Part of a Series on State and Local R&D Tax Credits Connecticut offers a research and development tax credit for related expenditures made in the state. Qualifications for the credit closely mimic those of the federal R&D tax credit. The credit may be applied against the state’s corporate business tax. Connecticut differentiates between a non-incremental
If qualified start-up companies with research and development activities want to take advantage of the option to offset payroll taxes in the second quarter, the deadline is quickly approaching. Qualified start-up companies have until March 31, 2019, to file their 2018 tax return if they want to offset their payroll taxes in July 2019. Under
The Supreme Court recently released its decision on the landmark sales tax case, South Dakota v. Wayfair. The Court overturned the “physical presence” standard that previously governed the determination of when sales tax was due. Wayfair held that the correct standard in determining the constitutionality of a state sales tax law is whether the tax
What is the Connecticut Neighborhood Assistance Act The Connecticut Neighborhood Assistance Act (NAA) Tax Credit Program allows for the funding of municipal and tax-exempt organizations by providing a corporation business tax credit for businesses who make contributions. By making donations to qualifying organizations in Connecticut, the business can receive their donation back, dollar for dollar and
Take Advantage of R&D Tax Credits, NOL Sales, Other Growth-oriented Programs When planning to launch a tech start-up on the east coast, many entrepreneurs automatically think Boston’s 128 corridor or New York City’s Silicon Alley. We propose that from a business and taxation perspective, there’s another strategic place to consider for starting and growing a
Part of a Series on State and Local R&D Tax Credits Since 1997, corporate entities are allowed a credit against the corporation business tax for qualified expenditures with respect to research conducted in Pennsylvania for each taxable year. Qualified Research Expenditures (“QRE”) are related to activities such as scientific experimentation or engineering that meet a
Partnering to Provide R&D Tax Credit, Cost Segregation and Other Capabilities as a Growth Strategy. We’re pleased to introduce a new ebook we’ve created specifically for the CPA community. It’s titled, A Guide for CPAs: How – and Why — to Introduce Clients to Specialty Accounting and Tax Services. You can download it for free.
Since the South Dakota v. Wayfair ruling over six months ago, companies have been waiting to see how New York (the fourth most populated state) would handle the new rules for remote sellers. Tax advisors assumed New York was taking their time in creating the right formula, however, this may not have been the case.
Drilling Into the IRS’ Four-Part Test. If your company is in an industry that qualifies for R&D tax credits, it makes sense to explore whether any of your operations and related expenses meet the R&D tax credit requirements. Many business owners only think science labs, beakers and test tubes when it comes to R&D. Actually,
The IRS Issues New Administrative Authority Governing the Tax Treatment of Depreciation and Expensing Rules
On December 21st of 2018, the Internal Revenue Service (hereinafter the “Service”) issued new administrative guidance in the form of Rev. Proc. 2019-08 governing expense deductions and depreciation measures in connection to real property as enacted by the 2017 Tax Cuts and Jobs Act, Pub. L. No. 115-97, (hereinafter the “TCJA”’). It should be duly