Below is a preview of one of the articles in the new issue, "This Often-Overlooked Federal Benefit Offers Unique Opportunity for Manufacturers" by Guest Contributor Michael Maroney, Senior Manager - R&D Tax Credit Services:
This Often-Overlooked Federal Benefit Offers Unique Opportunity for Manufacturers
With the R&D Tax Credit now permanent, businesses are taking full advantage of this valuable credit. As manufacturing continues to be a mainstay in the American economy, it’s crucial for owners and operators of these facilities to maximize the opportunity provided by the federal government (some states offer benefits too).
In the past, many businesses avoided this credit due to the uncertainty that it would be extended year after year. Regardless of its huge benefits, the credit’s impermanence made tax planning a unique challenge. With these concerns now a thing of the past, manufacturers should take another look back at prior tax years to capitalize on potentially missed credits, and plan for this credit in the future. Companies involved with new product development, improving existing products or initiating process improvements to their production lines are prime candidates for the R&D credit. Generally, development efforts that include the following activities are likely to qualify for the credit....
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KROST Quarterly is a digital publication that highlights some of the hot topics in the accounting and finance industry. Issue 1, Volume 2 covers manufacturing trends and news including cybersecurity, tax benefits and incentives, and technological advances in manufacturing.