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Sponsored by Lorman Education
Product ID: 407645EAU
 
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IRC Section 41: Credit for Increasing Research Activities Update

OnDemand Webinar (104 minutes)

Gain a better understanding of the considerations and requirements of the research tax credit.This topic will feature a discussion around one of the most complicated and misunderstood sections of the Internal Revenue Code, Section 41 - Credit for Increasing Research Activities. Our panel of experts has collectively worked on more than 500 research tax credit studies during their careers. Learn from some of the top technicians in the industry what may and may not be considered research and development under IRS guidelines. Several topics that will be discussed include understanding the broad range of companies in many industries that can qualify for the research credit, potential pitfalls, and significant opportunities to bring value to your clients or your company by using the research credit, and various elections and opportunities that can maximize the value of the credit.

Authors

Phil Dottavio, CPA, E.A., M.T., Think, LLP Jennifer Lantz, Think, LLP

Agenda

Overview of the Research Tax Credit

Applicability

Benefit - Federal and State

State of the Research Credit

• Conceptual View - How the Credit Is Supposed to Affect Behavior

• History

• Recent Developments That Have Broadened the Scope and Application of the Credit

• PATH Act

• ASC 730

What Activities Qualify as Research and Development?

Excluded Activities

IRC Section 41 - Credit Requirements

• Business Component

• Technical Uncertainty

• Process of Experimentation

• Scientific Principles

Internal Use Software

• T.D. 9786

Qualifying Expenditures

• Wages

• Supplies

• Contract Research

Credit Calculation Considerations

• Reduced Credit Election

• General Credit Calculation

• Alternative Simplified Credit Calculation

• Base Period Concepts and Implications

• Credit Carrybacks and Carryovers

Documentation Requirements

• Case Law and Regulations

• Challenges and Required Actions

Recent Developments

• Case Law and Regulations

• Regulatory Update

• Payroll Tax Credit

Summary

• Regulatory Mine Field, However, Tremendous Value to Business Owners