What comes to mind when you hear the terms “research and experimentation” or “research and development”? If you think of ground-breaking innovations or inventions, you are not alone. For this reason, a number of manufacturers have overlooked the Credit for Increasing Research Activities, commonly referred to as the “R&E Tax Credit.” Many companies don’t realize their efforts, time, and resources can be used to reduce their tax burden. NWIRC will off a free session on R&E Tax Credits on December 15th from 8:30-10:00am in Erie. This session will provide information you need to take advantage of this benefit, covering the following:
- Overview of the R&E Tax Credit for Federal and Pennsylvania purposes
- Discussion of the potential injection of cash flow from these Credits
- Recent regulatory changes that greatly expanded the credit and the ability to claim it on prior year’s tax returns
- Key factors of determining whether or not a job qualifies for the Credit
- Once it is determined that a job qualifies, what expenditures qualify for the Credit
- Examples of various industries that typically qualify for the Credit
- Analysis of our region, and Pennsylvania as a whole, in terms of the dollar amount of Credits being claimed and types of businesses claiming them
- Documentation requirements
- Overview of a typical R&E Tax Credit engagement
The program will be presented by the R&E Tax Team at McGill, Power, Bell & Associates.
Just click for more information or to register.