Among the many incentives the federal government provides to U.S. businesses, the research and development (“R&D”) tax credit remains largely overlooked and underutilized, meaning companies may be missing out on claiming up to thousands of dollars of credits! And probably for good reason. The phrases “research and development” and “R&D” usually bring images of lab coats and microscopes to mind. However, the federal R&D tax credit laws define “research and development” so that it can take on a much broader meaning. In fact, you may now be able to recover a significant return on your investments that involve the improvement or development of manufacturing processes, software, products, techniques, and formulas. Unfortunately, many of these credits go unclaimed because companies are unaware they may now qualify for the credit, regardless of profitability, size, or industry – even though the Protecting Americans from Tax Hikes (“PATH”) Act of 2015 enables more companies to benefit in more ways than ever from this tax credit. The PATH Act expanded the applicability of the...Read More
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