Research Credit Awaits Renewal

The research credit is still not a part of the permanent tax code and as such, taxpayers are still anxiously awaiting Congressional approval amid an IRS warning that further delays could result in problems as filing deadlines quickly approach. Based on the projected budget for the package of 50+ tax breaks for taxpayers, the research credit (a.k.a. the Credit for Increasing Research Activities) ha...
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Case Study: Architecture

An architectural firm based in California wanted to evaluate the possibility of generating an R&D tax credit based on their design development work. The firm had roughly 25 employees, most of whom were involved with the development process to varying degrees. Upon review of their time tracking system, the firm was found to be capturing time on all projects, broken out by the standard AIA (Amer...
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The MAGIC Convention: Gateway to Fashion

Eyes turn to Las Vegas today where the world famous MAGIC convention for fashion kicked off its week of fashion madness. Over 80,000 attendees make it to the convention and is widely known as the most influential show in the fashion industry. Las Vegas has been home to the MAGIC Marketplace since 1989, and has a rich history in the desert gambling oasis. The MAGIC convention is projected to gen...
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Companies Still Waiting on R&D Credit Renewal

In the 30+ years that the R&D tax credit has been around, it has only lapsed once. And yet, every other year taxpayers wait in anticipation for it to be extended as it moves at a snail's pace through our legislative system. Last month, the Senate Finance Committee advanced a bill that included the extension of the R&D tax credit in addition to some major changes. Unfortunately, as always t...
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Tax Extenders Bill Finds Bipartisan Support in Senate

Last Tuesday, the Senate Committee on Finance voted to approve semi-annual extensions of numerous popular business tax credits and deductions. In all, there were changes to 15 individual credits and deductions, one of which was the R&D tax credit. Luckily, the changes, currently awaiting approval of the House and ultimately the President, make the R&D tax credit an even better opportunity ...
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