What activities in your business can qualify you to claim the research and development tax credit? When it comes to running a business, every dollar saved counts. Have you ever wondered if your company could be missing out on valuable tax savings in the form of tax credits? The good news is, many businesses qualify for significant tax credits through research and development activities. In this post, we’ll focus on the first of our two-lens approach: Qualifying Research Activities (QRA) ....

The IRS has now answered questions about how 2024 tax returns should treat R&E expenditures and what happens to unamortized balances from 2022 and 2023 in Rev. Proc. 2025-28, issued in late August. This new guidance lays out the rules for elections, superseding returns, and recovering unamortized balances. With the September 15 and October 15th deadlines looming, businesses and their CPAs must evaluate their options.

Long-awaited IRS FAQs have been posted on how taxpayers who claimed the Employee Retention Credit should adjust their wage deductions.