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
Category: R&D Tax Credit
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
Senators Young and Hassan Lead Bipartisan Push to Expand R&D Tax Credit
We’re happy to share with you that the R&D tax credit has friends in high places! Major Congressional support is lining up to both strengthen, extend, and to expand R&D tax credit. Recent Press Release
Washington’s Amazing Budget Trick for R&D Tax Credit Expensing
Some politicians in Washington, D.C. have devised a new budget-balancing trick: proposing that companies wait four years before amortizing their research and development costs over five years. And it has bipartisan support. It’s not exactly
Don’t Amortize R&D Tax Credits!
It’s serious. Right now the integrity of the R&D tax credit is at risk. Here’s the story: Baked into the Tax Cuts and Jobs Act (TCJA) of 2017 is a revenue-raising provision that allows the
Next Year, You Might Have to Amortize R&D Tax Credits Instead of Expensing Them Immediately
You should know about a potential revision to capitalization rules that could trigger amortization of R&D tax credits, rather than make them available for immediate expensing against tax liability. The End of Immediate Expensing? This
Filing an Amended Return for R&D Tax Credits? There’s a January 10 Deadline to Comply with Stringent New IRS Reporting Rules
If your filing an amended return for R&D tax credits, time is running out. On October 15, the IRS, via IRS Memo: IR-2021-203, gave taxpayers only a three-month warning (extending to January 10, 2022) that
Molded for the Future: R&D Tax Credits for the Plastics Industry
Published in Plastics News Plastics and injection molding companies are eligible for Research & Development (R&D) Tax Credits, but often they are unaware of it. R&D tax credits are federal and state tax incentives meant to
Calling for IRS Guidance – Do Service Firms Qualify for R&D Tax Credits?
There’s been a disturbing change in precedent as practiced by the IRS: IRS audits of research and development (R&D) tax credit claims by service providers, such as architecture and engineering (AE) companies, have become inconsistent over the