May
09,
2020
CARES Act Provides Unique Opportunities for the R&D Tax Credit
The CARES Act makes taxpayer-friendly changes to NOL carryforward rules commencing January 1, 2018....
Sep
10,
2019
The R&D Tax Credit for the Construction Industry – Cementing a Favorable Tax Incentive
While many tax breaks have been reduced or expired, Research and Development (R&D) tax credit has been in existence for over 30 years and recently made permanent. The R&D tax credit has generated over $12 billion dollars annually for companies engaging in research activities. While most Fortune 500 firms claim it, many in the construction industry erroneously believe they do not qualify. In fact, only about ten percent of eligible businesses actually take the R&D tax credit....
Jun
12,
2019
The R&D Tax Credit for Manufacturers – Don’t Scrap the Benefit!
While many manufacturing tax breaks have been reduced or have expired, one tax incentive has been in existence for over 30 years and recently made permanent. The Research and Development (R&D) Tax Credit, a dollar-for-dollar tax reduction, has generated over $12 billion dollars annually for companies engaging in research activities....
Jan
29,
2019
New Tax Court Case Confirms Burden is on Taxpayer to Substantiate Base Period for the IRC §41 Research Credit
A recent court case denied a taxpayer the Research Credit under IRC §41 since it could not substantiate proper use of the “start-up” base period to calculate its credit rather than use of the 1984-1988 base period. IRC §41 permits a taxpayer to use a base period of either 1984-1988 or, if certain criteria are met, an alternative base period intended to make the credit available to “start-up” companies that were not in business from 1984-1988....
Mar
13,
2018
What Does the Tax Cuts and Jobs Act of 2017 (“TCJA”) Mean for the R&D Tax Credit?
While many deductions and credits were repealed by TCJA, the final law preserved the Research and Development (“R&D”) tax credit, which was previously made permanent in the Protecting Americans against Tax Hikes (“PATH”) Act of 2015....
Sep
27,
2017
Republicans Release Tax Overhaul Outline
On September 27, 2017, Donald Trump and the Republican Party released an outline of their tax overhaul plan. While this framework is not law, it shows their vision for both individuals and businesses. Below is a summary of major changes....