Qualifying AI for the RD Tax Credit | KBKG
Qualifying AI for the RD Tax Credit | KBKG Artificial intelligence (AI) has recently been a mainstay of news headlines worldwide, and for good reason. Publicly released AI tools now allow individuals and companies to generate images and text nearly indistinguishable from those created by humans. If you are a company or have a department … Read More
IRS Extends Transition Period for Perfecting R&D Tax Credit Claims
IRS Extends Transition Period for Perfecting R&D Tax Credit Claims Jonathan Tucker, Principal • Research & Development Tax Credit Services In this post, we discuss the recent IRS update as of October 30, 2023. The IRS has extended through January 10, 2025, the transition period for perfecting research credit refund claims prior to IRS’ final … Read More
The RD Tax Credit
The R&D Tax Credit – The Basics Nurturing and expanding a business in many industries often requires you to develop new technologies, systems, and products. This type of expansion and growth is not only vital to your business but the economy as a whole, which requires a significant degree of innovation to thrive. Innovation, however, … Read More
Reviving Michigan’s R&D Tax Credit
Reviving Michigan’s R&D Tax Credit Ever since Michigan moved from the Michigan Business Tax regime to the current Corporate Income Tax regime twelve years ago, Michigan taxpayers have not been afforded a state tax credit for their research and development expenditures. However, this may change in the coming weeks, as HB 5100 passed the Democrat-led … Read More
What Is the Difference Between Refundable and Non-Refundable Tax Credits?
What Is the Difference Between Refundable and Non-Refundable Tax Credits? CPAs are well aware of the intricate tax landscape clients face. Tax credits are essential in reducing their tax liability and maximizing their financial well-being. Among the various credits available, it’s important to understand refundable and non-refundable tax credits. Examine the difference between a refundable … Read More
Proposed Changes to Form 6765: Enhancing R&D Tax Credits
Proposed Changes to Form 6765: Enhancing R&D Tax Credits Thought Leadership by Kevin Zolriasatain | Principal, Research & Development Tax Credits Staying informed about regulatory updates is vital for tax professionals, especially when it comes to Research and Development (R&D) tax credits. The Internal Revenue Service (IRS) made a significant announcement on Friday, September 15th, unveiling … Read More
Kansas Issues New Notice to the Research and Development Tax Credits
Kansas Issues New Notice to the Research and Development Tax Credits Thought Leadership by Jonathan Tucker, Principal – Research and Development Tax Credit Services As certified public accountants, staying abreast of changes in tax laws and regulations is crucial to best serve your clients. In this blog, we’ll dive into the recent amendments by House Bill … Read More
KBKG Tax Insight: IRS Releases Guidance on Section 174 R&E Expenses
KBKG Tax Insight: IRS Releases Guidance on Section 174 R&E Expenses Monday, September 11, 2023 By Kevin Zolriasatain | Principal, Research & Development Tax Credits On Sept. 8, 2023, the Internal Revenue Service (IRS) unveiled Notice 2023-63. This significant and eagerly awaited update to tax regulations under Section 174 marks a pivotal moment in the realm … Read More
Wisconsin Department Revenue Updates Publication 131 – R&D Tax Credits
Wisconsin Department Revenue Updates Publication 131 – R&D Tax Credits Thought Leadership by Jonathan Tucker, Principal – Research and Development Tax Credit Services | KBKG Understanding tax incentives and research credits can often be as intricate as deciphering a complex puzzle. Fortunately, the Wisconsin Department of Revenue has developed the newly updated Publication 131, a … Read More
How Form 6765 Can Benefit Your Business
How Form 6765 Can Benefit Your Business Form 6765 is a document the Internal Revenue Service published as part of the tax code. The official name of the document is Credit for Increasing Research Activities. However, it is more informally called the R&D Tax Credit Form. It can be a valuable source of savings for your … Read More
