New IRS regulations could allow more businesses to take an R&D tax credit against the costs of developing software for internal use. In most cases, but not all, a tax credit is much more valuable than a tax deduction.
Who should take a proactive approach to state and local tax minimization with negotiated incentives?
If your business has purchased equipment for research and development, a change in the law last year could mean you get valuable tax credits.
With one of the nation’s best environments for business, economic growth that exceeds the rest of the country, and a strong outlook for continued growth, the state of Tennessee is definitely open for business.
The IRS released drafts of several forms related to the R&D Credit that provide additional insight regarding the payroll tax credit provision that was enacted by the PATH Act for tax years beginning after 12/31/15.
Public Chapter No. 504, passed for the Department of Economic & Community Development (“ECD”) related to Tennessee’s tax incentives and credits.