The White House and Republican congressional leadership released a nine-page outline on September 27, 2017 to guide upcoming legislation on tax reform. This framework will help in configuring what will be an active, and likely debatable phase of tax reform.
Many taxpayers can take advantage of a ‘safe harbor’ or Research Credit Directive the IRS has just announced.
The IRS announced it was extending various tax filing and payment deadlines for those effected by the hurricane Irma.
When the PATH Act of 2015 was enacted by Congress, it made the R&D tax credit permanent. However, other tax incentive and credit programs were left to face an uncertain future, including the popular energy tax deduction, known as the 179D Tax Deduction.
Companies investing in creating new products in Illinois have been at a disadvantage since the valuable R&D tax credit program expired in 2015. Now that has all changed.
Tax reform is in the air. While we don’t yet know how it will play out, business owners should take note of the bipartisan support for an incentive to increase the productivity of U.S. companies in a wide range of industries—the R&D tax credit.
It is an exciting time for research and development in the aerospace industry—with strong growth in 2016 after several years of stagnancy, the outlook is healthy for the development of groundbreaking technology.
It is an exciting time for the aerospace industry—the outlook is healthy for innovation and the development of groundbreaking technology. As an industry significantly invested in research and development (R&D) activities, aerospace companies can further reinvest in their growth by qualifying for federal and state R&D tax credits. But which activities qualify, and how does the process work?
In a show of bipartisanship, U.S. Sens. Chris Coons (D-DE) and Pat Roberts (R-KS) introduced the Invent and Manufacture in America Act on June 6, 2017. The bill is intended to further enhance the research and development tax credit for those companies that conduct R&D in the U.S. and for those who manufacture products as a result of R&D that took place in the U.S.
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.
