The Internal Revenue Service (IRS) has issued new filing requirements for any taxpayer filing an IRC Section 41 R & D tax credit claim. While the R & D tax credit and IRC Section 41 has been available for decades this is the first time in quite a while where the Service is asking for specific and detailed information like this, on the actual tax filing. The Service’s overall goal is to reduce the large number of audits on the R & D claims and instead, determine upfront if such a claim should be accepted or whether further review is required before approval.
Companies engaged in research and development (R&D) activities in the state of Texas can receive reductions in either applicable sales tax or franchise tax with certain qualifications. The Texas R&D credit represents an outstanding opportunity for taxpayers to receive credit for qualified research expenses they are conducting. This incentive is in addition to the federal R&D tax program, which Congress made permanent in 2015.
Like the federal research and development (R&D) tax credit, the state of California provides a tax credit as an incentive to those who conduct research and development activities within the state. In fact, the 15% credit rate (regular credit only) for excess expenditures over a base, is one of the best credits in the nation. While the state and federal credits share some common requirements and incentives, the California Research Credit has some separate requirements.
The US Small Business Administration has established a new program to aid small business venues affected by covid-19.
Are you taking advantage of energy tax deductions for your investment in energy-efficient systems? If you are not benefitting from the 179D EPAct tax deduction, you could be losing out on thousands of dollars of tax savings.
Unlike many firms, Tax Point Advisors conducts a site visit and onsite testing for every energy efficiency study, as required by the IRS, in order to document results, AND the site visits are done by our certified engineers. Many firms send non-engineering staff to conduct cursory site visits, but this is a sub-standard approach.
The ‘Growing Renewable Energy and Efficiency Now’ (GREEN) Act - should the Bill be enacted into law - will extend and strengthen tax incentives for energy efficiency and renewable energy.
Costs incurred by a shipbuilding company in developing several vessels are not qualified research expenses that would allow the business's parent company to claim a $1.1 million research tax credit, the U.S. Tax Court said Thursday.
With many American businesses around the country struggling due to the COVID-19 pandemic, the U.S. government responded by passing multiple stimulus packages and tax credits throughout the first three quarters of 2021. One essential tax credit businesses should be aware of is the Employee Retention Tax Credit (ERTC).
New tax credit expansion will benefit most businesses - don't leave money on the table, call Tax Point Advisors for your free assessment.
