This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “R&D Tax Credits for Software Development Advancements in 2020 & Beyond” by Guest Contributors Tetyana Guguchkina and Tiffany Solymon.
Throughout the years, software has found itself in every facet of our lives, from smartphones to smart televisions; even homes nowadays are labeled “smart.” As the software industry has grown, so too has its piece of the pie as it relates to the Section §41 credit for increasing research activities (the “R&D Credit”). Companies engaged in the development of brand-new software or the improvement of existing software can recognize a dollar-for-dollar reduction in the federal and, potentially, state tax liabilities.
The past decade has seen remarkable advancements in the software industry, which will continue to dominate the mainstream in 2020.
Here are a few of the most significant innovative software development advancements of 2020:
- Progressive Web Apps (PWAs)
- Internet of Things (IoT)
- Artificial Intelligence (AI)
- Connected Cloud Software
- Immersive Technologies (AR/VR/MR)
- Fifth Generation Wireless Technology (5G)
2020 will continue to be a gold rush for developers who devote themselves to the software development trends mentioned above. Along with the reduction of corporate and individual tax rates introduced by the Tax Cuts and Jobs Act, experts expected to… Continue here »
KROST Quarterly is a digital publication that highlights some of the hot topics in the accounting and finance industry. Volume 3, Issue 1 highlights some of the hot topics in the technology industry, including technology trends in media entertainment, privacy laws, 83(b) elections, R&D tax credits for software development, quantum computing, and more.