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.
It has been well over one year since Congress enacted legislation making R&D permanent. With the many questions surrounding these new enhancements, Tax Point Advisors offers the following clarifications to help business owners understand whether they may utilize the credit.
Tax Point Advisors, a leading expert in research and development (R&D) tax credits and specialty tax services, opens southern regional office.
New IRS guidance, Notice 2017-23, eases the way for small businesses to benefit from a new option that allows them to apply a portion or all of their R&D tax credits against their payroll tax liability, rather than their income tax liability.
In welcome news for taxpayers who work for themselves and businesses with assets under $10 million, the IRS has made permanent an expedited process it had been pilot testing by which small businesses and self-employed individuals (SB/SE) can resolve tax disputes.
