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Should taxpayers make the reduced R&D credit election (280C)?
Changes enacted under the 2017 Tax Cuts and Jobs act are now fully in effect for tax years beginning after December 31, 2021. One of the key changes, along with required amortization of research and experimentation expenses, were changes to the 280C election....
IRS releases section 174 amortization guidance
On September 8th, 2023, the IRS and Treasury released Notice 2023-63. This notice provides guidance on the amortization of specified research or experimental (SRE) expenditures under section 174. This was welcome news for taxpayers and practitioners who have been long...
The Role of R&D Tax Credits in the Renewable Energy Sector
In this blog article, we will explore the significance of R&D tax credits in fostering innovation within the renewable energy sector, and how they contribute to shaping a cleaner and more sustainable future for all. In the face of pressing environmental...
Unraveling the R&D Tax Credit for Breweries and Distilleries
In this article, we will delve into R&D tax credits specifically tailored for the breweries and distilleries industry, exploring how these credits can help businesses thrive and stimulate growth. Innovation has always been at the heart of the brewing and...
The Role of Qualified Professionals in Conducting Cost Segregation Studies
Cost segregation studies have gained significant importance in recent years as a valuable tax planning strategy for real estate owners and investors. These studies allow taxpayers to accelerate depreciation deductions and reduce their tax liabilities by identifying...
Overcoming Common Challenges in R&D Tax Credit Claims
Research and Development (R&D) tax credits offer a valuable opportunity for businesses to recoup a portion of their R&D expenditures and promote innovation. However, navigating the complexities of R&D tax credit claims can be challenging. Many companies...
Top Industries That Can Benefit from R&D Tax Credits
Research and Development (R&D) tax credits are a powerful tool to incentivize innovation and support businesses in pursuing technological advancements. While R&D tax credits are available across various sectors, some industries are particularly well-positioned...
Optimizing Your Real Estate Investments: A Deep Dive into Cost Segregation
When it comes to real estate investments, maximizing returns and minimizing tax liability are key goals for property owners. One powerful strategy that can help achieve these objectives is cost segregation. In this article, we'll take a deep dive into cost segregation...
5 Common Misconceptions About R&D Tax Credits
When it comes to claiming R&D tax credits, there are many misconceptions that can hold businesses back from taking advantage of this valuable incentive. Here are five common misconceptions about R&D tax credits: 1."We're not a tech company, so we're not...
The Benefits of Partnering with an R&D Tax Consultant
Partnering with an R&D tax consultant can offer many benefits to businesses looking to take advantage of R&D tax credits. Here are some of the key benefits: 1. Expertise and Experience R&D tax consultants have extensive knowledge and experience in...
Maximizing the R&D Credit to offset Payroll Tax
As a business owner, you're always looking for ways to reduce your tax bill and keep more of your hard-earned money. One often-overlooked option for small and mid-sized businesses is the Research and Development (R&D) tax credit. Many associate the R&D tax...
Understanding R&D Tax Credit for Manufacturing Companies
Research and development (R&D) is a crucial component of the manufacturing industry. It allows companies to develop innovative products, streamline processes, and improve their overall efficiency. However, R&D can also be an expensive and risky endeavor, which...
The Importance of R&D Tax Credits in Today’s Competitive Market
In today's competitive market, R&D tax credits are becoming progressively important. The tax credits provide a financial incentive for companies, and are beneficial to businesses of all sizes, from startups to well-established multinational firms. Why is the...
The Benefits of Conducting a Cost Segregation Study
Cost segregation study is a tax strategy that enables real estate property owners to reclassify certain building components as personal property, which has a shorter depreciation life than real property. This process enables property owners to accelerate the...
Maximizing R&D Tax Credits for Construction Companies
The Research and Development (R&D) tax credit is a valuable opportunity for construction companies to receive a tax reduction in exchange for investing in innovation and progress. If your company is involved in developing new or improved construction methods,...
Important Changes to Section 174
General Overview & Estimated Payment Impact: As of 1/1/2022, a key provision of the Tax Cuts and Jobs Act (TCJA) went into effect. Taxpayers are no longer able to deduct research and experimentation (R&E) expenses under Section 174. Previously, taxpayers...
Navigating Three Significant Changes to the Research Credit – What You Need to Know
Starting in 2022, taxpayers and tax preparers will need to be aware of important changes to the Research and Development Tax Credit (R&D Credit) documentation and filing process. Three major changes include new information required to file the R&D credit under...
How Can Technology Companies Claim R&D Tax Credit?
Nowadays, more companies are investing in the development of innovative services and transforming their businesses by implementing technology like automation, artificial intelligence, and machine learning. Fortunately, the federal-state government provides research...
Can Electronics Companies Benefit from the R&D Tax Credit?
Electronics is one of the largest industries in the world and activities conducted within the industry rely heavily on research and development.
Does Bank and Insurance Companies qualify for the R&D Tax Credit?
It may not seem like it, but many companies in the financial industry are prime for research and development opportunities. Bank and Insurance companies are most likely spending extensively on technology that qualifies for the R&D tax credit but are hesitant to...
How Can Software Development Qualify for R&D Tax Credit?
The software industry is a hub of innovative research and development. Thousands of businesses claim R&D tax credits for their software development projects each year. But did you know that many companies in the field are still missing out on this beneficial tax...
Do Oil and Gas Companies Qualify for R&D Tax Credits?
Oil and gas are two of the world's most vital and widely used products; we use them for practically everything. Oil and gas companies succeed in such a demanding market by investing in research and development (R&D) to drive innovation and build new and improved...
How Can Mining Companies Qualify for R&D Tax Credit?
Most mining and other natural resource industries strive to improve their operations by developing them to be better, faster, cheaper, or more environmentally friendly. R&D is uncommon in the mining industry but when activities are present, the tax claims can be...
How Can Manufacturing Companies Benefit from R&D Tax Credits?
The Research and Development tax credit is often an overlooked benefit for businesses. The R&D credit provides dollar-for-dollar cash savings each year for manufacturing companies performing activities related to the development of new or improved products and...
How Can Life Science Companies Claim R&D Tax Credits?
The Life Sciences industry has never been more vital in addressing real-world problems. Through advances, this fast-growing and highly technical industry is constantly improving the quality of human life. Companies in the Life Science sector are excellent candidates...
How Can Food Manufacturing Companies Claim R&D Tax Credits?
The Food Manufacturing industry is facing a growing demand for healthier, more environmentally friendly, and delicious ingredients. Food manufacturing companies are conducting more research and development (R&D) than ever before as consumer preferences change....
Why Engineering Companies Should Take Advantage of R&D Tax Credit?
Every day, the engineering sector leads the way in innovation by overcoming challenges and developing new solutions. Engineering projects naturally do research and development (R&D) at practically every stage of the project, including new design ideation,...
How a Dental Practice Might Qualify for R&D Tax Credits
Most companies assume that the R&D Tax Credit is only for a certain type of research and development, such as work done in a lab or in a factory. In reality, any company that develops or improves products, processes, techniques, formulas, or software may qualify....
How Does a Construction Company Qualify For the R&D Tax Credit?
Is your construction company able to overcome technological challenges through the creative innovation of products and processes? If yes, your company may qualify for an R&D tax credit. Due to a lack of awareness and common misconceptions, many construction...
Is Your Architecture Company Missing Out on Valuable R&D Tax Credit?
Did you know that government tax deductions may be available for architectural research and development (R&D)? It's likely that you'll qualify for R&D Tax Credit if you're working on research, customized software development, complex testing, or 'out of the...