With the beginning of tax filing season starting at the end of January, many taxpayers and tax professionals are starting to prepare for the 2023 tax year and looking at the everchanging field of the research tax credit. Some of [...]

In response to the IRS’s recently proposed changes to Form 6765, Credit for Increasing Research Activities, Hull & Knarr submitted comments to the IRS to provide feedback. In the letter below, Hull & Knarr requests that the IRS’s proposed changes [...]

Per a tweet on the morning of March 20, 2020, the Treasurer secretary announced that the April 15th filing deadline would be extended 90 days to July 15. Steven Mnuchin’s tweet said “At President Donald Trump’s direction, we are moving [...]

In December, the House of Representatives introduced a bill to boost the research credit for new and small businesses. The bill, Research and Development Tax Credit Expansion Act of 2019, would potentially impact taxpayers who are eligible to offset their [...]

A favorable change in the Wisconsin research credit was passed for tax years beginning on or after January 1, 2018.  The law change allows a portion of the credit to qualify as refundable. This helps Wisconsin companies benefit from the [...]

In August, Illinois Governor J.B. Pritzker signed SB 1591 extending the Illinois R&D tax credit for an additional 5 years, through 2026. The current R&D tax credit was due to expire at the end of 2021. Since the credit was [...]

A new House bill (H.R. 4549) introduced on September 29, 2019 is proposed to undo some major changes to how R&D expenses are treated. The new bill would enable companies to continue expensing R&D expenditures in the period during which [...]

In late July, the Senate proposed a bipartisan bill to boost the research credit for new and small businesses. The bill, Research and Development Tax Credit Expansion Act of 2019, would potentially impact taxpayers who are eligible to offset their payroll [...]

No one enjoys being audited. But with the Research and Experimentation Tax Credit being named one of 2019’s Dirty Dozen again, IRS audits for the R&E Credit are not an unusual occurrence. While it’s easy to feel like getting audited [...]

On June 13, 2019, Michigan introduced Senate Bill 378 that would create a refundable research tax credit (RTC) for specific Automotive Industry taxpayers for tax years beginning after December 31, 2019.  The current research tax credit equals 1.9% of Qualified [...]