Beginning in the 2016 tax year, start-ups or new businesses could potentially claim the Research and Development (“R&D”) tax credit against federal payroll withholding. This is extremely beneficial as new businesses often do not owe any income taxes and thus, were unable to utilize their federal R&D tax credits.
The Georgia Department of Revenue issued proposed film tax credit regulations on August 22, 2017. The regulations are open to comment until September 26, 2017.
The Federal Research and Development (“R&D”) Tax Credit allows companies engaged in qualified R&D activity to claim a tax credit for their efforts. This is a lucrative credit as it is a dollar-for-dollar offset of a company’s tax liability.
For many startup companies, money is tight and income (if any) is low. Since these companies are
not having to pay any federal or state income tax, they are generally not interested in spending money
to perform research and development (“R&D”) tax credit studies because they do not believe they can
actually use their R&D tax credits.
Georgia is unique amongst the states with large entertainment incentive programs in that there is no audit required to claim and sell Georgia entertainment tax credits. Nonetheless, many production companies choose to have their qualified production expenditures voluntarily audited by a third party CPA firm or by the Georgia Department of Revenue (the “Department”) as a prerequisite to selling their entertainment tax credits.
In an article published recently in Manufacturing Business Technology, Betsi Barrett provides insight to how manufacturing companies can take advantage of the federal and state Research and Development (R&D) tax credits.
In a recent article published in Hypepotamus, Stephen Bradshaw provides guidance to three Georgia tax credits that can benefit technology startups, saving their founders and any investors money.
Acuity’s Master Class Series aims to explore financial and other influential industry topics. They recently sat down with Betsi Barrett, Credits and Incentives Partner at Bennett Thrasher, to further understand the Research and Development Tax Credit (R&D Tax Credit).
Employee retention has long been a challenge for businesses of all shapes and sizes. One of the biggest hurdles in keeping employees occurs when an employee has a child.
The Federal Research and Development (“R&D”) Tax Credit has been significantly enhanced during the past year, offering taxpayers additional benefits and improved clarity for one of the most attractive tax incentives offered in the federal tax system.
In an article published by Manufacturing Global on August 5, 2016, Betsi Barrett provides insight on the recent changes to the R&D tax credit and how manufacturers are now able to take advantage of the broader qualifications.
In a recent article published in Oz Magazine’s blog, Matthew V. Wilson, of Counsel at Arnall Golden Gregory LLP, and Chris Benner, partner at Bennett Thrasher, provide insight on Georgia’s film tax credits that have proven to be irresistible to buyers.