GAO Report Finds IRS Can Strengthen Its Compliance Plan Regarding Pandemic Tax Relief Programs

The Government Accountability Office (GAO) released a report on May 17 identifying ways the IRS can strengthen its compliance plan in response to tax relief benefits (paid sick and family leave credits, Employee Retention Credit (ERC) and payroll tax deferrals) [...]

By |2022-05-24T09:11:22-04:00May 24th, 2022|

Five Ways Defense Contractors Can Confirm Their R&D Credit Is Accurate and Protected

There is often confusion about whether government or commercial contracts can qualify as expenses for purposes of the R&D Credit. The simple answer is if a contract puts a company at financial risk – meaning payments are contingent upon success [...]

By |2022-04-28T10:52:11-04:00April 28th, 2022|

IRS Updates FAQs for Taxpayers Filing for Research Tax Credit Refunds

The IRS updated its research tax credit FAQs (Frequently Asked Questions) on Feb. 8, 2022, pertaining to additional requirements for research tax credit refund claims. The three updates (FAQs 13, 14 and 15) provided by the IRS shed guidance on [...]

By |2022-02-22T09:58:29-05:00February 15th, 2022|

IRS Adds Guidance for Taxpayers Filing Amended Research Credit Claims

Back in October, the IRS added additional requirements for taxpayers filing amended research credit claims beginning on January 10, 2022. In a January 3, 2022, memo, the IRS provided interim procedural guidance for applying the new requirements for research credit [...]

By |2022-01-30T20:44:46-05:00January 6th, 2022|

IRS Adds Requirements for Taxpayers Seeking Refund R&D Credit Claims

The IRS announced on Oct. 15 that beginning in January 2022, specific minimum requirements will be in place for taxpayers seeking a research tax credit claim for refund. The Chief Counsel Memorandum that was released is designed to manage research credit issues [...]

By |2022-01-09T20:35:25-05:00October 19th, 2021|

How R&D Credit Specialists Can Be a Safety Net for Accounting Firms

Accounting firms serve as a trusted advisor to their clients. When clients come to them looking for answers on items they aren’t familiar with, such as the R&D Credit, the goal is to get them the right answer. Because accounting [...]

By |2022-01-18T11:53:56-05:00September 28th, 2021|

What Your Government Contract Tells You About the R&D Tax Credit

Government contractors have often asked the question, “can my R&D activities within my government contracts be included in my R&D Credit?” The common answer they hear is “no,” and this information can cost companies significant dollars to their bottom line [...]

By |2022-01-18T11:53:24-05:00August 11th, 2021|