Description
Gain a better understanding of the considerations and requirements of the research tax credit.This topic will feature a discussion around one of the most complicated and misunderstood sections of the Internal Revenue Code, Section 41 Credit for Increasing Research Activities. Our panel of experts has collectively worked on more than 500 research tax credit studies during their careers. Learn from some of the top technicians in the industry what may and may not be considered research and development under IRS guidelines. Several topics that will be discussed include understanding the broad range of companies in many industries that can qualify for the research credit, potential pitfalls, and significant opportunities to bring value to your clients or your company by using the research credit, and various elections and opportunities that can maximize the value of the credit.
Date: 2020-03-06 Start Time: End Time:
Learning Objectives
Overview of the Research Tax Credit
Applicability
Benefit • Federal and State
State of the Research Credit
• Conceptual View • How the Credit Is Supposed to Affect Behavior
• History
• Recent Developments That Have Broadened the Scope and Application of the Credit
• PATH Act
• ASC 730
What Activities Qualify as Research and Development?
Excluded Activities
IRC Section 41 • Credit Requirements
• Business Component
• Technical Uncertainty
• Process of Experimentation
• Scientific Principles
Internal Use Software
• T.D. 9786
Qualifying Expenditures
• Wages
• Supplies
• Contract Research
Credit Calculation Considerations
• Reduced Credit Election
• General Credit Calculation
• Alternative Simplified Credit Calculation
• Base Period Concepts and Implications
• Credit Carrybacks and Carryovers
Documentation Requirements
• Case Law and Regulations
• Challenges and Required Actions
Recent Developments
• Case Law and Regulations
• Regulatory Update
• Payroll Tax Credit
Summary
• Regulatory Mine Field, However, Tremendous Value to Business Owners
CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Phil Dottavio, CPA, E.A., M.T.-Think, LLP, Jennifer Lantz – Think, LLP
