Tax Credits Archives - Wiss & Company, LLP

Tag: Tax Credits

2021 Year-End Tax Planning for Businesses

Written on December 20, 2021. Posted in Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since then, various versions of tax and spending measures have been negotiated and...

R&D Tax Credits for the Technology & Software Industry

Written on November 9, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts, Technology.

Generate cash from your past and future investments to develop or improve software. If your company has paid for software to be developed or improved in the U.S., you may be eligible for federal and state R&D tax credits equaling up to 25% of qualified spending. If your company is financing such activities outside of the U.S., the incentives may be even greater. These dollar–for–dollar offsets against regular income tax liability have enabled many startup and mature businesses...

R&D Tax Credits for the Manufacturing Industry

Written on November 2, 2021. Posted in Engineering, State & Local Tax Services, Tax, Tax Alerts.

The manufacturing industry alone claims annual R&D tax credits in excess of $7.4 billion. Innovation is driving the manufacturing industry, and the objective of R&D tax credits is to encourage exactly the type of efforts that are at the core of Industry 4.0. You don’t have to be developing new products or engineering brand new manufacturing processes to qualify for the R&D tax credit. If your company is attempting to develop or improve manufacturing processes or products,...

R&D Tax Credits for the Life Sciences Industry

Written on October 26, 2021. Posted in Healthcare, State & Local Tax Services, Tax Alerts.

Generate cash from your past and future investments in developing or improving products, formulas or devices, or advancing medical and pharmaceutical technology. In recent years, the Life Sciences industry has been under heavy pressure to drive innovation in an environment of escalating R&D costs, increasing scientific complexity and enhanced regulatory scrutiny. If your company has worked to develop new or improved pharmaceuticals or medical devices, formulas or technology,...

FFCRA Update – Tax Credits Extended to September 30

Written on March 23, 2021. Posted in American Rescue Plan, General Business, Human Resources.

American Rescue Plan New Extensions One of the provisions of the recently passed American Rescue Plan covers paid sick and family leave, as originally provided by the Families First Coronavirus Response Act (FFCRA). While the requirement to provide leave under FFCRA expired December 31, 2020, the rescue package extends the tax credits until September 30, 2021 for employers who voluntarily continue to provide paid leave under the same terms as FFCRA. You may recall that the stimulus...

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