CPAs and taxpayers familiar with the Federal R&D tax credit program may not be fully aware of the scope of state R&D credits available across the United States.
CPAs and taxpayers familiar with the Federal R&D tax credit program may not be fully aware of the scope of state R&D credits available across the United States.
It is always prudent and necessary to look for all possible tax deductions to offset the amounts of tax we pay. It is also extremely beneficial to find tax credits to apply. As a California S corporations that does research and development activities, you have some options available to you that can save thousands of dollars.
Does your manufacturing business improve a process or product for the automotive industry? Do you work to make an automotive product cleaner or more efficient? Or, perhaps you provide technical solutions that make production work more efficiently. If you are conducting any of these activities, are you taking advantage of the research and development (R&D) tax credit?
Choosing an R&D tax partner that can work seamlessly with your firm can offer great value to both your firm and your clients. Here are seven important qualities to keep in mind when choosing the right R&D expert.
When you think about it, packaging is essential for any product being sold. From storage to transport to the end user, package designers seek ways to advance the quality, functionality and safety of their products—all within compliance of regulatory guidelines. Many package designers would be surprised to discover that many of the activities they already are conducting qualify for valuable tax credits.
Many of the activities conducted by architecture firms qualify, and the benefit can mean tens of thousands of dollars in tax savings.
Companies performing research and development (R&D) activities in the state of Florida may be eligible to receive state R&D tax credits with certain qualifications.
Thanks to everyone at the MassCPAs Federal Tax Camp!
Because of the law change derived from the Tax Cuts and Job Act of 2018 (TCJA) requiring all IRC Section 174 costs to be capitalized, taxpayers must ensure that they are both compliant with the new law and also take appropriate actions to minimize their increased 2022 tax burden. Unless Congress acts to repeal or delay this new requirement via new legislation or a tax extender bill, this change effects 2022 taxes.
