R&D Tax Credits | TaxConnections

30 Sep 2020

R&D Tax Credits – IRS Form 8974, IRS Form 6765, IRS Form 3800 And The Tax Cuts And Jobs Act

Hold On! Resist the urge to gloss over the title so fast! Do whatever it takes to clear your head and FOCUS for 6,000 words or so on R&D Tax Credits – IRS Forms 8974, 6765, 3800 & the TCJA.

Understanding the tax reporting and compliance procedures of this very interesting tax credit is GOOD BUSINESS for 3 VERY IMPORTANT Reasons:

MONEY – Taxpayers Save BIG
OPPORTUNITY – More Taxpayers Qualify
TIMING – Applicable statues changing in 2022

Money

Since becoming law in 1981 the R&D tax credit has proven to be quite a valuable tax planning tool yielding billions of dollars in federal and state benefits for LARGE US businesses with big compliance budgets.

Written by John Dundon | Posted in IRS Form 6865 • IRS Form 8974 • IRS Tax Credits • R&D Tax Credits

31 Dec 2019

R&D Tax Credits – IRS Form 8974, IRS Form 6765, IRS Form 3800 And The Tax Cuts And Jobs Act

JOHN DUNDON - IRS Forms On R&D Tax Credits

Hold On! Resist the urge to gloss over the title so fast! Do whatever it takes to clear your head and FOCUS for 6,000 words or so on R&D Tax Credits – IRS Forms 8974, 6765, 3800 & the TCJA.

Understanding the tax reporting and compliance procedures of this very interesting tax credit is GOOD BUSINESS for 3 VERY IMPORTANT Reasons:

MONEY – Taxpayers Save BIG
OPPORTUNITY – More Taxpayers Qualify
TIMING – Applicable statues changing in 2022

Money

Opportunity

Now that the tax credit is permanent and can be applied towards employment tax, planning opportunities abound for medium size and smaller companies – including startups!

The intended consequence of the 2015 PATH Act is prevailing and it turns out more small businesses are putting systems in place to comply with tax credit audit standards.

Written by John Dundon | Posted in IRS Form 6865 • IRS Form 8974 • IRS Tax Credits • R&D Tax Credits

25 Jun 2018

A Spotlight On The Extension And Expansion Of The California Film & Television Tax Credit Program 3.0

Peter J Scalise, Tax Credits And Incentives, Film & Entertainment

Overview of Film Production Tax Incentives

Motion Picture and Television Production Tax Incentives (hereinafter “MPIs”) are tax incentives that are available at the U.S. Federal Level, at most of the U.S. Multi-State Levels, and on a Global Level through nearly a hundred participating countries worldwide and should certainly be incorporated into the tax planning process for movie and television studios to properly tax affect their costs of production.

Three Primary Phases of Film Production

The three primary phases of qualified filmmaking production include the “Qualified Pre-Production Phase”, the “Qualified Production Phase”, and the “Qualified Post-Production Phase”. It should be duly noted that it is fairly common practice in the movie and television studio industry to shoot the aforementioned phases of qualified production throughout several locations (e.g., Qualified Production Phase in the City of Los Angeles, California, USA and the Qualified Post-Production Phase in the City of Vancouver, British Columbia, Canada). Consequently it is critical to be cognizant of tax incentives available, as applicable, not only state by state within the United States but also country by country worldwide in order to reduce a movie or television studios global effective tax rate.

Written by Peter J. Scalise | Posted in Film Industry • R&D Tax Credits