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Figure Financial works with businesses to identify projects and corresponding expenses that qualify for performing Research and Development (R&D) activities. The R&D tax credit is a business tax credit that rewards taxpayers for performing research activities in the United States. Figure Financial thoroughly analyzes each company’s new and improved developments, the potentially qualified expenses, and prepares a substantiation document to ensure the calculation of the credit complies with all IRS requirements.
Curious about how much your R&D tax credit might be?
Use our R&D Calculator to estimate your credit amount.
SOME WORDS OF CAUTION
Taking advantage of federal and state R&D tax credits can significantly boost your cash flow. However, navigating the complexities of claiming these credits and properly documenting your expenses demands a deep understanding of the IRS rules and regulations. The effective utilization of R&D tax incentives requires tax planning and preparation. It is crucial to ensure that your claim is well-supported and adheres to all relevant rules and guidelines, as failing to do so could result in penalties and interest. Consult with the experts at Figure Financial for further guidance.
Contact us for a free consultation!
The IRS released updated guidance on the Employee Retention Credit program on September 14, 2023. The news release below explains that the IRS has placed an immediate moratorium through the end of the year on the processing of new ERC claims in effort to curb fraudulent applications by bad actors. While a moratorium may sound alarming, this intentional pause is a common practice used by the IRS.
This is a developing situation, and we will continue to provide updates as new information is released. This what we know so far:
On January 31, 2024, the House passed the Tax Relief for American Families and Workers Act of 2024, which proposed an end to the ERC program effective January 31, 2024. This is now pending approval from the Senate. Please note that we will not be processing any new ERC claims until a final vote is reached. Our team of attorneys and CPAs is closely monitoring the situation. For more information about this new legislation, read this Tax Update from our legal team on our blog.
Employers for whom all of the following is true:
Employers who have already cashed their refund checks or who claimed the ERC on their original employment tax return.
The IRS created the withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims.
Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest, which can save you a lot of money.
Cincinnati Refund Inquiry Unit
PO Box 145500
Mail Stop 536G
Cincinnati, OH 45250
**Mail your package via certified mail to track and confirm delivery.
The IRS will send you a letter telling you whether your withdrawal request was accepted or rejected. Your approved request is not effective until you have your acceptance letter from the IRS. If your withdrawal is accepted, you may need to amend your income tax returns if you already included the claim for the ERC in the filing. If you need help, seek out a trusted tax professional.
NAVIGATION
Figure Financial, Inc.
Overview of process:
Below is an overview of our extensive process in determining a business’s eligibility for the R&D credit.
The main industries typically qualifying for R&D credits include:
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Maine
Maryland
Massachusetts
Minnesota
Mississippi
Missouri
Nebraska
New Hampshire
New Jersey
New Mexico
North Dakota
Ohio
Oregon
Pennsylvania
Rhode Island
South Carolina
Texas
Utah
Vermont
Virginia
Wisconsin
Original Tax Return Federal Filing Deadlines
March 15th
April 15th
September 15th
October 15th
June 15th filing deadline
July 15th filing deadline
Amended Tax Return Federal Filing Deadlines
Case Law
IRS Code