Recent bills in the House and Senate aim to reinstate full Section 174 R&D expensing, with notable differences. The House bill offers temporary domestic deductions, while the Senate bill provides a permanent fix with retroactive claims and increased R&D tax credits for startups. Businesses should prepare strategies to adapt to these evolving requirements to optimize their tax savings.

As we approach extended filing for Tax Year 2024 and move through 2025, it's crucial for businesses to understand changes to Form 6765 and what you can do now to prepare.

Selecting the right R&D credit provider is essential for maximizing benefits and ensuring compliance. Specialist expertise, particularly from engineering professionals, can lead to more accurate results and better adherence to IRS guidelines. Prioritize providers who offer detailed documentation, audit protection, and efficient processes to make informed decisions that empower your business.

Innovation is the key to staying ahead of the curve in the fast-paced world of software development.  Companies are constantly pushing boundaries, exploring new technologies, and striving to create groundbreaking solutions.  However, innovation often comes with a hefty price tag.  [...]

With the beginning of tax filing season starting at the end of January, many taxpayers and tax professionals are starting to prepare for the 2023 tax year and looking at the everchanging field of the research tax credit. Some of [...]

Despite recent guidance from the IRS regarding Section 174 amortization, businesses remain unsure about the impact of Section 174 and for good reason. Many are wondering whether they should accept government contracts or not for fear that it will be [...]

The intersection of IRC 174 and software development represents an unfavorable tax position and is a critical juncture in tax policy and its impact on software innovation. On September 8, 2023, the IRS issued Notice 2023-63 which contains guidance clarifying [...]

In response to the IRS’s recently proposed changes to Form 6765, Credit for Increasing Research Activities, Hull & Knarr submitted comments to the IRS to provide feedback. In the letter below, Hull & Knarr requests that the IRS’s proposed changes [...]

In recent months, the IRS has announced several measures it is taking to protect businesses from scams tied to the Employee Retention Credit (ERC). In September, the agency announced a moratorium on processing new ERC claims through the end of [...]

The recent release of Notice 2023-63 has sent ripples across the corporate sector. Issued on Friday, September 8, 2023, it provides much-needed clarity on a slew of questions, especially those centered around Section 174 pertaining to research and experimental expenditures. [...]