Consumer demands for fresher products made without artificial colors/flavors, preservatives, hydrogenated fats, or genetically modified ingredients (GMOs) have had a significant impact on the food science industry in recent years. These demands have made research and development a key factor in the productivity and growth of the food industry.
Tax Point Advisors, an R&D tax credit expert, clarifies the Treasury Notice 2017-23 and the Payroll Tax Credit
Biotechnology companies are continuously undertaking qualified research activities to solve the greatest challenges facing our society. Whether it’s finding a cure for cancer, protecting against bio-terror threats, or creating renewable energy sources, biotech and life science companies can take advantage of the R&D tax credits for their qualified research expenditures associated with these activities.
If your company operates in the medical equipment manufacturing industry, there is a strong chance that you would benefit from an R&D tax credit study.
Apparel manufacturing companies are also eligible for the research and development tax credit for any activities relating to creating new and or improving existing manufacturing processes.
R&D activity in the chemical industry sector either involves new production processes or new compositions of matter (product development). Research objectives generally include, but are not limited to, higher performing products, sustainability features, alterations aimed at regulatory compliance, and cost reductions.
The White House and Republican congressional leadership released a nine-page outline on September 27, 2017 to guide upcoming legislation on tax reform. This framework will help in configuring what will be an active, and likely debatable phase of tax reform.
If your company conducts activities within the winemaking industry there is a strong likelihood that your company can take advantage of the R&D tax incentive.
Many taxpayers can take advantage of a ‘safe harbor’ or Research Credit Directive the IRS has just announced.