The research credit is generally allowed for expenses paid or incurred for qualified research. Regardless of the size of your organization or your industry, if your organization is investing in research and development, it may benefit from the research credit.
From the design, development or improvement of products to any activity that requires the application of science or technology in a trial and error process to create a new or improved product or process, your organization may be incurring qualified research expenditures that may be eligible for the research credit. Our professionals work with our clients in uncovering these unique opportunities to ensure that they are taking full advantage of the research credit that is available.
If a taxpayer undergoes an IRS audit, appeal, refund claim or collection matter and the IRS takes an unreasonable position against them, they may be able to recover some of the costs of the procedure.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 made the research and development tax credit permanent, and presented a new savings opportunity to businesses with $50 million or less in gross receipts by allowing these entities to offset the R&D credit against the alternative minimum tax. The changes even allow certain small businesses under $5 million in gross receipts to offset the R&D tax credit against payroll taxes.
With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.
As part of the Tax Cuts and Jobs Act signed into law in December 2017, the new law grants a tax credit for 2018 and 2019 for employers that voluntarily offer paid family and medical leave.
Division of assets, possible child support, alimony, child custody, emotions - divorce can be a complicated, stressful and painful process. For 2018, now add taxes and timing into the mix.