In welcome news for taxpayers who work for themselves and businesses with assets under $10 million, the IRS has made permanent an expedited process it had been pilot testing by which small businesses and self-employed individuals (SB/SE) can resolve tax disputes.
Software development is often overlooked when it comes to research and development (R&D) tax credits, which is rather ironic when you think about the innovation, creativity and invention that is such an intrinsic part of this industry. Any time your software company makes improvements to products or processes, there is a good chance that your activities may qualify for valuable R&D tax credits that can greatly reduce your tax burden.
As part of the Consolidated Incentive Act of 2003, amended in 2007, the state of Arkansas offers valuable research and development (R&D) tax credits that may offset up to 100 percent of a business’ tax liability in a given year.
At first glance, it may seem unlikely that the poultry industry would have much in common with federal and state research and development (R&D) tax credits. After all, for years, R&D tax credits have been associated with large manufacturing, high-tech and medical companies. However, businesses engaged in the poultry industry are ripe with qualifying opportunities for valuable tax credits associated with the activities they conduct for improved products and/or processes.
Choosing an R&D tax partner that can work seamlessly with your firm can offer great value to both your firm and your clients. Here are seven important qualities to keep in mind when choosing the right R&D expert.
In a measure that was approved by the New Hampshire Legislature back in 2015, the total aggregate amount of the state’s R&D tax credits will increase to $7 million effective July 1, 2017. The state’s R&D tax credit program is popular—in fact, more manufacturing businesses in the state applied for the R&D credit in 2016 than ever before, far exceeding the current $2 million cap.
Has your company constructed, purchased, expanded or remodeled real estate? If so, you may be eligible for ten, or even hundreds of thousands of dollars in tax savings through a cost segregation study.
Contrary to popular belief, a company does not have to manufacture an end product to qualify for tax incentives. Companies in the metal fabrication industry develop significant research and development (R&D) processes and process systems—activities that could qualify for valuable federal and state R&D tax credits.
As one of several refundable credits available in the state of New York to reduce income tax, the New York Excelsior R&D credit program is one of the best tax credits in the Northeast. New York’s Excelsior Jobs Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments.
To qualify for any of the four programs under the New York Excelsior Jobs Program, businesses must meet and maintain certain established job and investment thresholds.
Many companies that otherwise would qualify for valuable research and development (R&D) tax credits never bother to apply for them. What would cause a business owner to leave thousands or even millions of dollars on the table? The culprit is often the federal government’s requirements for the documentation of a company’s qualifying activities. While the need for documentation is certainly instrumental to the IRS’ approval process, the lack of understanding about what documentation entails needlessly keeps many out of the R&D credit arena.