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Staying Ahead of the Curve: Updates on Navigating R&D, Section 174, ERC, and Energy Tax Credits
October 24, 2024 @ 1:00 pm – 2:00 pm EDT
Staying up to date on the latest tax breaks and incentives including Research and Development (R&D) Tax Credit, Employee Retention Credit, Section 174 and the Inflation Reduction Act of 2022, can help you guide clients towards the most appropriate decisions. For instance, many small- and medium-size (SMBs) businesses may be missing out on an opportunity to reduce their income taxes and or payroll taxes through tax credits such as the R&D tax credit. Many are unaware that R&D doesn’t apply just to organizations doing hard core science. In fact, any business that is investing time, and resources to improving products, processes or solutions may be eligible for the federal R&D tax credit and possibly state R&D tax credits.
Recent changes, coupled with the impact of Section 174 amortization implementation on annual tax liabilities, have made claiming tax credits more complicated for businesses engaged in research and development (R&D) activities, businesses that may have taken advantage of the ERC, as well as businesses that have an unexpected tax liability. Additionally, with the Inflation Reduction Act of 2022, new tax credits and related transferability rules have been established for a variety of “energy related” investments. For these reasons, accountants must understand the rules and regulations surrounding R&D and ERC tax credits.
Join us for an update to review key statutory milestones in 2024 and to gain valuable insights to help you navigate the complexities of these tax credit programs and plan for tax year 2025.
Learning Objectives:
- Review the history of R&D and 174 Amortization Change
- Interpret the draft form 6765 for 2024
- Provide an update on recent IRS guidance for ERC
- Peek into the recent court cases related to R&D and ERC
- Discuss energy credits and the Inflation Reduction Act of 2022
Delivery Method: Group Internet
Course Level: Basic
Field of Study:Taxes
Prerequisites: None
This course is approved for 1 CPE credit.
