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How has R&D Tax Credit reform changed the in recent years?

  • 2015 PATH ACT – start up provision & AMT (Alternative Minimum Tax) – Since 2015, the R&D credit has been evolving rapidly. Generally, the credit is being expanded and improved for U.S. taxpayers. In 2015, the Protection Against Tax Hikes (PATH) Act expanded the credit for companies already claiming it, and created a start-up provision for early stage companies to utilize credits. The PATH Act went into effect in 2016, and greatly favored the U.S. taxpayer.
  • 2022 proposed bill doubling the credit – In 2020 and 2021, The Paycheck Protection Program affected the wages that qualified for R&D credits, and many taxpayers suffered as a result. In response, congress and the IRS have proposed enhancements to the credit in 2022, including doubling the regular credit calculation. In addition, congress is considering a bill to bolster the R&D credit for microchip manufacturers in the U.S. in order to reinforce our economy in a competitive global environment.As the government expands the R&D credit, it has also created safeguards to ensure taxpayers are claiming the credit correctly. A recent example is increased reporting requirements for claiming credit refunds on amended tax returns. In October 2021, the IRS placed five requirements on the reporting process for R&D refund claims. This is an example of the government acknowledging that taxpayers are well served by utilizing experts to capture R&D credits properly.
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