News & Blog

A lab tech looking at the the leaves and flowers of a cannabis, hemp weed in a laboratory with a magnifying glass

Inside the Industry: Cannabis Strain Identification and Breeding Reaps Significant Rewards for Companies

The demand for the development and production of both medical and recreational cannabis has increased across the United States since the legalization of cannabis passed in certain states. With this demand comes the need to perform research and development to quality products that the market is trending toward. What many cannabis companies may not know is that they are potentially

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Researcher in laboratory looking under a microscope

Biotech Companies Improving The Production of Pharmaceuticals and Medical Devices Can Claim Tax Credits

Companies in the biotech industry are continuously performing research and developing products to advance the production and processes of pharmaceuticals, biotechnology, medical devices, and other life sciences, making them the ideal candidates for R&D tax credits. In fact, because most biotech companies are moving away from focusing their efforts on one or two drugs at a time and are now

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Group of business people sitting at a desk discussing during a meeting

The IRS Is Behind On Refunds But Your Massive Tax Savings Don’t Have to Wait

The Internal Revenue Service has been experiencing delays with the delivery of refunds to taxpayers. Due to the pandemic and additional stresses on the IRS, around 24 million taxpayers have not received their refunds. Businesses looking for significant savings and tax breaks should take this opportunity to get ahead on their returns and make sure they are getting all the

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The US Capitol building with a waving American flag superimposed on the sky

New Stimulus Package Extends Federal Income Tax Deadlines for Individuals

The federal government has extended the 2020 filing deadline for individual taxpayers from April 15th, 2021 to May 17th, 2021. The individual payment deadline has also been extended to May 17th, 2021. Taxpayers can now make payments by the May deadline without any penalties and interest accumulating, regardless of the amount owed. This deadline also applies to self-employment tax. These

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Programmers working on software developing in a company office

Web Development Companies Enhancing Their Software Capabilities Can Increase Cash Flow

Companies in the web and software industry are not unfamiliar with the research and development process. In fact, it’s so commonplace for this industry that many tech businesses may not think their day-to-day activities apply for R&D tax credits simply because they aren’t groundbreaking innovations. What many of these companies don’t know, however, is that many of these projects do

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Women architect on computer looking over eco-friendly design model

Green Tax Codes Have Been Extended To Promote More Eco-Friendly Design & Construction

The shift toward green construction and design has not only influenced the way engineers and architects look at buildings, but has also changed the way our government is viewing tax codes. In fact, this past year, two important tax codes that involve implementing eco-friendly building practices have been addressed. Both the 179D energy-efficient tax deduction and the 45L energy-efficient home

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Female hand with money at cash desk inside a bank.

Financial Institutions Can Start Banking Money With This Important Tax Tool

Financial institutions such as banks and other properties associated with banks make up a good portion of commercial property in the US. Any commercial property that has been constructed, renovated or bought can potentially benefit from cost segregation which reallocates parts of the property to depreciate faster over a shorter period of time. Setting up a cost segregation study can

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Chicago, Illinois, USA cityscape over the river during a semi cloudy day

Illinois Companies Who Are Using Their Resources For Research & Development Can Receive Tax Rewards

With leading industries in manufacturing, food, construction and technology, Illinois is a hot spot for research and development. Any company in the state, no matter the industry or size of the business, performing R&D activities can apply to receive lucrative tax credits.   Although most businesses perform these activities on a daily basis, they may not even know that what they

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People exercising on machines in the gym

Health and Fitness Companies Shaping Up To Promote Healthy Living Can Receive Huge Tax Benefits

Companies who are focusing on advancing health products, fitness services or providing healthier alternatives can qualify for tax credits for their efforts    The health and fitness industry has seen a large increase in the last couple of years, especially with concerns centering around the current pandemic, and more people are becoming aware of the overall connection between their health and

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