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10620 Southern Highlands Parkway Suite 110-473 Las Vegas, NV 89141
PO Box 735017, Dallas, TX 75373-5017
On a personal note, Football Season has kicked off, and my youngest son, Zachary, has started playing Freshman High School Football. I’m also looking forward to seeing Everclear in concert on September 21st, indulging in some 90’s nostalgia. September 22nd will mark my fourth consecutive week working from home, after which I’ll be traveling and attending conferences for the rest of the year. For now, I’m recharging and savoring precious moments with my wonderful family.
Professionally, as we reach mid-September, Q3 is nearly complete, and we’ve successfully navigated 3 of the 4 major tax deadlines for 2023. Our Opportunity Season for tax studies is almost complete, and we’re gearing up for the Opportunity Season for business development.
I am thrilled to share some exciting news with all of you! BRAYN has been nominated and has won the prestigious Second Annual Sam Houston 79 Award! This award honors the founding of Sam Houston State University (SHSU) in 1879 and recognizes outstanding businesses based on their compound annual growth in revenues over a three-year period.
For those who may not know, I an alumnus of SHSU. This makes the award even more special and personal for us.
Key Highlights:
This achievement is a testament to our hard work, dedication, and the innovative spirit that drives BRAYN forward. We are extremely proud of this award and what it represents for our company.
Internal Revenue Code Section 174, which as of 2022 requires taxpayers to amortize certain research and experimentation expenditures over a period of 5 years. On January 31, 2024, the House of Representatives overwhelming passed HR 7024 (votes 357-70). This bill includes a retroactive "fix" for immediate expensing of certain domestic research and experimentation expenditures.
On August 1, 2024, Senator Schumer initiated a procedural vote on HR 7024, which was defeated by a narrow margin of three votes. This outcome does not technically kill the bill. Practically speaking, the consensus among many is that it will not be revisited until after the upcoming election. Indeed, there is speculation that a revised version of the bill, excluding retroactivity, might be proposed.
Until and unless there is a fix, Section 174 remains the law, requiring taxpayers with such expenses to amortize them. We offer comprehensive studies for clients regarding Section 174, and we would be pleased to assist you. As the October 15 deadline looms, we urge you to reach out to us at your earliest opportunity. For instance, starting this week, our team will implement a cutoff for new work that has a statutory deadline of October 15.
Many of our clients have already engaging us in 2024 tax year planning. For example, we have a number of meetings already scheduled between now and the end of year for a number of reasons.
Finally, we are meeting with a number of clients to review the 2023 Tax Year final results and defining plans to optimize 2024 Tax Year results. This includes identifying projects now, many of which may not yet have been completed, in order to obtain allocations, energy modeling, site visit inspections and final certifications ahead of time. The earlier in time we can work with clients to identify projects and receive allocation letters or even intent to allocate, the better.
Please reach out to us if you’d like to schedule a meeting to discuss any of the above.
Starting September 22nd, the official beginning of Fall, BRAYNiacs from around the country descend on select cities for the kick-off of Fall Conference Season. It’s time to make sure you have your frequent flier number handy and ensure your favorite airport lounge access is updated. You can find a full list of events here. Reach out to me for 50% off discount codes to Western CPE Events.
As for my personal travels, I will be in the following cities. Please reach out to me if you would like to connect while I am in town.
Also, BRAYN will be in Las Vegas hosting events around the AICPA & CIMA Construction & Real Estate Conference from December 9 - 11, 2024, at Caesars Palace, Las Vegas. Let's connect if you are in any of these places!
Brady is the founder and CEO of BRAYN Consulting LLC, a consulting firm in the US with over 50 employees. Additionally, he is the founder and CEO of HPCE SAS, an Ecuador-based company providing nearshoring talent solutions to North American businesses. He is also the author of the book "The Millionaires You Went To High School With: Uncommon Wealth from Common People." https://a.co/d/1B9c6lW
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IRS Circular 230 Disclosure – To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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