800-260-4138
Thank you for requesting a free assessment from Tax Point Advisors. We sincerely appreciate your interest and will be back in touch with you as soon as possible.
In the meantime, please feel free to browse through our most recent blogs found below.
Please also feel free to connect with us on social media: LinkedIn, Facebook and Twitter.
And, for additional questions about R&D tax credits, contact us at any time 800-260-4138.
Whenever a firm offers a specific, highly detailed service, it is a good practice to draw on the expertise of a specialist. That is why we recommend that CPA firms partner with an outside expert to manage the nuts and bolts of an R&D tax credit study for their clients. Most firms don’t have the expertise or time necessary to perform this type of credit study, and it’s far more cost-effective to outsource the effort.
With another tax season underway, those who work in the construction industry are likely seeking ways to reduce their tax liabilities. Fortunately, there are two great ways construction companies can save thousands to millions of dollars—the research and development (R&D) tax credit and the 179D energy tax deduction.
On Monday, January 13, 2025, Michigan Governor Gretchen Whitmer signed House Bills 5100 and 5101 into law, establishing a research and development (R&D) tax credit and creating an innovation fund. These initiatives are crucial for enhancing the state's economic development, and goes into effect for tax years beginning on or after January 1, 2025.
The rules surrounding R&D tax credits can be complicated and are continuously changing at the federal and state level. The IRS has recently proposed a change to Form 6765 - the form used to claim the R&D tax credit. This proposed change would introduce a new layer of complexity and require detailed project information to verify claims. IRS Federal Form 6765 is essential for claiming the Research and Development (R&D) Tax Credit, a vital incentive designed to encourage innovation and technological advancement in the United States. As businesses continue to evolve and compete in a global market, the R&D Tax Credit provides a significant opportunity for companies to offset some of the costs associated with their research and development activities. Starting with the tax year 2024, the form will reflect updated guidelines and specific criteria that taxpayers must adhere to in order to qualify for the credit, ensuring that businesses have a clear framework for claiming this benefit.
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.
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.
