Keeping up with the latest tax laws, regulations, and pronouncements is crucial, especially when it comes to tax credits for small businesses engaged in research and development (R&D) activities and those businesses that may have taken advantage of or considered the employee retention credit (ERC). Recent changes have made claiming these tax credits more complicated, coupled with the impact of Section 174 amortization implementation. For these reasons, accountants must understand the rules and regulations surrounding R&D and ERC tax credits.
Join us for an update on tax year 2023 compliance considerations and a review of key statutory milestones in 2024 to gain valuable insights to help you navigate the complexities of the R&D and ERC tax credit programs.
Learning Objectives
- Review the Statute of Limitations and Processing Pause under ERC
- Recall the history of R&D
- Explain the Section 174 Amortization Change and Draft Regulations
- Interpret the draft form 6765 for 2024
- Analyze recent court cases related to R&D
- Develop a plan to move forward with the given information
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Michael Smith
Michael is a proven leader, certified public accountant, chartered global management accountant and seasoned tax professional with strong traditional income tax compliance, planning and consulting experience spanning nearly three decades. He has served both large and middle market clients with his complimentary skill set in big data analytics, accounting, tax compliance, and tax provisions.