Have a Fat Tax Bill? Have You Thought About the R&D Tax Credit?
Are you a business owner that is unhappy with your recent tax bill? If you have not explored it yet, the Research and Development (R&D) tax credit can provide significant benefits to your business’ bottom line. Chances are you could be missing out on a dollar-for-dollar reduction in your federal and state income tax liability. … Read More
Myth – Claiming R&D Tax Credit Increases the Likelihood of an IRS Audit
The Research & Development Tax Credit is a federal benefit (also available in many states) that was enacted to promote growth, innovation, and inspire advancements in all areas and facets of business. The credit is an undoubtedly beneficial incentive for businesses large and small. However, many companies are hesitant to take advantage of the credit … Read More
KBKG Tax Insight: R&D Tax Credits – Protective 280C(c)(3) Elections
Calculating and documenting the Internal Revenue Code Section 41 Credit for Increasing Research Activities (“Research Credit” or “R&D Credit”) is an intricate and often burdensome undertaking. This process is complicated during the throes of busy season. Fortunately, the Internal Revenue Service (“IRS”) has afforded taxpayers additional time to claim a R&D credit via making a … Read More
Own a Start-up or Small Business? You May Qualify for Federal Research Credits.
Billions of dollars worth of research credits go unclaimed every year in the United States. This is primarily due to many taxpayers not being aware of the credit or not quite understanding it. In addition, when a reference is made to research and development (“R&D”), taxpayers often think about lab coats and test tubes. In … Read More
KBKG Tax Insight: Now Permanent, R&D Tax Credit Offers Unique Opportunity for Manufacturers
With the Research & Development (“R&D”) Tax Credit now permanent and expanded, more and more businesses are taking full advantage of this valuable credit. As manufacturing continues to be a mainstay in the American economy, it’s crucial for owners and operators of these facilities to maximize the opportunity provided by the federal government (some states … Read More
KBKG Tax Insight: R&D Tax Credit – Qualified Research Expenses for Software Development Activities
What software development activities and expenditures can be included in an R&D Tax Credit claim for software projects? Companies performing qualified research in creating or improving their software may qualify for federal and state R&D tax credits for the software development activities they are already conducting. These credits are a dollar-for-dollar reduction in federal and … Read More
KBKG Tax Insight: Major PATH Act1 Changes to the R&D Tax Credit
Major PATH Act2 changes to the R&D Tax Credit for the years beginning after December 31, 2015: The federal R&D Tax Credit has provided taxpayers conducting qualified research a significant tax benefit since it was first signed into law by President Reagan in 1981. Although billions of dollars worth of R&D credits were claimed each … Read More
An Interesting Thread To Pull; The South Carolina R&D Tax Credit
Originally published article by Joseph Toppe from South Carolina Manufacturing Group on August 2, 2018. Stop me if you’ve heard this one before, “South Carolina is a branch manufacturing state.” They tell us there’s not enough headquartering here, not enough research and development, but what if I told you the Palmetto State has a solution, … Read More
After 20+ Years at the IRS Reviewing Corporate Tax Incentives, Jack Jolly Joins KBKG as R&D Director
After 20+ years at the IRS reviewing corporate tax incentives, Jack Jolly still finds joy in his work; showing a great appreciation for those who innovate, dream, and build new software, technology, pharmaceuticals, manufacturing facilities and more. Surprisingly, Jolly’s passion for this industry started well before he worked for the IRS. Recently, we had the … Read More
KBKG Tax Insight: R&D Tax Credits for Software Development Advancements in 2018 & Beyond
Throughout the years, software has found itself into every facet of our lives. From smart phones to smart televisions; many homes are now finding themselves labeled as smart. As the software industry has grown, so too has its piece of the pie as it relates to the Section 41 credit for increasing research activities (the … Read More
