Major Tax Savings could be underway through the R&D Tax Credit It’s Valentine’s Day - a day of love and romance celebrated by many happy couples, and an unfortunate day of trepidation for the lonely singles. Luckily, in recent years, whole industries have cropped up with hope of helping those in search of love find their perfect match. Of course, [...]
2023 May be a Mix of Favorable and Unfavorable Changes This article has been reposted with permission from The Ohio Society of CPAs. The article originally appeared in the January/February 2023 Edition of “CPA Voice” Magazine. You can access the original article here: R&D tax credit predictions for the new year For nearly 40 years, I have worked with the [...]
New IRA Act Bolsters R&D Tax Credit; May Drive Taxpayers to Accelerate R&D and Job Creation Beginning on January 1, 2023, innovative startups will find themselves with an opportunity to save significantly more money on their federal payroll taxes. The favorable tax change stems from the Inflation Reduction Act (IRA) which was signed into law in August 2022. The Act [...]
CPAs in OH, IN, KY, MI, PA, and SC to receive 4 Hours Free CPE October 24, 2022 – Northeast Ohio’s Tax Credits Group (TCG), Duffy+Duffy and KIKO Realtors, Auctioneers & Advisors have announced the dates for their annual Fall income tax reduction seminar series, where attendees will learn powerful tax planning tools and strategies to maximize credits and deductions [...]
The Research Tax Credit Can Further Help Manufacturers Attract and Retain Employees October 7, 2022 - Today, manufacturers located across the U.S. will celebrate “National Manufacturing Day.” Recognized on the first Friday of October, “National Manufacturing Day” has grown to become a month-long celebration of manufacturing seminars and events put on by various U.S. manufacturing associations and manufacturing companies. The [...]
IRA Act of 2022 Doubles Payroll Tax Offset Provision to $500K On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA). Contained within the law is an enhanced provision to the Federal Research and Development (R&D) Tax Credit that benefits startup companies. Under the new IRA Act, beginning after December 31, 2022, startups now [...]
Cleveland-based Tax Credits Group (TCG) is pleased to announce its membership to BioOhio. Since the date of this original announcement, BioOhio has rebranded as Ohio Life Sciences Association (OLS). TCG helps qualifying taxpayers take advantage of the Federal Research & Development Tax Credit, applicable state R&D Tax Credits, and the Federal Employee Retention Tax Credit (ERC). Through the company’s R&D [...]
Have Unique Opportunity to Sell Unused Credits Recent statistics show that there are over 14,000 manufacturers located throughout the great state of Pennsylvania. Many of these companies are focused on producing goods within the chemicals, food and beverage, fabricated metals and custom machinery sectors. As it relates to the Research and Development (R&D) tax credit, each year, hundreds of innovative [...]
Back in 2020, as a means to help U.S. businesses negatively impacted by the COVID-19 Pandemic, the federal government enacted the Employee Retention Credit (ERC) which is a refundable tax credit that allows eligible businesses to offset payroll taxes. As of today, eligible taxpayers still have opportunity to receive up to $26,000 per eligible employee. While this is definitely a [...]
With over 6,000 manufacturers in the state, South Carolina is seeded with businesses in a variety of sectors including aerospace and aviation, automotive manufacturing, and advanced manufacturing. Many of these innovative businesses rely upon the federal Research and Development (R&D) tax credit as a means to reduce tax liability. In addition to income tax, certain eligible small businesses can also [...]
