IRC Section 41: Credit for Increasing Research Activities Update
1 hour 40 minutes
Gain a better understanding of the considerations and requirements of the research tax credit.
Interestingly, the Research and Development (R&D) Tax Credit is often dismissed by companies as only pertaining to rocket scientists or chemists. However, the actual definition of what qualifies for the credit is much broader. Taxpayers of any size that design, develop, or improve products, processes, techniques formulas, inventions, or software are eligible. The R&D credit is now permanent as result of the 2015 PATH Act, and is an excellent planning opportunity for companies that engage in product or process development.
• You will be able to define what the R&D tax credit is.
• You will be able to discuss with a CPA certain activities you believe qualify you for this credit.
• You will be able to identify potential exclusions and plan accordingly to maximize the tax credit.
• You will be able to recognize potential tax savings in your company.