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.
The IRS announced it was extending various tax filing and payment deadlines for those effected by the hurricane Irma.
Does your dairy company undertake activity intended to develop a new or improved product or process for yourself or your customer?
Companies engaged in the design, installation, and fabrication of HVAC systems and components may be eligible to receive a significant tax credit.
Enacted in 1981, the Federal Research and Development (R&D) Tax Credit allows a credit of up to 13 percent of eligible spending for new and improved products and processes. Companies engaged in 3D printing should be taking full advantage of all available federal and state tax credits. Problem is not many companies utilizing 3D printing even know they are qualified for these tax credits.
When the PATH Act of 2015 was enacted by Congress, it made the R&D tax credit permanent. However, other tax incentive and credit programs were left to face an uncertain future, including the popular energy tax deduction, known as the 179D Tax Deduction.
Many companies that manufacture plastic injection molds do not realize that their business is filled with R&D activities that qualify for valuable tax credits—credits that could be used to reinvest in their business.