Congress has been the piñata in every poll lately, but recently presented bipartisan legislation — the Start-up Innovation Credit Act of 2013 (SICA) introduced by Senator Chris Coons (D-DE) — is proof that Capitol Hill has its share of good ideas. In brief, SICA allows start-ups to take advantage of the R&D tax credit for the first time.
The 2012 Republican presidential nomination contest brought taxes front and center. The subject of tax reform — not just tax rates — was part of our national political dialogue.
Many businesses still think that this lucrative tax benefit is onlyfor the white lab coat set—much to their detriment, according to a speaker at the FAE’s May 1 Apparel & TextileBreakfast Conference
The IRS recently released its enforcement results for 2011. Based on a number of conversations with senior IRS officials, reviewing the statistics and what we are seeing first hand in our tax controversy practice at alliantgroup – one trend is clear (and will be continuing) — that the IRS is focusing greater resources on small and medium businesses.
The Small Business Jobs Act of 2010 (Jobs Act), signed into law in late September 2010, provides a little-reported change in the tax laws that can have a big impact on the ability of small and medium businesses to claim general business credits such as the research and development (R&D) tax credit.