By: Editorial Staff, Date: August 22nd, 2022
Sales tax is undoubtedly complex right? But, tax complexities shouldn’t impede the growth of your business!
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Major Reforms in R&D Tax Credits 2023: Exploring Opportunities for Your Firm
The Tax Cuts and Jobs Act (TCJA) has been beneficial for companies engaged in research and development (R&D). It kept the R&D tax credit permanent and eliminated other tax credits and incentives in exchange for lower tax rates. However, beginning after December 31, 2021, the taxpayer option to deduct current R&D expenditures was abolished. It now requires the charging of expenditures to a capital account and amortizing them in a specified number of years.