Companies are always innovating to stay ahead of the competition in today's fast-moving business world. One important way to innovate is by implementing and customizing enterprise resource planning (ERP) systems and other tailor-made software…

The pharmaceutical and biotech industries are constantly developing, testing and patenting new medicines and drugs for release into the market. Artificial intelligence (AI), a powerful tool that can aid in addressing complex challenges, has been…

Introduction While there is considerable buzz these days surrounding the Federal Section 48 Investment Tax Credit (ITC), it is worth noting that many states have their own versions. These tax credits are usually simpler to claim, and, in most cases…

The Employee Retention Credit (ERC) has been a lifeline for businesses during the challenges of COVID-19; however, some may find themselves in a situation where they need to repay the ERC due to ineligibility. Fortunately, the Internal Revenue…

In a groundbreaking move, senior lawmakers in Congress have introduced "The Tax Relief for American Families and Workers Act of 2024" (The Act), a bipartisan initiative aiming to ignite American innovation and fuel business growth. This…

In today’s competitive business environment, companies must continuously be seeking innovative strategies to drive growth, enhance profitability, create employment opportunities, and successfully compete for and retain talent. One powerful tool a…

In a move aimed at safeguarding small businesses and organizations from potential frauds and errors, the Internal Revenue Service (IRS) has unveiled a special withdrawal process for those who have filed Employee Retention Credit (ERC) claims and are…

The Internal Revenue Service (IRS) recently released a preview of proposed changes to Form 6765, Credit for Increasing Research Activities, also known as the R&D Tax Credit. We will explore the key proposed changes to Form 6765 and their…

The Work Opportunity Tax Credit (WOTC) is a federal tax credit that is available to employers who hire and retain individuals from certain targeted groups that have consistently faced significant barriers to employment. Employers can earn up to $9,…

Companies need to increase their ESG (Environmental, Social, and Governance) score for a variety of reasons. ESG scores are used by investors, stakeholders, and customers to evaluate a company's sustainability practices and its overall impact on…

If you have a sizeable presence in the UK, are you prepared for the significant reform to the UK R&D tax legislation coming into effect on April 1, 2023? With UK corporation tax rate increasing from 19% to 25% from April 1, 2023, this was going…

Kathleen King, Managing Director and Research Credit and Incentives practice leader, shares more about the Work Opportunity Tax Credit (WOTC) capability and the most common questions she receives from clients. Listen to her insights to learn more…

On January 5th, the IRS issued guidance further explaining new procedures for research credit refund claims, which were originally outlined in an October 2021 chief counsel memorandum (discussed here). The recent guidance  — an IRS internal…

The IRS’s new requirements for filing research credit refund claims, which will be effective January 10, 2022, has caused some angst in the tax community. The requirements, outlined in an IRS Chief Counsel memorandum released in October (discussed…

Changes Effective January 10, 2022, the IRS will require all research and development credit (Sec 41) refund claims include supporting documentation. The intention is that credit claims will be reviewed at the time of submission. The IRS will use…

Our readers recently shared their biggest concerns surrounding R&D tax credits, and “identifying qualified research activities” was at the top. It’s easy to see why companies would be apprehensive about the R&D credit, for the one reason it…

The Consolidated Appropriations Act 2021 (“CAA”) increased the deduction for the cost of food and beverages provided by a restaurant from 50% to 100%. The IRS recently issued Notice 2021-25 to provide guidance on when the 100% deduction applies. The…

The recently published U.K. Budget demonstrates the continued importance that global governments place on incentives and grants to boost productivity and economic growth. The U.K. Budget announced a fundamental review of Research and Development (R…

On October 9, 2020, the top Republican on the House Ways and Means Committee Kevin Brady (R-TX) and House Republican Leader Kevin McCarthy (R-CA) introduced H.R. 11, the Commitment to American GROWTH Act. This bill will result in major changes to…

State R&D Tax Credits Not only can you qualify for an R&D tax credit at the federal level, but you may also be eligible to capture a benefit at the state level as well.  Many states provide benefits that follow the same guidelines and…