New IRA Act Bolsters R&D Tax Credit for Early-Stage Companies

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 [...]

By |2022-11-18T08:25:39-05:00November 18, 2022|Uncategorized|

Ohio Biotech Startups Could Soon Save Up To $2.5M on Payroll Taxes

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 [...]

By |2022-11-16T15:45:44-05:00November 16, 2022|Uncategorized|

Filing an R&D Tax Credit Claim on an Amended Return Just got More Complex

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, [...]

By |2022-10-27T16:13:44-04:00October 27, 2022|Uncategorized|

Northeast Ohio’s TCG, Duffy+Duffy and KIKO to hold Fall 2022 CPE Webinar Series

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 [...]

By |2022-10-25T09:26:42-04:00October 24, 2022|Uncategorized|

National Manufacturing Day Aims to Educate Public on Rewarding Manufacturing Careers

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 [...]

By |2022-10-07T08:00:15-04:00October 7, 2022|Uncategorized|

New Inflation Reduction Act Bolsters R&D Tax Credit for Startups

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 [...]

By |2022-10-06T13:36:28-04:00October 6, 2022|Uncategorized|

Tax Credits Group Joins Ohio Life Sciences Association (BioOhio)

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 [...]

By |2022-11-18T08:05:53-05:00August 5, 2022|Blog, News & Events|

Pennsylvania Manufacturers Could Claim Federal and State R&D Tax Credits

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 [...]

By |2022-07-22T13:57:52-04:00July 22, 2022|Blog, News & Events|

The ERC: What to Know about this Pandemic Credit Before You Claim It

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 [...]

By |2022-07-20T14:24:08-04:00July 20, 2022|Blog, News & Events|

S.C. Manufacturers May Be Missing out on the State R&D Tax Credit

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 [...]

By |2022-07-20T14:21:25-04:00July 18, 2022|Blog, News & Events|