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Disaster Tax Relief Enacted; Act Includes Employer Retention Credit

Disaster Tax Relief Enacted; Act Includes Employer Retention Credit

In the wake of the recent hurricanes to strike the United States and Puerto Rico, Congress has passed a package of tax relief measures, the Disaster Tax Relief and Airport and Airway Extension Act1 (the “Act”), to assist individuals and businesses that were adversely affected by the storms. The bill was signed into law on September 29, 2017. Included in the Act is an Employee Retention Credit for eligible employers who continued to pay eligible employees during a period of inoperability as a result of damage sustained by reason of Hurricane Harvey, Hurricane Irma, or Hurricane Maria. 2 The amount of the credit is 40 percent of qualified wages on up to $6,000 in wages paid to each eligible employee during the period of inoperability (i.e., up to a $2,400 credit per eligible employee). To be eligible, the employer must have conducted an active trade or business in the disaster area of each storm and must have been inoperable on any day after the effective date of the storm...

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Fact or Fiction? The Truth About Research & Development Tax Credits

Fact or Fiction? The Truth About Research & Development Tax Credits

Among the many tax credits and 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. Join us on September 28th with other business owners, HR leaders and finance execs like yourself and get the facts behind R&D tax credits, including critical insights and best practices on how companies like yours can get the tax credits for which you are eligible, so that you can have a stronger balance sheet. What You...

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