IRS extends time to ‘perfect’ R&D tax credit claims
The Internal Revenue Service is once again extending for another year the transition period during which taxpayers have 45 days to perfect a research credit claim for refund before the IRS makes its final decision about the claim. They will now have through Jan. 10, 2025, to perfect the claim. Over a year ago, the…
Navigating the World of R&D Incentives: Key Factors to Consider for Success
Essential Strategies for R&D Incentive Success In the dynamic world of business, staying ahead of the curve often involves extensive research and development (R&D). However, navigating the labyrinth of R&D incentives can feel like embarking on an epic odyssey filled with complexities and uncertainties. But fear not! With the right strategies, this journey can lead…
How Remote Work is Redefining R&D
The Impact of Remote Work on R&D Teams Imagine sitting in your comfortable home office, a hot cup of coffee within arm’s reach, while contributing to groundbreaking research and development projects. This isn’t a futuristic fantasy; it’s the reality for many professionals today. The shift towards remote work, accelerated by the COVID-19 pandemic, has not…
Innovation Through Collaboration – Best Practices for Partnering on R&D Projects
Uniting Forces for Succesful R&D Projects The race to innovate has never been more critical, and collaboration is emerging as the secret ingredient for success in research and development (R&D) projects. By pooling together diverse perspectives, skills, and resources, organizations can overcome barriers and unlock their full potential. Read on to learn more about the…
R&D Credit 280(c): software companies across U.S. say they could have their survival threatened in the next years.
Section 41 of Tax Cuts and Jobs Act of 2017 (TCJA) Section 174 provides a tax credit to incentive taxpayers to invest in research and development. But, since the beginning of 2022, Section 280(c), which has the purpose of avoiding bigger modifications on federal taxes and houses the provisions related to research and development (R&D),…
Aerospace & Defense
It is not a secret that the Aerospace & Defense sector is currently one of the most relevant in the US market. Lately, this industry has been growing at a steady rate, being the focus of large investments, with North America being the biggest contributor to the worldwide market’s growth and turning it into the…
Qualifying R&D Credit Activities for Software Developers
Software developers often create new products or improve existing ones. This work can be expensive. The good news is that the government offers tax credits to help with these costs. These are called Research and Development (R&D) tax credits. R&D tax credits can save software companies money on their taxes. This article will explain: If…
How Can R&D Tax Credits Benefit The Food Science Industry?
The food industry is constantly evolving, with new advancements being made every day. Businesses in this field invest heavily in research and development (R&D) to keep up with the latest trends, develop new products and stay ahead of the competition. However, R&D expenses can be quite significant, and businesses need to find ways to optimize…
R&D amortization: how it changes the U.S innovation scenario
With the beginning of 2023, the implementation of R&D amortization in the last year, included in the 2017 TCJA Section 174, has already had impact on U.S companies developing projects. Until 2022, the deductions for R&D costs were paid over a single year – but, since January, this cost needs to be spread out over…
Research & Development Tax Credit
The R&D tax credit is still one of the most significant tax incentives available to your clients. The R&D credit increases cash flow, rewards companies for hiring technical employees, reduces NOLs (if applicable), can be carried forward, and prior years credits can significantly reduce taxable income! Qualifying industries include without limitation: Manufacturers, Software companies, Food…