CPAs in OH, IN, KY, MI, PA, and SC to receive 4 Hours Free CPE October 24, 2022 – Northeast Ohio’s Tax Credits Group (TCG), Duffy+Duffy and KIKO Realtors, Auctioneers & Advisors have announced the dates for their annual Fall income tax reduction seminar series, where attendees will learn powerful tax planning tools and strategies to maximize credits and deductions in order to save significant tax dollars for their clients. The free seminars will be held over 4 separate dates throughout November and December and will be conducted over a virtual webinar format. Registration CPAs, CFO’s, acco ..read more

Cleveland-based Tax Credits Group (TCG) is pleased to announce its membership to BioOhio. Since the date of this original announcement, BioOhio has rebranded as Ohio Life Sciences Association (OLS). TCG helps qualifying taxpayers take advantage of the Federal Research & Development Tax Credit, applicable state R&D Tax Credits, and the Federal Employee Retention Tax Credit (ERC). Through the company’s R&D consulting practice, TCG works with many innovative companies within the manufacturing, high-technology and software development realm, including life-saving medical device manufa ..read more

Major Tax Savings could be underway through the R&D Tax Credit It’s Valentine’s Day – a day of love and romance celebrated by many happy couples, and an unfortunate day of trepidation for the lonely singles. Luckily, in recent years, whole industries have cropped up with hope of helping those in search of love find their perfect match. Of course, one of the more modern industries is that of the online dating. A recent Pew Research Center survey found that over 30% of U.S. adults have used online dating sites or mobile apps. And with the fast-past nature of today’s mobile technology, it’s l ..read more

CPAs in OH, IN, KY, MI, PA, and SC to receive 3 Hours Free CPE May 31, 2023 – Northeast Ohio’s Tax Credits Group (TCG) and Duffy+Duffy have announced the dates for their summer income tax reduction seminar series, where attendees will learn powerful tax planning tools and strategies to maximize credits and deductions in order to save significant tax dollars for their clients. The free seminars will be held over 4 separate dates throughout June and will be conducted over a virtual webinar format. Registration CPAs, CFO’s, accountants, tax preparers or other interested parties can register for a ..read more

South Carolina Startups Could Save an Extra $250,000 Per Year, up to $2.5MM This article originally appeared on the South Carolina Association of CPAs (SCACPAs) blog: https://www.scacpa.org/new-ira-act-bolsters-rd-tax-credit-for-early-stage-companies/ On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA). Within the new law was an enhanced provision to the Federal Research and Development (R&D) Tax Credit which doubles the amount of credit a startup business can use to offset payroll taxes, up to $500,000. Further, any credits which are not elected again ..read more

2023 May be a Mix of Favorable and Unfavorable Changes This article has been reposted with permission from The Ohio Society of CPAs. The article originally appeared in the January/February 2023 Edition of “CPA Voice” Magazine. You can access the original article here: R&D tax credit predictions for the new year For nearly 40 years, I have worked with the Federal Research and Development (R&D) Tax credit—first as an auditor scrutinizing taxpayers who claimed it, and later as an adviser helping taxpayers navigate the claims process. Throughout this time, I have witnessed firsthand the hi ..read more

What CPAs need to know about the new IRS Mandate This article originally appeared in print in the SCACPAs Summer 2022 Edition of the South Carolina CPA Report. For over 40 years, the federal Research and Development (R&D) tax credit has served as a valuable tax savings tool for thousands of innovative U.S. businesses. But despite being around for decades, it’s common for eligible taxpayers to overlook it – often being brought aware of it for the first time only after a switch in CPA firms or through casual discussions with other business owners. Luckily, businesses that find themselves in ..read more

New IRA Act Bolsters R&D Tax Credit; May Drive Taxpayers to Accelerate R&D and Job Creation Beginning on January 1, 2023, innovative startups will find themselves with an opportunity to save significantly more money on their federal payroll taxes. The favorable tax change stems from the Inflation Reduction Act (IRA) which was signed into law in August 2022. The Act effectively doubles the amount of Research and Development (R&D) tax credits that startup businesses can use to offset their payroll taxes. Since 2016, startups developing new and improved products have been able to util ..read more

IRA Act of 2022 Doubles Payroll Tax Offset Provision to $500K On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA). Contained within the law is an enhanced provision to the Federal Research and Development (R&D) Tax Credit that benefits startup companies. Under the new IRA Act, beginning after December 31, 2022, startups now have the ability to elect an additional $250,000 of credit against the 1.45% employer portion of Medicare taxes. Prior to this, startup companies were limited to utilizing the R&D tax credit to offset no more than $250,000 o ..read more

The Research Tax Credit Can Further Help Manufacturers Attract and Retain Employees October 7, 2022 – Today, manufacturers located across the U.S. will celebrate “National Manufacturing Day.” Recognized on the first Friday of October, “National Manufacturing Day” has grown to become a month-long celebration of manufacturing seminars and events put on by various U.S. manufacturing associations and manufacturing companies. The primary goal is to bring awareness of rewarding career opportunities to parents and educators, while simultaneously encouraging and inspiring students and young adults to ..read more