Tax and credits concept. Getting refund from the income tax return. Calculator, glasses and black pen on financial documents in the background.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.