Top R&D Credits to Put Money Back in Your Business
ContentImmediate reduction in your tax liabilityDepartment of Business, Economic Development & TourismProgram Monitoring and ReportsR&D TAX CREDITThe TCJA’s effect on future R&D tax credit planningWhat’s Next for the R&D Tax Credit: Amortization of R&D Expenses Starting in Tax Year 2022 Businesses can claim the R&D Credit by filing IRS Form 6765, Credit for Increasing Research Activities. As part of the process, they need to identify qualifying expenses and provide adequate documentation that shows how these costs meet the requirements under Internal Revenue Code Section 41. Financial records, business records, oral testimony and technical documents may be used for this purpose. However, some business groups have said these benefits may be lost under the new amortization rules in the TCJA. Starting in 2022, the TCJA will require that businesses amortize their…