What R&D Changes to Amortization vs. Expensing Mean for You
In 2017 the Tax Cuts and Jobs Act (TCJA) included significant tax breaks for taxpayers but often when a bill like this is passed, the question is asked “How will we pay for it?”. And
Category: R&D Tax Credit
What’s New With Specialty Taxes in 2023?
Taxes in 2023 are going to look a bit different than they have in the past. In addition to newly passed tax law updates, a number of pandemic-era provisions will gradually sunset in the years
What Does Section 174’s New Amortization Rule Mean for R&D Credits?
Future changes to the way companies can take deductions from research and development expenses may make investing in innovation more difficult, particularly for small businesses and startups. Furthermore, these new regulations may have a negative
TAX ALERT: IRS may extend the transition period for compliance regarding research credit refund claims
IRS Update *** The IRS is extending for another year (through January 10, 2024) the transition period during which taxpayers are provided 45 days to perfect a research credit claim for refund prior to IRS’s final determination on the claim. A recent comment by an IRS official indicating that the agency may extend the … Read more
New York State Offers a Life Sciences Research and Development Tax Credit
You may know that life sciences are eligible for federal research and development (R&D) tax credits nationwide—but did you know that New York State offers a life sciences research and development tax credit? New York
Rep. Jackie Walorski Introduces Legislation to Double R&D Tax Credits and Their Benefits
U.S. Rep. Jackie Walorski (R-Ind.), a senior member of the House Ways and Means Committee, showed herself to be possibly the biggest champion of R&D tax credits on Capitol Hill. She’s doubling down on them. Recently she
Possibilities Story: Sleepless in Salt Lake City
As the owner of an engineering firm in Salt Lake City, Utah, I’ve been concerned about the recent downturn in the economy—like a lot of people. The fact is, like many engineering firms, my company’s
R&D Tax Credits for Startups 2023-2024
For startups, every dollar counts. That’s why R&D tax credits should be on your radar. Far too many startups overlook these credits, missing out on major cash flow benefits. Here’s everything you need to know
Don’t Use an Automated Online Platform to Submit R&D Tax Credits to the IRS
Does Bill Gates use TurboTax? We don’t think so. While automated online platform tax return submission might be a convenient solution for many people, they are often incapable of capturing the complexity of a given
Why the Machining Industry Should Sharpen Its Knowledge of R&D Tax Credits
If you’re a CPA firm with clients in the machining industry, I have a solution that could save your clients serious money, while proving your value-added worth to them. Research and development (R&D) tax credits