Instructor
Mike Woeber is based in CTA corporate office in Huntsville, Alabama.
Mike began his career in 1989 working on the auditing team with Ernest & Young in Birmingham, Alabama. He focused on financial statement audits of publicly traded manufacturers, technology, and healthcare companies. After two years in audit, Mike joined E&Y’s tax group and moved to their Huntsville, office.
It was during his early years in Huntsville that he began advising privately held businesses on a variety of accounting and tax matters. This included financial statement audits, business tax preparation, and individual tax preparation. It was during Mike’s 15 years as a tax partner with a regional firm that he began focusing on the research and development tax credit incentive.
In 2014, Mike and a group of close associates formed Corporate Tax Advisors, inc., with the goal of creating a national business that was “not a traditional CPA firm”.
The purpose of CTA, as it has always been, is to operate solely as a specialty tax consulting firm focusing solely on assisting companies in identifying potential tax credits and unique tax strategies. These include research & development, renewable energy, and employment tax credits.
Instructor
Before 1/1/2022, a company that incurred research and experimentation (R&D) expenses could deduct them in the current tax year OR elect to amortize them over 60 months. The default treatment was to deduct R&D costs immediately. However, the law changed for costs incurred beginning 1/1/2022. These R&D costs cannot be deducted currently anymore. Instead, it is mandatory to capitalize them and amortize them over 60 months. Many taxpayers think this means taking the R&D costs reported on Form 6765 and amortizing them. That is not the case, however. Join, Mike Woeber, CEO, as he walks through “Understanding the New Code Section 174: Capitalization and Amortization of R&D Expenses."