for the R&D Tax Credit
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R&D Tax Credit
PRODUCTS AND PROCESSES
R&D Tax Credits for the Fabrication Industry
Refunds are available for companies performing research within the Fabrication Industry. The research credit provides dollar-for-dollar cash savings each year for companies performing activities related to the development of new or improved products and processes. These benefits could provide much needed cash to hire additional employees, increase R&D, expand production facilities, etc.
Many companies involved with fabrication are unaware that their efforts within designing and developing their products can yield a large amount of research credits. Examples of R&D activities related to the industry as well as potentially qualifying job titles are listed below.
Examples of Qualifying R&D Activities
- Automating machining processes to optimize fabrication times
- Designing, developing, and testing prototypes
- Developing operational efficiencies with the welding process
- Developing safety measures within the fabrication process
- Drafting new parts on computer-aided design (CAD) programs to model product specifications and functionalities
- Improving machining processes to ensure consistency among products
- Testing alternative or new raw materials to work with to improve product performance and useful life
Potentially Qualifying R&D Job Titles
- AutoCAD Drafter
- Computer Numerically Controlled (CNC) Programmer
- Manufacturing Engineer
- Mechanical Engineer
- Quality Assurance (QA) Technician
For tax years beginning after December 31, 2015, eligible small businesses (those with $50 million or less of gross receipts) may claim the research credit against AMT liability.
Up to $250,000 in Payroll Tax
Qualified start-up companies may elect to use up to $250,000 of the research credit against payroll taxes. Treasury Regulations have substantially broadened the range of taxpayers who are eligible for the credit. Start-ups to publicly traded businesses who were previously unable to realize a benefit from this lucrative tax credit should reassess their eligibility.
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Research and Development Tax Credit Insights
The Inflation Reduction Act provides huge opportunities for the real estate industry as well as for architects and engineers. However, the expansion of “green” tax incentives 45L and 179D is not the only tax benefits getting a boost. The newly formed law will also improve upon the R&D Tax Credit. This change will have a … Read More
Published on June 10, 2022, Texas Register, the Texas Comptroller proposed revisions to the recently amended Texas franchise tax regulations surrounding the Texas sales and use tax exemption and the Texas franchise R&D tax credit. These revisions soften the Internal Use Software (IUS) and Combined Group definitions after receiving overwhelming feedback surrounding the Texas franchise … Read More
It has been nearly 18 years since Missouri taxpayers have seen a state credit related to its qualified research expenditures (QREs). This may change beginning in 2023! In an effort to further stimulate Missouri’s economy, State Senator Brian Williams offered an amendment to HB 2400 sponsored by State Representative Dan Houx. This amendment attempts to … Read More
KBKG, R&D Tax Credits & 179D Incentives Firm, to Exhibit at the American Institute of Architects A’22 National Conference This Week
KBKG plans an educational and interactive booth experience for architect attendees at AIA’s largest annual event. CHICAGO, June 20, 2022 (Newswire.com) – Nationwide tax specialty firm KBKG is set to exhibit at the American Institute of Architect’s (AIA) A’22 Conference on Architecture in Chicago from June 22-25. At the exhibit, KBKG will showcase their architect … Read More
Are you looking to upgrade your R&D credit or 179D provider? As you begin to evaluate potential service providers, it’s important to remember that there are significant differences between R&D credit and 179D advisors in the marketplace. Sometimes taxpayers are not immediately aware of how those differences may impact their experience from start to finish. … Read More
Our Director of R&D Tax Credits and ERTC, Bill Taylor is speaking at the TXCPA Free Expo on June 23rd. Along with him, our Regional Director, Matthew Geltz, is representing KBKG at the exhibit hall. The TXCPA Free CPE Expo is taking place on June 23rd at the UT Commons Conference Center in Texas. About … Read More
Our CEO, Gian Pazzia is attending the PrimeGlobal Partner Leadership Summit as a delegate. Along with him, our National Director of Business Development, Gina Lim, is sponsoring the event on behalf of KBKG. The conference is taking place from June 20th to June 22nd at the Fairmont Royal York in Toronto, Canada. About PrimeGlobal Partner … Read More
This year Todd French, Lon O’Connor, Robert VanDeVeire, Brandon Val Verde, and Kyle Ernsberger will be representing KBKG at the AIA Architecture Conference. The conference takes place from June 22nd to June 25th in Chicago, Illinois. About the AIA Architecture Conference The AIA Architecture Conference is the architecture and design event of the year. With … Read More
Our Regional Director, Bill Taylor is speaking about Employee Retention Tax Credits & Impact on Research and Development Tax Credits, CCM, and TX Law Changes at the Tax Alliance Conference on June 7th. Joining him is our Regional Director, Matthew Geltz, and he is representing KBKG at the exhibition hall. The Tax Alliance Conference is … Read More
We are exhibiting at this year’s AICPA Engage Conference that is taking place at the ARIA Resort & Casino in Las Vegas from Monday, June 6th to Thursday, June 9th. Representing KBKG are Greg Kniss, Jason Melillo, Lester Cook, Lon O’Connor, Robert VanDeVeire, and Will Long. We will be located at booth #307, please feel … Read More