The IRS’s Office of Fraud Enforcement has recently informed those who prepare the Employee Retention Credit (ERC) of the potentially fraudulent activity they have witnessed on the filed amended tax returns.  This fraudulent activity included fictitious businesses, identity theft, and [...]

An encouraging development has emerged in the world of Research Tax Credits as H.R. 5056, Fostering Innovation and Research to Strengthen Tomorrow Act was recently introduced in the House Ways and Means committee signaling potential changes to Research Tax Credits. [...]

Under the 2017 Tax Cuts and Jobs Act, there was an important tax law change related to Sec. 174 Research Expenses that will impact the 2022 Tax Return for companies performing R&D activities. Effective for tax years beginning after December [...]

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) [...]

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 [...]

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 [...]

The Employee Retention Credit (ERC) was instituted in 2020 to make it easier for employers to keep their employees, despite all the challenges presented by COVID-19. The ERC can be a significant reward for qualified businesses. For those that are [...]

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 [...]

As 2021 winds down, there have been significant changes throughout the year surrounding the R&D Credit on both the State and Federal level. We have compiled a list of ten changes and potential upcoming changes to note heading into 2022. [...]

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 [...]