Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
This article discusses the modifications made to Sec. 174 and Sec. 41, which will affect taxpayers’ R&D tax credit claims for tax years after Dec. 31, 2021.
Sec. 45S requires that an eligible employer for purposes of claiming the family and medical leave credit must have in place a written policy meeting certain requirements.
This article discusses who qualifies to take the credit, how to make the election, the calculation and allocation of the credit, and how to report it.
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
Not just large but also medium-size and even smaller companies can more easily take a RTC now that the IRS allows multiple tax years under one statistical sample study.
A new directive allows taxpayers to use R&D costs reported on FASB ASC financial statements as the starting point for computing QREs.
Since the R&D tax credit is a nonrefundable credit, startup companies are frequently limited in their ability to claim it in the current tax year because they have net operating losses.
This article examines the PATH act provisions and other developments favorable for taxpayers.
Interim guidance on small business research tax credit allows amended returns to claim credit for 2016
Eligible small businesses can apply a portion of their R&D credit against their payroll tax liability under a new provision enacted in 2015.
The final regulations could provide opportunities for companies and industries that previously did not include expenditures for software developed primarily for their own internal use.
Eligible small businesses can apply a portion of their research and development credit against their payroll tax liability, starting with 2016 tax years, under a new provision enacted in 2015.
Regulations settle much of the uncertainty for determining when software is developed for internal use.
Taxpayers that develop software for their own internal use will be able to claim a credit for research and development expenditures in some cases.
Software a taxpayer develops for its own general and administrative internal use can qualify for the research and development credit under regulations finalized by the IRS.
The PATH Act of 2015 included important changes to the R&D credit.
In the absence of records specifically created to document the research tax credit, taxpayers often have to rely on estimates and an assortment of documents, interviews, and other evidence to substantiate expenditures that qualify for the research tax credits.
The IRS recently promulgated final regulations that prohibit a taxpayer from increasing research credit carryforwards from closed years by electing the ASC method.
This item discusses efficient strategies for a tax department to consider when planning a statistical sample to estimate qualified research expenditures.
The IRS issued long-awaited proposed regulations on what type of internal-use software qualifies for the Sec. 41 research credit. Although the new rules are proposed, not final, the IRS says it will not challenge taxpayers' return positions that apply these rules currently.