Software development firms are easily one of the largest businesses that can benefit from the Research and Development (R&D) tax credit because of their significant investment in innovation and the development of new technologies.
For the first time Congress has provided long-term funding to rebuild the IRS after years of decline.
To ensure success, the Biden administration needs to promptly nominate and the Congress needs to swiftly consider and confirm a qualified Commissioner.
Is your business working to enhance the existing products, methods, or software? Are you developing new products and processes as part of your daily operations? Have you customized, integrated or developed products around client specifications?
In recent years, America’s digital infrastructure has become a core vulnerability as international conflicts migrate online, and cyberwarfare becomes an ever-present threat to our nation’s security.
The Inflation Reduction Act set aside $79 billion to beef up the IRS, leading to concerns about the impact of increased audits in many corners.
alliantgroup hosted a dynamic panel discussion on the two pieces of legislation that recently passed in Congress, the CHIPS Act and the Inflation Reduction Act, at its Houston headquarters last week.
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.