Plant based food businesses must be able to change and adapt to the new dietary trends and consumers’ ever-changing personal eating habits. These efforts to create better plant based products or more nutritious products typically involve extensive experimentation and testing of new formulations, recipes, process parameters, and packaging methods. Research and development tax credits are available to support companies that are actively creating or improving these ways.
Companies utilizing nutritional science across the U.S. in the fields of food processing, laboratories, hospitals, health food producers, vitamin and dietary supplements are just some candidates for the R&D tax credit.
On January 1, 2016 North Carolina repealed their state R&D tax credit. It's important to note that unused North Carolina R&D tax credits may be carried forward for up to 15 years.
Shaun Yeh promotes the Tax Point Advisors difference of consistent and experienced project management and advances the responsiveness that Tax Point Advisors provides for CPAs and their clients.
Environmental Engineers perform many activities on a daily basis and may be unaware they can qualify for valuable research and development (R&D) tax credits.
Developing new Artificial Intelligence (A.I.) and robotic technology as well as improving on past technologies requires research and development. Companies can and should be utilizing R&D tax credits during their innovation process in the development of any new Robotics or A.I. products and technologies.
The Disaster Tax Relief and Airport and Airway Extension Act of 2017 Section 503 was signed on September 29, 2017 to give tax relief to victims of Hurricanes Harvey, Irma, and Maria. This law includes an employee retention tax credit to assist employers that continued to pay wages to any employees displaced by inoperable work locations.
Oil and gas equipment fabricators conducting research and development activities, may qualify for and benefit from R&D tax credits.
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