Bennett Thrasher offers an overview of the ERC, the process and deadlines for claiming it and possible scams that employers may face related to it. Learn more.
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On November 30, 2022, the IRS issued Notice 2022-61, providing guidance on the prevailing wage and apprenticeship requirements that apply to Section 179D and Section 45L, as amended by the Inflation Reduction Act of 2022.
With the rise in the annual inflation rate, President Biden signed the Inflation Reduction Act of 2022 into law on August 16, 2022. This legislation provides an array of methods to combat inflation, including the expansion of the Research and Development (“R&D”) Tax Credit.
As it becomes increasingly difficult for companies to find workers in a tight labor market, many employers are looking to boost the corporate benefits offerings available to their employees. One of the most significant benefits that a company can provide to its employees is access to high-quality child care. Employer-provided child care (EPCC) increases employee productivity, promotes loyalty and retention and creates a better workplace environment. In addition to the improvements in these areas, EPCC can also provide businesses and their owners with substantial tax savings.
Enterprise Resource Planning (“ERP”) has become an integral component of the manufacturing process as it can provide insight on vendor management, product logistics and server integration. Taxpayers may be able to qualify time for the R&D tax credit associated with developing and integrating the ERP system depending on whether it is developed primarily for internal or external use
Beginning in the 2016 tax year, start-ups or new businesses could potentially claim the Research and Development (“R&D”) tax credit against federal payroll withholding. This is extremely beneficial as new businesses often do not owe any income taxes and thus, were unable to utilize their federal R&D tax credits.
The Federal Research and Development (“R&D”) Tax Credit allows companies engaged in qualified R&D activity to claim a tax credit for their efforts. This is a lucrative credit as it is a dollar-for-dollar offset of a company’s tax liability.
