IRS Requirements

New Section 174 Mandatory Capitalization Regime

“I believe in innovation and that the way you get innovation is to fund research and learn the basic facts.” – Bill Gates It has always been an innate belief of policymakers that investment in research and development helps develop new products and technologies, stimulates our economy, promotes job growth, and helps us compete on a …

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Employee Retention Tax Credit (ERTC): The Interplay of ERTC, PPP, and R&D Tax Credits

ERTC unlocks an opportunity for business owners to claim credit that is rightfully deserved. However, reading the fine print of the requirements to correctly claim this credit reveals a complexity that is quite confusing. What happens if a business has also received a PPP loan? What if a business is eligible for R&D tax credits? …

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Employee Retention Tax Credit for Start-ups and Other Challenging Circumstances

As tough as the pandemic was for all, no one can deny that for those who launched a new business during the pandemic, working through the COVID-19 pandemic aftermath has been a herculean task. The American Rescue Plan acknowledges that starting a company at the onset or during the pandemic was extremely challenging and provides …

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Employee Retention Tax Credit (ERTC): The only COVID-related assistance that is still available in 2023 and through 2024

Have you missed the boat on the ERTC? Or can you still get the benefit by filing claims? Apparently, it is not too late. In fact, the ERTC is the only benefit that can be claimed retroactively until 2024. Along with EIDL and PPP as financial assistance packages provided, the ERTC was one of the …

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Big Changes on the Horizon for R&D Tax Credits as IRS Issues New Procedural Filing Requirements

On October 15, 2021, the Chief Counsel of the IRS quietly released a new procedural requirement for businesses claiming refunds for research tax credits, kicking up some clouds of doubt and frustration. As the IRS undertakes this new initiative to validate claims, it leaves many businesses wondering about the status of their refund. This is …

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