It is projected that we are about to enter an era of enforcement marked by more stringent enforcement of tax policy, which will raise the bar for small businesses seeking to claim the R&D tax credit. On today’s show, Michael Garofalo sits down with Brad Poris. Brad leads the northeast region of BDO's Business Incentives Group, with a specialization in the research and development tax credit. He discusses lessons learned from the Little Sandy Coal Company case from February 2021, in which the IRS narrowly required the taxpayer to prove a "process of experimentation," but fell shy of meeting the threshold. They also discuss the Chief Counsel Memorandum, released on October 15, 2021, and how it could impact businesses.
The R&D credit can be a major tax-saving tool for the right business, but it takes a professional to understand the reporting requirements. With membership in the BDO Alliance, JGS, CPA is equipped to handle these kinds of tax situations and many more.
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