing for any losses incurred in tax years 2018-2020 to be carried back five years.

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The meals and entertainment deduction has long been an area of scrutiny and controversy between IRS and taxpayers. The Tax Cuts and Jobs Act (TCJA) modified what could be considered deductible under these provisions.

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The Research and Development (R&D) Tax Credit has evolved. Recent legislative changes have made it more available to smaller firms, tech-firms, start-ups and more relevant to today’s digital era.

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ASC 606 modified how revenue is to be recognized for GAAP purposes; requiring non-public companies to comply with these provisions in 2020. Any time that there is a change in GAAP reporting, it is important to have a full understanding of the potential for over-arching impacts including tax.

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The Tax Cuts and Jobs Act (TCJA) provided some simplification options for small business taxpayers (generally defined as having an average gross receipts of $25M or less, adjusted for inflation). Historically, depending on the entity type or industry, Companies may have had different requirements for their overall accounting methodology and miscellaneous calculations that had to be completed. Now if you are under the $25M gross receipts threshold, you could have the potential to utilize the cash method of accounting, expense inventory, or no longer be required to complete the burdensome 263A calculation.

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Opportunity Zones were created with the Tax Cuts and Jobs Act (TCJA) as an incentive to contribute capital into low-income or economically distressed areas of the country, identified by census tracts.

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