On July 23, U.S. Rep. Jackie Walorski (R-IN) along with cosponsor Rep. Jodey Arrington (R-TX) sponsored H.R. 7766. This legislation would double the traditional research and development tax credits, and make it easier for small businesses and start ups to access the tax credit incentive.
R&D provides a platform for creativity and innovation to flourish and your company to stay relevant. The research and development (R&D) tax credit provides motivation for companies to advance innovation in the United States.
Any company producing new antibiotics or infection fighting equipment, utilized to combat COVID-19 are certainly at the forefront of all medical research being conducted in the U.S. currently. These lifesaving efforts can be supported by the R&D tax credits.
Manufacturing companies are responding by pivoting their operations to produce products to help in the fight against COVID-19.
CPAs: Are your clients missing the opportunity to claim valuable tax credits?
During these times of uncertainty Tax Point Advisors is continuing to offer their expert tax advice via tele-services.
A significant but often overlooked financial incentive to energy efficient builders and contractors is the 45L tax credit. This tax credit is for owner occupied or rental dwelling buildings that meet certain energy saving standards.
On March 30, the IRS issued a draft of Form 7200 to identify a larger set of employment taxes against which the payroll tax credits could be applied.
The filing deadline for federal tax returns has been extended from April 15 to July 15, 2020.
President Trump has signed into law the historic $2 trillion relief bill known as the Coronavirus Aid, Relief and Economic Security (CARES) Act.
