Internal Revenue Service’s Interim Guidance for Amended Claims for Research and Development Tax Credit

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Written by: Tanya Donnelly, Senior R&D Tax Manager On January 5th, 2022, the Internal Revenue Service (“IRS”) released an IRS Press Release, Frequently Asked Questions, and Interim Guidance for Research and Development (“R&D”) tax credit claims. As we discussed in our previous article, the IRS issued Chief Counsel Memorandum 20214101F on October 15, 2021, which…

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TCJA and the R&D Tax Credit: Experimental Expenditure Changes

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Written By: Tanya Donnelly, Senior R&D Tax Manager The Research and Development (“R&D”) Tax Credit is set to undergo changes in 2022 due to the Tax Cuts and Jobs Act of 2017 (“TCJA”). Up to the end of 2021, businesses have been able to immediately deduct R&D expenses. This is due to Internal Revenue Code…

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Internal Revenue Service’s New Guidance for Research and Development Tax Credits: It’s Not as Spooky as it Seems

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Written by: Tanya Donnelly, R&D Tax Manager Mark Stapleton, R&D Senior Tax Analyst Geoff Garber, Partner On October 15th, 2021, the Internal Revenue Service (“IRS”) released Chief Counsel Memorandum 20214101F, which sets forth the information taxpayers must provide with administrative claims for refund or credit under Internal Revenue Code (“IRC”) Section 41, also known as…

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Startups and R&D Tax Credits: The Perfect Pair

You’ve done it! You have taken the leap and started your own company. Maybe it’s a new software program with an innovative AI model, or a new vertically-focused SaaS tool. In the early days, you are busy recruiting engineering talent, pitching potential customers, and trying to raise a Seed round from angel investors and venture…

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Hold that Panic Button: Despite IRS focus shifting to different issues, R&D Tax Credits still strong for A&E Service Firms

Brayn Consulting

By Justin DiLauro, Partner, BRAYN Consulting LLC Since the elimination of the “discovery test” in the early 2000s, Architecture and Engineering (A&E) design service firms have been and continue to be excellent candidates for R&D Tax Credits.  It took almost a decade for the application of R&D Tax Credits to A&E firms to be tested…

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Maximizing R&D Tax Credits with Controlled Group Analytics

Brayn Consulting, LLC

By Julia Sosa and Justin DiLauro Companies claiming an R&D tax credit receive a dollar-for-dollar reduction in their tax liability based on the qualified research activities undertaken and the associated qualified research expenses (QREs) related to those activities. However, many owners, officers, and CPAs of companies across all industries often find themselves being talked out…

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Superseding Returns and the R&D Payroll Election

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While often filed for the same reasons as an amended return, a superseding return is different in two key respects: it is filed before the original tax return due date, including extensions, and it replaces the originally filed return. Only one return exists after filing a superseding return…

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