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).
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.
U.S. Secretary of Agriculture Tom Vilsack took the stage (https://www.usda.gov/…) at the recent Climate Change Conference of the Parties (COP26) and made the administration’s stance clear: Climate change is happening and it will disrupt our food systems and the livelihood of our agricultural producers.
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.
President Biden recently made an infrastructure bill counteroffer to Senate Republicans, lowering the total proposed cost from $2.3 trillion to $1.7 trillion. However, Republicans are still unsatisfied, releasing on Thursday a proposal for only $257 billion in infrastructure spending.
This year, IT consultants are eligible for powerful tax incentives that can help fund their innovation efforts and keep their technical workers on staff. The $1.9 trillion stimulus package recently enacted by Congress and the Biden Administration has something in it for almost everyone, and IT consultants are no exception.
While much of the economy struggled through the pandemic, agriculture helped keep the country fed and afloat. Much of ag was also considered essential and avoided the lockdowns that crippled most of the nation.
The Fourth Industrial Revolution is here, but the question is, will the United States be as influential as we have been in recent decades? Many would argue the opposite as we exit the top-10 index of global innovation.
Do you remember when most product labels said “Made in the USA”? For many decades the U.S. dominated manufacturing, both at home and worldwide, but globalization is relentless.
Chairman Wyden, Ranking Member Crapo, and distinguished Members of the Committee, thank you very much for the opportunity to submit written comments in response to your important hearing to discuss the effect of the U.S. tax code on domestic manufacturing.