Description
Research and development (R&D) is the lifeblood of a growing and prosperous economy, and many businesses perform some type of research and development. IRC 41 creates incentives for increased R&D activities in the form of tax credits for companies involved in qualified research activities. Businesses that consider R&D tax credits soon learn, however, that the potential benefits may come at a price. This program's learning objectives include understanding how to navigate IRC 41's abundant and changing requirements and challenges as well as the Internal Revenue Service's increased focus on potential abuses of the R&D tax credit. Taxpayers and their tax advisors need to be prepared even when they are merely taking advantage of a tax benefit to which they are entitled. More easily identify key strategies to minimize exposure from IRS examinations of R&D credits.
Highlights
• Better understand the benefits and requirements of claiming R&D tax credits and other related expenses
• Know what the IRS is focused on in examinations and audits of tax returns claiming R&D credits
• Decipher the IRS's expectations of taxpayers filing refund claims that include R&D tax credits
• More easily identify key strategies to minimize exposure from the IRS's increased focus on R&D tax credit abuses.
Objectives
Determine qualified Research and Development Tax Credits Recognize strategies to minimize risk from IRS scrutiny of Qualified Research Activity and Related Expenses, and Understand master techniques in handling and advising clients examined by the IRS in connection with credits claimed for Qualified Research Activity and Related Expenses.
