Form 6765: Understand the Section G changes and why it is important to be informed
Key Takeaways In addition, a new section (Section G) to provide detailed information on the Business Component used to generate credit for the tax year in which the R&D expenses are incurred has been included in Form 6765. This new section requires significantly more detailed information related to the projects and business components (BC), ensuring…
Accounting for R&D Tax Credits
Receiving a significant R&D tax credit refund can be exciting, but figuring out how to properly account for it in your financial records may feel overwhelming. You might be wondering: where does this refund go in your books? Should you apply it directly to payroll taxes or create a separate account? These are important questions,…
Guide to R&D Tax Credits for Architects
Before May 2023, R&D tax credits were largely out of reach for architecture firms. The IRS had strict criteria that excluded many activities common to architects, such as designing, testing, and improving building systems. However, a landmark ruling in May 2023 and subsequent changes in tax regulations have opened the door for architectural firms to…
Guide to R&D Tax Credits for Construction Industry
When it comes to innovation, the construction industry is often overlooked. Many assume that research and development (R&D) tax credits are only available to tech companies or large corporations. This misconception leads many construction firms to miss a significant opportunity to cut costs and invest in improvements. R&D tax credits are made to reward businesses…
How to Handle an R&D Tax Credit Audit
Dealing with an R&D tax credit audit can feel stressful, especially if you’re unfamiliar with the process. Feeling concerned about the possible audit after a successful R&D tax credit claim is normal. You should know that audits are quite rare, but even if you are “lucky enough” to have them, good preparation will let you…
US Election: How the Upcoming Decision Could shape Tax Planning
Key Takeaways: What’s in store for the future? Democrats Republicans FI Group is here to help Sources: November’s election is shaping up to be critical to tax planning How the election — and Senate procedure — will decide tax policies
How to Take Care of Your R&D Tax Credit Documentation
Having proper documentation is critical when you are applying for R&D tax credits. Without the right records, you may face issues like: The IRS requires your business to prove that your research activities qualify. In short, this means that your documentation needs to be thorough and accurate. Besides that, good documentation will help you avoid…
From Concept to Credit: Optimizing R&D Investments for American Businesses
Key Takeaways: From Concept: R&D at a glance To Credit: Researching, analyzing, optimizing A Tip to Keep: Asking for help should always be within your reach
R&D in MRO and Aviation
Main Takeaways: R&D FI Group can help you!
R&D: U.S. Trends and International Comparisons
Summary U.S R&D – General Federal Support for R&D Industry and Technology Global R&D How can we help you? Source: https://ncses.nsf.gov/pubs/nsb20246/introduction