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 [...]
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 [...]
H.R. 8253 Would Double the R&D Credit Rate and Expand Access to Startups Despite so many key issues and topics that remain gridlocked in Congress, the federal Research and Development tax credit his historically been one of the few areas that leaders on both sides of the aisle can consistently agree on. And now, more good news may be in [...]
4 Major Milestones throughout the Decades Today marks a momentous day for the R&D tax Credit. It has been exactly 40 years since the honorable President Ronald Reagan signed the Economic Recovery Tax Act of 1981 (ERTA) into law. This was a move to encourage economic growth by providing tax cuts to stimulate the economy through capital investment, job creation, [...]
Many things have changed since my March 9th appearance on the PICPA CPA Conversations Podcast, but a few things remain the same….. A few weeks ago, I was interviewed by James DeLuccia, Manager, Learning Content at the Pennsylvania Institute of Certified Public Accounts (PICPA) for a segment of the CPA Conversations Podcast. During this 15-minute interview, I shared with him […]
