Author: Gary Wallace, CPA, Principal
The recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides major new incentives for businesses to invest in machinery and equipment. We have created an overview of the tax cuts that were extended for businesses for two years. Read more.
If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.
The Fifth Amendment to the Tax Treaty between Canada and the United States entered into force on December 15, 2008. It is the outcome of long-term negotiations which will have a significant impact on individuals as well as U.S. companies with operations in Canada and Canadian companies with operations in the U.S. This article outlines some of the most important, recent changes made to the Treaty. Read more…
There is a credit available for those investing in the form of equity and subordinated debt that you may not know about. The Virginia Qualified Equity and Subordinated Debt Investment (Angel) Credit allows a credit equal to 50% of the cash investment in a qualified business in the form of equity or subordinated debt.
Interested businesses and investors need to know that there are specific limitations and deadlines that need to be met. This includes a two-step process with starts with the business submitting Form QBA at least 90 days prior to the issuance of equity or subordinated debt, and then the issuing a copy of the Virginia Department of Taxation certification to each investor/taxpayer, who must then submit their own application on Form EDC before April 1 of the following calendar year.
However, if you meet the credit and qualified investment limitations, this process could prove very beneficial to those who are able to obtain the tax credit.
