CPA firms and their clients often need outside expertise when it comes to specialized tax services. Deciding on the right partner to manage your specialty tax credits can be intimidating, especially with the growing number of online pop up tax firms competing for your business. A study done by a very large firm can be expensive, while a study done by a smaller local mom and pop shop may not yield the maximum benefits and studies performed by either may run the risk of an IRS audit. Choosing a tax partner that can work seamlessly with your company can offer great value as well as save you time and money in the long run. To help select the right partner, there are three key attributes to consider.
Daily activities performed by chemists, scientists and nutritionists in the gluten free food industry are eligible for the R&D tax credits offered by the federal government and by 40 separate states.
The R&D tax credit is a perfect opportunity for businesses in the cosmetic industry to cash in on their daily efforts of staying competitive and current.
Companies in the pet industry conduct research and development in their everyday activities, not realizing these tasks can qualify them for valuable R&D tax credits.
Most companies in the marine industry do not realize that their day to day tasks may give them generous tax incentives.
The water recycling business is brimming with opportunities to claim Research and Development (R&D) tax credits.
Innovation drives growth, and for many businesses, research and development (R&D) investments are a critical part of long-term success. Recent federal tax legislation provided welcome relief by allowing businesses to once again deduct certain research expenses immediately. However, New York State has taken a different path, creating new tax planning and compliance considerations for companies operating within the state.
Those who work in the construction industry are likely seeking ways to reduce their tax liabilities. Fortunately, there are two great ways construction companies can save thousands to millions of dollars—the research and development (R&D) tax credit and the 179D energy tax deduction.
Massachusetts recently enacted legislation that temporarily decouples the state from several tax provisions included in the federal One Big Beautiful Bill Act (OBBBA). While the federal law restored valuable tax incentives for businesses, Massachusetts has chosen to delay adoption of certain measures, creating differences between federal and state tax treatment beginning in 2025.
Many of the activities conducted by architecture firms qualify, and the benefit can mean tens of thousands of dollars in tax savings.
