By: Editorial Staff, Date: April 4th, 2023
In this infographic, we will delve into the various benefits of tax automation, including increased accuracy, reduced costs, and scalability!
Check out The Knowledge Group’s webinar “Transforming Businesses with Tax Automation: Effective Tools and Best Practices,”
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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.