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South Carolina Startups Could Save an Extra $250,000 Per Year, up to $2.5MM This article originally appeared on the South Carolina Association of CPAs (SCACPAs) blog: https://www.scacpa.org/new-ira-act-bolsters-rd-tax-credit-for-early-stage-companies/ On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA). Within the new law was an enhanced provision to the Federal Research and Development (R&D) Tax Credit which doubles 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 [...]

What CPAs need to know about the new IRS Mandate This article originally appeared in print in the SCACPAs Summer 2022 Edition of the South Carolina CPA Report. For over 40 years, the federal Research and Development (R&D) tax credit has served as a valuable tax savings tool for thousands of innovative U.S. businesses. But despite being around for decades, [...]

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 [...]