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CPA - Featured Video - Qualifying for the Research and Development Tax Credit

Qualifying for the Research and Development Tax Credit

The R&D tax credit is a Federal incentive provided by Congress to U.S. Manufacturers to offset the cost of innovating. As it is a credit as opposed to a deduction, it is a dollar for dollar offset to your tax liability. Also, since the credit is open for the 3 immediately preceding tax years, filing a claim for refund for the credit for past years can be a direct cash infusion into your company. This video explains the tax credit and how Saltmarsh can help your business claim the credits you deserve.

Featured News & Articles

Casualty Losses Posted -Monday, June 02, 2014

The recent torrential rains and flooding conditions in the Pensacola area present us with the need to remind folks about the tax rules surrounding casualty losses. If you’ve lost property or suffered damages due to the recent flooding, getting some tax relief may serve as at least a minor consolation.

» Read More

Gabe Shibly, CPA appointed to serve on two FICPA committees Posted -Friday, May 30, 2014

Gabe Shibly, CPA with Saltmarsh, Cleaveland & Gund has recently been appointed to serve on two committees for The Florida Institute of CPAs.

» Read More

How the New Repair Regs Will Impact Your Contracting Firm Posted -Friday, May 30, 2014

After nearly a decade of issuing a long series of proposed and temporary regulations, the IRS has finally issued final regulations providing guidance to help contractors determine how to treat repair and maintenance expenditures related to tangible property from a tax perspective.

» Read More

Featured Blog Posts

Financial Advisors Featured in Local Workforce Spotlight Posted - Thursday, July 17, 2014

Financial Advisors Launch New Website Posted - Thursday, July 10, 2014

2014 Best of the Bay Announcement Posted - Wednesday, July 02, 2014

Saltmarsh News & Articles Top stories from Saltmarsh's Pensacola, Fort Walton Beach, Tampa, and Orlando offices

Casualty Losses

Media Contact: John Mascaro, CPA

Release Date: Monday, June 02, 2014

The recent torrential rains and flooding conditions in the Pensacola area present us with the need to remind folks about the tax rules surrounding casualty losses. If you've lost property or suffered damages due to the recent flooding, getting some tax relief may serve as at least a minor consolation.


If your home or other property is damaged as a result of a fire, earthquake, flood, hurricane, vandalism or similar event, you may be able to take a deduction for the loss. To be deductible as a casualty loss, the property must be damaged, lost or destroyed by a sudden, unexpected or unusual event. Therefore, using the term "tax planning" when referring to a casualty loss may seem inappropriate.


However, if you have suffered a loss, there are several tax issues that you need to consider, such as determining the year in which to take the loss, the benefit of married individuals filing separately, valuation of the property, limitations and adjustments to the loss, and finally the tax consequences of any insurance reimbursements or recoveries.


A casualty loss is not allowed when the loss is gradual, such as insect damage to trees or water damage from a leaky roof. Therefore, damage or destruction resulting from progressive deterioration of property, such as beachfront erosion, would not qualify as a casualty loss. Loss of property through theft is deductible, but merely misplacing property is not.


Please click the link below to access the full article.

Featured Video View all CPA Videos

Qualifying for the Research and Development Tax Credit

The R&D tax credit is a Federal incentive provided by Congress to U.S. Manufacturers to offset the cost of innovating. As it is a credit as opposed to a deduction, it is a dollar for dollar offset to your tax liability. Also, since the credit is open for the 3 immediately preceding tax years, filing a claim for refund for the credit for past years can be a direct cash infusion into your company. This video explains the tax credit and how Saltmarsh can help your business claim the credits you deserve.

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