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.
R&D efforts are crucial to improving the lives of those suffering from a wide range of diseases including this new Coronavirus currently in the media. Innovative companies investing in medical research should take advantage of R&D tax credits to increase their chances of success.
The R&D League will work together to provide scientific tools to San Antonio and investigate new ideas to help city staff make data-driven decisions.
The MORE Act addresses many of the issues deriving from marijuana prohibition, but it does not offer remedies for every issue. Instead, it takes a somewhat hands-off approach, leaving most regulatory questions up to the individual states.
Tax Point Advisors provides R&D tax credit services and other specialty tax services to businesses in the cannabis industry and can help you navigate any issues and opportunities arising from this new Illinois legalization for 2020.
Does your business invest in energy-efficient building systems? If you are not currently benefitting from the section 179D or section 45L tax deductions, you could be losing out on thousands of dollars of tax savings. The good news is that these deductions were extended by Congress through December 31, 2020 and this extension also made these tax incentives retroactive back to the year 2016.
In July 2019, Senator Tom Tillis and Senator Maggie Hassan proposed a bill - The R&D Tax Credit Expansion Act, to expand the research and development (R&D) tax credits that can be taken against federal payroll taxes for startups and small businesses.
With a permanent R&D credit, taxpayers can more effectively plan and commit to long-term investments in their R&D and innovation.
