Leveraging the R&D Tax Credit in 2024
The Tax Relief for American Families and Workers Act presents significant opportunities for businesses, particularly those involved in research and development (R&D), to enhance competitiveness and drive innovation. By allowing immediate deductions for R&D investments, restoring full expensing for critical assets, increasing write-off thresholds for small businesses, and addressing various business-related expenses, the act aims to stimulate economic growth and job creation.
Revisions to Form 6765 R&D Credit
On September 15, the Internal Revenue Service shared proposed revisions to Form 6765, “Credit for Increasing Research Activities,” requesting stakeholder comments by October 31. These modifications might result in significant changes to the R&D Tax Credit from 2024 onwards, adding to the hardship faced by taxpayers filing to claim the federal credit. The agency […]