The Enhanced R&D Tax Credit Program Provides a True Path to Significant Tax Savings for Small Businesses

RDCredit

On December 18th of 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) that significantly enhanced the Federal-Level R&D Tax Credit Program (hereinafter “RTC Program”) under I.R.C. § 41 on a myriad of levels for both eligible “Small Businesses” and eligible “Start-Up Companies”. More specifically, the enhanced RTC Program has been considerably restructured for these aforementioned companies to now:

  • Allow eligible “Small Businesses” (i.e., $50 million or less in gross receipts) to claim the credit against the Alternative Minimum Tax (hereinafter “AMT”) for tax years beginning after December 31, 2015; and
  • Allow eligible “Start-Up Companies” (i.e., those with less than $5 million in gross receipts and earning revenue for less than 5 years) to claim up to $250,000 of the credit against the company’s federal payroll tax for tax years beginning after December 31, 2015.

These aforesaid statutory changes to the RTC Program truly represent a paradigm shift for eligible Small Businesses and Start-Up Companies alike to not only claim the R&D Tax Credit but most importantly to be able to actually utilize the tax benefits associated with this advantageous program.

Please contact me to discuss the scope and application of the newly enhanced RTC Program and how to properly identify, gather and document a sustainable R&D Tax Credit claim for your eligible Small Business and / or Start-Up Company.

A copy of the PATH Act can be downloaded for your reference at: http://waysandmeans.house.gov/wp-content/uploads/2015/12/PATH_Act_xml.pdf

For complete legislative updates from the Hill please follow Peter J. Scalise at http://www.ishade.com/member/14683/profile

iShade Tax Faculty Biography:
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; movie production tax incentives; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.

Lights, Camera, Action and Tax Cut! A Spotlight on Broadway

BroadwayBy Peter J. Scalise, B.S., M.S.

On December 18th of 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) which expanded the scope and application of the I.R.C. § 181 deduction for Qualified Film and Television Production expenditures to now encompass Live-Theatrical Productions.  The PATH Act also extended this highly advantageous tax incentive through December 31, 2016.

The PATH Act truly enables a level playing field between live-theatrical productions and film and television productions in connection to the tax incentives available for the entertainment industry. Robert E. Wankel, Chairman of The Broadway League in a prepared statement indicated: “The Broadway and Touring Broadway industries have a combined economic impact of more than $15 billion dollars on the nation’s economy and employ tens of thousands of people in the U.S. and around the world, yet we are still very much made up of small businesses that actively seek financing from individual investors. This relatively small amendment to the Tax Code will have a tremendous impact on the theatre business by eliminating one of the largest challenges that producers face when trying to attract capital for what is always a highly risky endeavor. We applaud Senator Schumer, as well as the members of the Ways and Means and Finance Committees, for their extraordinary efforts and recognition of the financial and cultural impact of live entertainment.

Please contact me to discuss the scope and application of the PATH Act and how movie production tax incentives can be utilized to properly tax effect the production costs for live-theatrical productions, as well as for movie and television productions.

A copy of the PATH Act can be downloaded for your reference at: http://waysandmeans.house.gov/wp-content/uploads/2015/12/PATH_Act_xml.pdf

For complete legislative updates from the Hill please follow Peter J. Scalise at http://www.ishade.com/member/14683/profile

iShade Tax Faculty Biography:
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; movie production tax incentives; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.

The PATH Act Significantly Enhances the R&D Tax Credit Program

By Peter J. Scalise, B.S., M.S.

ResearchTaxCredit_Oct2015On December 18th of 2015, President Obama signed into law a sweeping $1.14 trillion dollar funding bill that will keep the federal government operating through September 30th of 2016. In connection to the tax aspects of this comprehensive and pivotal legislation, the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) accomplished considerably more than the typical tax-extenders legislation passed in previous years and truly signifies a dynamic paradigm shift as the PATH Act makes permanent over twenty leading tax incentives while extending other tax incentives over either a five year period or a two year period.

In particular, the PATH Act meaningfully enhanced the R&D Tax Credit Program (hereinafter “RTC program”) on a myriad of levels. As an overview, the RTC program was initially added to the U.S. Internal Revenue Code (hereinafter the “Code”) in 1981 through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code. The RTC program had most recently expired on December 31, 2014. A tremendous paradigm shift to the RTC program was made possible through the PATH Act which not only renewed the RTC retroactively for all of calendar year 2015 but most importantly made the RTC program permanent. In addition, the enhanced RTC program has been considerably restructured to:

  • Allow eligible small businesses (i.e., $50 million or less in gross receipts) to claim the credit against the Alternative Minimum Tax (hereinafter “AMT”) for tax years beginning after December 31, 2015;
  • Allow eligible startup companies (i.e., those with less than $5 million in gross receipts and earning revenue for less than 5 years) to claim up to $250,000 of the credit against the company’s federal payroll tax for tax years beginning after December 31, 2015; and
  • Allow Alternative Simplified Credit (hereinafter “ASC”) filers an increase from 14% to 20% in benefit.

Please contact me to discuss the scope and application of the PATH Act and its impact on your R&D Tax Credit claim and / or for assistance in identifying, gathering, and documenting a sustainable R&D Tax Credit claim.

A copy of the PATH Act can be downloaded for your reference at: http://waysandmeans.house.gov/wp-content/uploads/2015/12/PATH_Act_xml.pdf

For complete legislative updates from the Hill please follow Peter J. Scalise at http://www.ishade.com/member/14683/profile

iShade Tax Faculty Biography:
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; movie production tax incentives; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.

A Legislative Update from Capitol Hill

By Peter J. Scalise, B.S., M.S.

TangiblePropRegsOn December 18th of 2015, President Obama signed into law a sweeping $1.14 trillion dollar funding bill that will keep the federal government operating through September 30th of 2016. In connection to the tax aspects of this comprehensive and pivotal legislation, the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) does considerably more than the typical tax-extenders legislation passed in previous years and truly signifies a dynamic paradigm shift as the PATH Act makes permanent over twenty leading tax incentives, including the Research & Development Tax Credit Program, the American Opportunity Tax Credit Program and the enhanced I.R.C. § 179 Expensing Program. The PATH Act further extends other key tax incentives, including the Bonus Depreciation Program and the New Markets Tax Credit Program for five years while reinstating other significant tax incentives for two years. The PATH Act also imposes a two-year suspension on the ACA Medical Device Excise Tax.

The subsequent synopsis will serve as a practical overview of just some of the many far-reaching changes enacted by the PATH Act affecting both business entities and individuals including, but certainly not limited to:

  • The R&D Tax Credit Program: As a background, the R&D Tax Credit Program (hereinafter “RTC program”) was initially added to the U.S. Internal Revenue Code (hereinafter the “Code”) in 1981 through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code. The RTC program had most recently expired on December 31, 2014. A tremendous paradigm shift to the RTC program was made possible through the PATH Act which not only renewed the RTC retroactively for all of calendar year 2015 but most importantly made the RTC program permanent. In addition, the enhanced RTC program has been considerably restructured to:
    • Allow eligible small businesses (i.e., $50 million or less in gross receipts) to claim the credit against the Alternative Minimum Tax (hereinafter “AMT”) for tax years beginning after December 31, 2015;
    • Allow eligible startup companies (i.e., those with less than $5 million in gross receipts and earning revenue for less than 5 years) to claim up to $250,000 of the credit against the company’s federal payroll tax for tax years beginning after December 31, 2015; and
    • Allow Alternative Simplified Credit (hereinafter “ASC”) filers an increase from 14% to 20% in benefit.
  • The American Opportunity Tax Credit Program: The PATH Act made permanent the American Opportunity Tax Credit Program (hereinafter “AOTC program”), an enhanced version of the Hope education credit. It should be duly recalled that the AOTC program had been previously scheduled to expire after 2017.
  • The I.R.C. § 179 Expensing Program: It should be duly recalled that the Pre-PATH Act dollar limit for the I.R.C. § 179 expensing for 2015 had reverted back to $ 25,000 with an investment limit of $ 200,000. However, the new PATH Act permanently sets forth the I.R.C. § 179 expensing limit at $ 500,000 with a $ 2 million overall investment limit before phase out in 2015 with both amounts being indexed for inflation commencing in 2016.
  • The Bonus Depreciation Program: The PATH Act extended the bonus depreciation program over 5 years under a phase-down schedule through 2019 as follows:
    • 50% Bonus Depreciation for 2015 through 2017;
    • 40% Bonus Depreciation for 2018; and
    • 30% Bonus Depreciation for 2019.
  • The New Markets Tax Credit Program: The PATH Act extended the New Markets Tax Credit Program (hereinafter “NMTC”) over 5 years and authorized the allocation of $ 3.5 billion dollars of NMTC’s for each year from 2015 through 2019.
  • The I.R.C. § 179D Energy Tax Deduction for Building Envelope Efficiency Program: The I.R.C. § 179D Energy Tax Deduction for Building Envelope Efficiency Program has been extended for a 2 year period (i.e., retroactively to cover all of calendar year 2015 and prospectively to cover all of calendar year 2016). As a caveat, the revised qualifying building energy code standards have been increased from ASHRAE Standard 90.1-2001 to ASHRAE Standard 90.1-2007 for properties placed in service after December 31, 2015. The tax savings can be up to $1.80/sq. ft. for the installation of Energy-Efficient Lighting, Energy-Efficient HVAC systems, and Energy-Efficient Building Envelope systems in new or existing buildings.

A copy of the PATH Act can be downloaded for your reference at: http://waysandmeans.house.gov/wp-content/uploads/2015/12/PATH_Act_xml.pdf

Please contact me to discuss the scope and application of the PATH Act and its impact on your upcoming 2015 tax return filing positions. http://www.ishade.com/member/14683/profile

iShade Tax Faculty Biography:
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; movie production tax incentives; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.

Washington National Tax Alert

By Peter J. Scalise, B.S., M.S.

WashingtonNationalTaxAlertOn December 15th of 2015, House Speaker Paul Ryan, R-Wis., announced to the Republican lawmakers during a conference meeting that negotiators have reached an agreement in principle on a tax-extenders package worth approximately $800 billion. In addition, an agreement was also reached that would fund the federal government through September 30th of 2016. The bills are expected to arrive on the House floor as early as December 17th with the Senate consideration expected before Congress adjourns for recess.

As a synopsis, the proposed tax-extenders package called for making permanent a number of tax extenders equally split 50-50 between business entities and individuals. Under the proposal, the tax-extenders package would make permanent the Research and Development Tax Credit Program; I.R.C. § 179 Expensing; the Earned Income Tax Credit Program; and the Work Opportunity Tax Credit Program. Furthermore, the proposed tax-extenders package included modifications to the Patient Protection and Affordable Care Act (PPACA; P.L. 111-148), with a two-year suspension of the Medical Device tax and the “Cadillac” tax on high-end Health Insurance plans. Reports indicated that both provisions were included in the final agreement.

As a caveat, both the House of Representatives and the Senate must still compromise and present the President with a unified bill before any of these tax extender proposals can be signed into law before the end of the 2015 calendar year-end.

A copy of the proposed legislation can be downloaded for your reference at: http://docs.house.gov/billsthisweek/20151214/121515.250_xml.pdf

For complete legislative updates from the Hill please follow Peter J. Scalise at http://www.ishade.com/member/14683/profile

iShade Tax Faculty Biography:
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; movie production tax incentives; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.

The Service Issues New Administrative Authority Governing TPR De Minimis Safe Harbor Limits for Small Businesses

TangiblePropRegsOn November 24th of 2015, the Internal Revenue Service (hereinafter the “Service”) streamlined the compliance for the Tangible Property Regulations (hereinafter “TPR”) for small businesses by increasing the safe harbor threshold for deducting certain capital items from $ 500 to $ 2,500 under IRS Notice 2015-82. The scope affects businesses that do not maintain an Applicable Financial Statement (hereinafter “AFS”) such as an audited financial statement. It applies to amounts spent to acquire, produce or improve tangible property that would normally qualify as a capital item.

The new $2,500 threshold applies to any such item that is substantiated by an invoice. As a result, small businesses will be able to immediately deduct expenditures that would otherwise need to be spread over a period of years through annual depreciation deductions. The new $2,500 threshold takes effect starting with tax year 2016. In addition, the Service will provide audit protection to eligible small businesses by not challenging the use of the new $2,500 threshold in tax years prior to 2016. For taxpayers with an AFS, the De Minimis Safe Harbor threshold remains at $5,000.

The Service indicated that it received more than 150 letters from businesses and their representatives suggesting an increase in the De Minimis Safe Harbor threshold. Perhaps one of the more compelling letters came from The American Institute of CPAs (hereinafter the “AICPA”) on April 21st of 2015 that strongly recommended to the Service that the De Minimis Safe Harbor threshold amount under the TPR be increased from $500 to $2,500 for small business entity taxpayers without an AFS. IRS Commissioner John Koskinen indicated today in a prepared statement “we received many thoughtful comments from taxpayers, their representatives and the professional tax community and this important step simplifies taxes for small businesses, easing the recordkeeping and paperwork burden on small business owners and their tax preparers.”

IRS Notice 2015-82 can be referenced and downloaded at https://www.irs.gov/pub/irs-drop/n-15-82.pdf

For complete legislative updates from the Hill please follow Peter J. Scalise at http://www.ishade.com/member/14683/profile

iShade Tax Faculty Biography:
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; movie production tax incentives; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.

The Service Issues New Administrative Authority Governing Tangible Property Regulations Compliance

TangiblePropRegsOn November 20, 2015, the Internal Revenue Service (hereinafter the “Service”) issued new administrative authority governing the Tangible Property Regulations (hereinafter “TPR”) in connection to the safe harbor rules for the retail and restaurant industries. More specifically, the newly released Revenue Procedure 2015-56 (hereinafter “Rev. Proc. 2015-56) provides a safe harbor method of accounting for taxpayers engaged in the trade or business of operating either a retail establishment or a restaurant for purposes of determining whether expenditures paid or incurred to remodel or refresh a qualified building are:

  • Deductible pursuant to I.R.C. § 162(a);
  • Requires capitalization treatment as an improvement pursuant to I.R.C. § 263(a); or
  • Requires capitalization treatment as the costs of property produced by the taxpayer for use in its trade or business meets the requirements as set forth under I.R.C. § 263A.

Clearly, the scope and application of Rev. Proc. 2015-56 is to reduce disagreements regarding the deductibility or capitalization treatment of remodel-refresh costs incurred by members of the retail and restaurant industries. However as a caveat, the applicability of the safe harbor rules under Rev. Proc. 2015-56 excludes other industries that incur similar costs including but not limited to hotels, casinos, theaters, theme parks, and country clubs.

The safe harbor rules permit a current deduction of 75% of the “qualified costs” incurred by a “qualified taxpayer” in the course of performing a “remodel-refresh project” on a “qualified building,” as defined within Rev. Proc. 2015-56. The taxpayer must then capitalize and recover through depreciation deductions the remaining 25% of the project costs.   Furthermore, Rev. Proc. 2015-56 provides a detailed, non-exclusive listing of the “qualified costs” eligible for the safe harbor along with a listing of those costs that are not “qualified costs”.

The Retail Industry Leaders Association (hereinafter the “RILA”) enthusiastically welcomed the new safe harbor rules from the Service regarding the deductibility treatment for qualified costs in connection to store remodels, repairs, and refreshes. Christine Pollack, the Vice President of Government Affairs at RILA indicated that “retailers welcome this safe harbor rule, which helps to ensure that federal tax policy better reflects the real world realities for retail businesses that undergo store remodels and repairs.

For the complete scope and application of Rev. Proc. 2015-56, please utilize the subsequent link to access this form of administrative authority at: https://www.irs.gov/pub/irs-drop/rp-15-56.pdf

For complete legislative updates from the Hill please follow Peter J. Scalise at http://www.ishade.com/member/14683/profile

iShade Tax Faculty Biography:
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; movie production tax incentives; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.