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Manufacturers Beware of Key R&D Tax Credit Changes

With a seemingly endless list of qualifying activities, including scale-up process techniques, along with compatibility and stability testing, manufacturing is consistently one of the top industries claiming the Research and Development Tax Credit (R&D Credit).

New R&D Credit Refund Requirements Create Hurdles

The IRS has added a new layer of complexity for those who intend to claim a research credit refund. Eric Hylton, director of compliance at alliantgroup, discusses how taxpayers are now having to provide more information to the agency to substantiate their refund qualification.

IRS’s New R&D Tax Claim Requirements

Understanding IRS’s New Requirements for R&D Tax Claim

In an attempt to finetune the verification process for R&D tax credit, the IRS has decided to introduce some new requirements for information from businesses availing the claim. In a recent Chief Counsel memorandum, the agency stated that it wants more detailed information about all of the business components for the claims made for that year.