March 5, 2019 12:00 PM-1:00 PM
Are You Eligible for the federal R&D Tax Credit?
We are hearing more and more about the federal R&D tax credit. As we approach tax time, are you checking to see if your business is eligible?
What is the credit? Both federal and state credit available to any company or person that incurs R&D expenses in the U.S.
Why is it available? The aim is to promote investments in technology & hiring.
How do I claim a credit? Credit is normally applied to income taxes but can be used to offset payroll taxes.
Is it really worth it? Tax professionals we spoke with suggest a company can receive 5-10% of their R&D expenses. And, if eligible, a company might be able to claim up to 3 previous tax years.
Why haven’t I heard of this? While the program has been around since the mid 1980’s, rules changed in 2015 that made the tax credit permanent and removed some of the uncertainty. A big change included the ability for startups without profit to apply the credit to offset payroll taxes.
How do I learn more? CTC is hosting a webinar featuring Chad Paul from BDO (Formerly Smith and Gesteland) on the R&D Tax Credit on March 5.
Accounting for Grant Management Webinar 2.2.2017 - Learn from the experts, Ashley Kleibor and Wanda Bird, from Smith & Gesteland Accountants and Consultants.