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IRS Cracks Down on Documentation for Research Credit Claims
Posted by Bill Smith and Nate Smith on Fri, Mar 25, 2022 @ 11:49 AM

Last October, the IRS announced changes in documentation requirements for claims made with respect to the credit for Increasing Research Activities (the research and experimentation or R&D Credit). Together with an October memorandum from the IRS chief counsel’s office and subsequent procedural guidance in January, the IRS now requires that taxpayers must submit at least five pieces of information with an amended return or administrative adjustment request (AAR) that claims an R&D Credit, in order for claim to be valid. These new documentation requirements apply for claims postmarked on or after Jan. 10, 2022.

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Topics: tax, R&D, research and development tax credit, research credit claims

Prepare for Impact: Navigating the R&D Tax Incentive Changes
Posted by Raj Rajan on Mon, Dec 6, 2021 @ 02:16 PM

The new year is almost here, and it's time to start planning for changes to the tax treatment of research and development (R&D) expenses. The forthcoming changes to the research and development (R&D) tax deduction will affect companies in all stages—from startups to multinational corporations with global interests. Mandated by the 2017 tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA), these changes will no longer allow companies to expense R&D costs immediately.

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Topics: research and development, Taxes, R&D, research and development tax credit

The Role R&D Tax Credits Play in Recovery and Realignment
Posted by Michael Corrente on Mon, Mar 8, 2021 @ 10:35 AM

“Pivot” may have been one of the most used terms in 2020 as organizations quickly adjusted to the disruption of the COVID-19 pandemic. Impact on supply chains and physical work environments brought changes to the way of doing things for organizations across the board. To the extent your organization undertook activities that were new or different from what you had done before, you may find you are eligible for an often-generous federal tax credit program for research and experimentation.

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Topics: research and development, R&D, research and development tax credit, research and experimentation, R&E

Companies Have a New Way to Simplify R&D Compliance
Posted by Carl Giardino on Wed, Dec 13, 2017 @ 01:37 PM

The research and development (R&D) tax credit is one of the most widely applicable tax credits available to businesses. It provides an incentive for most companies to bring new or improved products to the marketplace or to improve production processes. R&D tax credits may also be applied retroactively, which could result in cash refunds from previously filed tax returns. Smaller businesses benefit as well. Companies with gross receipts that are less than $50 million can use the credit to offset alternative minimum tax (AMT) liability, and qualifying start-up companies can use the credit to offset payroll tax.

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Topics: research and development, Taxes, R&D, research and development tax credit, tax credit

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