This Insights was contributed by Caroline Ballance, CPA (NC License Number 39017), an associate at Adam Shay CPA, PLLC.
With the onset of the New Year, we have new and exciting changes for tax credits related to research and development, referred to as the R&D Tax Credit. When President Obama signed the PATH Act into law, there were some changes to the R&D Tax Credit that became effective Jan. 1, 2016.
In the past, an eligible company with qualified research expenditures could use those expenses as a credit to offset income tax. There was no limit on the amount of the credit, or industry, and it could be carried forward 20 years.
Under the new PATH Act, there are three major changes:
Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.
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