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$50-100k Could Be Waiting For Your Company With the R&D Tax Credits

$50-100k Could Be Waiting For Your Company With the R&D Tax Credits

Bill Claffey, a tax attorney and partner at the accounting firm Fiondella, Milone and LaSaracina LLP (FML), will lead a panel discussion to present the federal and state tax benefits the research and development credit can bring to your business. Key topics will include: 1. Federal R&D Credit – learn what types of costs qualify for the R&D credit, how the IRS defines research and development, methods to calculating the R&D credit to best maximize return on investment (ROI), and opportunities for qualified small businesses to offset their company funded payroll taxes with the R&D credit. Understand the interplay between the R&D credit and other Covid related programs initiated in 2020 including the Paycheck Protection Program loan, the Employee Retention Credit, and the Family First Coronavirus Response Act family and medical leave credits. 2. Connecticut R&D Credit(s) – understand the expanded scope of costs that can apply for the Connecticut Research and Development Tax Credit(s) including the opportunity to include attorney fees for patent filings, rent, and other direct costs related to research and development that would not otherwise be eligible for the federal R&D credit; differences between the Connecticut definition of qualified research versus the federal definition of qualified research and how certain funded research may be eligible in Connecticut; review the basic Connecticut incremental and non-incremental R&D credit calculations and how timing of certain research expenses can drastically increase your ROI on the Connecticut credit; and finally recognize how the certain Connecticut taxpayers can turn their current and potentially prior year unused Connecticut R&D credit(s) into cash through the Connecticut R&D Exchange program including a review the metrics to determine when this exchange makes sense to the business.