Does your manufacturing business resolve technological challenges through the innovative use of products and processes? Many manufacturers do not realize the R&D tax credit extends beyond basic research to include applied research.
Innovators. Problem solvers. Creative thinkers. Engineers are often described by these attributes, and many of the activities they perform on a daily basis may qualify for valuable research and development (R&D) tax credits.
How do you know which of your clients (or prospects) are likely candidates for federal and state R&D tax credits? IRS code changes have broadened the definition of qualifying activity—and keep in mind that over 70% of states now offer a credit, adding value to the consideration of an R&D tax credit study.
Whether you are a CPA firm with qualifying clients or a business applying directly for tax credits, it is valuable to have the guidance of a professional firm that can offer full audit representation. Here are some best practices you should consider in seeking representation.
It is critical that U.S. manufacturers understand that remaining competitive in the ever-changing global economy will require that they expand their investments in R&D strategies. As business leaders and public policy makers examine strategies to accelerate manufacturing growth, one of the best strategies is through the newly expanded R&D tax credit.
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.
Contractors can gain considerable benefits through federal and state research & development (R&D) tax credits. Knowing the specifics about eligibility, which party has rights and risks and how the credits are calculated can go a long way in maximizing your 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.
Does your Pennsylvania business engage in research and development (R&D) activities? If so, you could qualify for significant tax savings through the Pennsylvania R&D tax credit program.