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In this episode, host ⁠TJ Sponsel and guest ⁠Audrey Asfoor⁠ discuss discuss the intricacies of ⁠R&D tax credit⁠ documentation.

McGuire Sponsel worked with a technology development company to perform an R&D Tax Credit study to maximize benefit.

 

In the United States, there are numerous innovation-driven tax incentives. The Research and Development (R&D) Tax Credit is a crucial tool for businesses seeking to offset the costs associated with developing new products or processes. Regardless of the industry, artificial intelligence (AI) is a concept that every business is looking to leverage.

Since January 10, 2022, taxpayers filing amended tax returns with claims for refund related to the R&D Tax Credit have been required to include supplemental information with the return.

Since January 10, 2022, taxpayers filing amended tax returns with claims for refund related to the R&D Tax Credit have been required to include supplemental information with the return.

In today’s rapidly evolving technological landscape, Artificial Intelligence (AI) stands out as one of the most transformative innovations of the 21st century.  From enhancing efficiency in various industries to revolutionizing healthcare and driving autonomous vehicles, AI has the potential to reshape the way we live and work.

In this episode, host ⁠Tim Masters⁠ is joined by guest ⁠Jerry Hammel⁠ to discuss the evolving role of CPAs in current market trends. 

Join us to discuss the proposed changes to Form 6765 and the impact it could have on businesses claiming the R&D Tax Credit. David Seibel and Tanner Niehaus will provide updates on the latest guidance and strategies for CPAs and taxpayers to utilize in preparation for tax year 2024 filings.

As a follow-up to my update in early April about the status of the proposed 174 amortization repeal tax bill, I wanted to update McGuire Sponsel’s alliance partners and clients.

McGuire Sponsel worked with a defense and aerospace manufacturer to perform an R&D Tax Credit study to maximize benefit.

 

Strengthening Client R&D Tax Credit Claims: Key Areas Often Overlooked

This week on Let’s Talk Tax, host ⁠TJ Sponsel⁠ welcomes first-time guest Audrey Asfoor, a senior tax consultant at McGuire Sponsel, to discuss the intricacies of ⁠R&D tax credit⁠ documentation. Audrey provides valuable insights on the fieldwork process, new requirements from the IRS, and how companies can better prepare for upcoming changes. This episode delves into the importance of proper documentation, the challenges faced by various industries, and the benefits of on-site fieldwork for clients.

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