With so many tax proposals swirling around in Washington, the business world is in a wait-and-see mode to see how it all falls out. While tax reform could very well do away with many of the tax credits businesses utilize, there is nothing in these proposals that would negatively impact the valuable research and development tax credit.
It has been well over one year since Congress enacted legislation making R&D permanent. With the many questions surrounding these new enhancements, Tax Point Advisors offers the following clarifications to help business owners understand whether they may utilize the credit.
Tax Point Advisors, a leading expert in research and development (R&D) tax credits and specialty tax services, opens southern regional office.
New IRS guidance, Notice 2017-23, eases the way for small businesses to benefit from a new option that allows them to apply a portion or all of their R&D tax credits against their payroll tax liability, rather than their income tax liability.
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.
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.
Businesses in industries across the spectrum are missing out on tens – even hundreds – of thousands of dollars in money-saving opportunities each year because of misconceptions about industry and/or qualifying activities. If you are a business owner who is unsure if your activities qualify for R&D tax credits, make sure to check out our most recent e-book: "The Business Owner’s Guide to R&D Tax Credits"
The IRS has issued final rules that clarify whether software that a company develops for its own internal use can qualify for the research and development (R&D) tax credit. In issuing its final regulations, the IRS also addressed the issue of whether software that a company develops for use by other companies can qualify for the tax credit.
Increased research and development (R&D) activity in the U.S. oil and gas industry has resulted in many innovative advancements in the field. Despite global competition in the oil and gas marketplace, the U.S. continues to play a vital role, and there are incentives for companies engaging in qualified R&D activities.
Identity and website tout the firm's expanded focus on R&D tax credits and other specialty tax services.
