A survey by the National Federation of Independent Business (NFIB) found that only 4% of small business owners are “very familiar” with the Employee Retention Tax Credit program. Furthermore, only 32% said they were “somewhat familiar” with the incentive. Scammers are taking advantage of this unfamiliarity to collect high fees from business owners. Unscrupulous companies
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
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 profit margins are thin. And because of a set of factors outside my control—namely inflation, the supply chain crunch, and
In recent years, commercial real estate owners and investors have learned a secret: they can greatly maximize their tax savings if they combine Low-Income Housing Tax Credits with a cost segregation study. The Low-Income Housing Tax Credit (LIHTC) is the federal government’s major tool for creating affordable housing. As a federal tax credit administered by
The R&D tax credit can save firms thousands of dollars. AIA partner Engineered Tax Services explores the myths that might be holding you back from taking part. The Research & Development (R&D) tax credit is a permanent federal tax incentive meant to stimulate innovation, technical design, and manufacturing within the US. There is a common misperception that
Unprecedented. Uncertain. Disruptive. After a year of pandemic shutdowns and subsequent economic turmoil, these words have been used repeatedly to describe a tumultuous 2020. They can also be used to describe the 2020 election—the results of which are still being contested, with two Senate races headed for a January runoff. The result has been the
If your company’s revenues have been reduced by the COVID-19 pandemic, you may be able to increase cash flow by claiming several federal and state tax credits and incentives. R&D Tax Credit The U.S. government and two-thirds of U.S. states offer research and development (R&D) tax credits. Many companies mistakenly believe that these credits are
Taxpayers have become more aware of the benefits offered through federal research and development (R&D) tax credits. The tax incentive is now meant to stimulate innovation and design in industries throughout the U.S. As you can see by watching this video, Engineered Tax Services wants to ensure that business owners and CPA firms with clients
If you are an entrepreneur with a new business that is developing products to bring to market, the federal Research and Development (R&D) tax credit can benefit you. Historically, the R&D tax credit was meant to offset federal income tax liability. This restriction meant that start-ups could not benefit from R&D tax credits until they
At ETS, we are working hard to make a difference in the preservation and advancement of the Research and Development Tax Credit. The R&D Tax Credit is currently set to go to an amortization schedule starting in 2022. This week our team at ETS lead by Executive Vice, Heidi Henderson will be meeting with several