R&D tax credits and the coronavirus
Many of the ways the coronavirus has affected the economy are obvious, such as learning how to engage employees in a work-from-home environment or dealing with losses in revenue. Other issues are harder to see. For example, research tax credits under Section 41 of the Tax Code could look very different for some companies in 2020 compared to other years. These differences are partially due to statutory issues. Other differences are due to the changing work environment. However, businesses will need to be aware of these changes to maximize this important tax savings.