2023 will bring some exciting and lucrative tax incentives for small and medium businesses across America. Taking advantage of these opportunities can significantly impact your business’s bottom line, so it’s essential to stay informed about the incentives available.
A cornerstone of U.S. tax policy (and for many other countries) has been to encourage and support research and development (R&D) in this country. Policymakers on both sides of the aisle have long recognized the importance of incentivizing companies to engage in R&D.
Laura Lynn Gonzalez expected a tax refund this year, after her two-employee data-visualization company experienced a $30,000 loss. Instead, she said, she is facing a $100,000 federal tax bill that is about as large as her 2022 salary.
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 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.
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.
