R&D capitalization and amortization are here, and we recommend planning as though it’s here to stay. Since the 1950s businesses who’ve incurred R&D expenses under Section 174 have been able to deduct them as incurred. Unfortunately, the Tax Cuts [...]
The Inflation Reduction Act of 2022 (IRA) was signed into law on August 16, 2022. The legislation enhances the benefit for start-up companies by expanding the amount of the Research and Experimentation tax credit – often called the R&E [...]
Keeping proper documentation of your R&D activities is crucial to ensuring your R&D tax credits will be supported in the case of an audit. The Internal Revenue Service (IRS) and the state Departments of Revenue (DoRs) are intentionally generous [...]
One of the most overlooked (and fascinating) industries that should be taking advantage of the Research & Development tax credit is food and beverage. Whether it’s a manufacturer of finished food products, an ingredient or flavor developer, or even [...]
What is a Net Operating Loss (NOL) Carry Forward and Carry Back? A net operating loss (NOL) occurs when your deductions for the year are more than your gross income. An NOL year is the year in which an [...]
The research and development (R&D) tax credit is submitted on federal form 6765 and compiles the amounts of Qualified Research Expenditures (QREs) and computes the total credit for the tax year. Taxpayers seeking to amend a prior year return [...]
Federal and State Research & Development Tax Credits R&D Tax Credits can help many industries: breweries and wineries are no exception. While the early stages of new product development are generally not eligible, as the brewer or vintner grows [...]
When COVID-19 relief funds became available, businesses were quick to hop on the much-needed lifelines. For businesses who have taken either the Employee Retention Credit (ERC) or received a Paycheck Protection Program (PPP) loan (or both), and possibly a [...]
