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- Every successful company is potentially eligible for this credit. Depending on the business, even your day-to-day operations qualify. It's just a matter of having a total understanding of what is and isn't allowed with this credit.
- Recent guidance by the Federal Government has clarified the R&D tax Credit rules in a more favorable light, suggesting that more companies are eligible then previously thought.
- Big business is getting 93% of all R&D tax credit dollars - that's $5 billion in tax credits. Small businesses deserve their fair share. After all, they represent over 98% of businesses in the country.
- The tax credit is in addition to the tax deduction for R&D expenses. It is an actual dollar-for-dollar reduction against taxes currently owed and against taxes previously paid. Usually, this credit is available for the last three years in addition to the current year. However, a business can take the credit for any open tax years.
- Additional years may be available if the business is in a net operating loss or alternative minimum tax position.
- Tax Credits can carry forward for twenty years.
- Recent guidance issued by the Treasury has clarified the application of the R&D tax credit in a more favorable light.
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