In a December 2019 motion, the taxpayer Populous Holdings, an architectural design firm, won the motion allowing them to claim the R&D tax credit on its contracts with clients. Populous claimed the R&D tax credit for architectural work it does for clients and...
The R&D tax credit was preserved in the final tax bill, known as the Tax Cuts and Jobs Act, thus retaining this important tax credit for businesses to continue to incentivize retaining R&D and tech jobs in the U.S. The Conference Committee also eliminated the...
Although the R&D tax credit has been retained in the 2017 tax bills (both versions), in Conference Committee, the Congress will have to work out what to do with AMT. The House bill repealed the corporate AMT (Alternative Minimum Tax that corporations must pay)...
Clients who already filed their 2016 tax returns can now take advantage of a ONE TIME opportunity from IRS – file an amended 2016 tax return before 12/31/17 and you can still claim the R&D credit towards your payroll tax liability for the next quarter. To...
On September 11, 2017, the commissioner of the Large Business & International (LB&I) Division of the IRS issued new guidance for taxpayers using ASC 730 to expense research and development costs on their financial statements. This directive...
