MORE Updates to Form 6765 for Federal R&D Tax Credits

Updates to Form 6765 for Federal R&D Tax Credits

At a glance The Full Story: On June 21, 2024, the IRS released an updated draft version of a new Form 6765 (the tax form used to claim the Federal R&D Tax Credit), revealing major updates since publishing the first draft of proposed changes in 2023. The nature of the changes, which significantly reduce the…

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IRS Rolls Back Some Requirements for R&D Refund Claims

IRS Rolls Back Some Requirements for R&D Refund Claims

At a glance: The full story: One June 18, 2024, the IRS announced a significant update to the filing requirements for R&D Tax Credit refund claims that will benefit taxpayers. Effective immediately, the IRS will waive the requirement for two of the original five pieces of information needed for filing a refund claim, alleviating the…

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R&D Road Trip: Exploring the 37 State R&D Tax Credits

Map of the united states with a magnifying glass

At a glance The full story: The Federal Research and Development (R&D) Tax Credit offers a valuable incentive to eligible companies by reducing federal tax liability, often providing an immediate cash flow increase. Did you know that 37 states offer a separate R&D credit that can be claimed in addition to the Federal credit to…

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When are U.S. Government Contractors Eligible for the R&D Tax Credit?

Front facing view of the US capital building

At a glance The full story: Many companies often incorrectly assume that any work performed as part of the scope of a government contract is disqualified from the R&D Tax Credit because it is government-funded. In actuality, many of the research and development activities involved through the performance on government contracts can qualify, meaning government…

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Raising the Stakes for R&D Tax Credit Refunds

Wide shot of an empty factory

At a glance The main takeaway: The transition year provided with the new filing procedures for R&D credit refunds is more than halfway through, so businesses considering amending to claim a refund should act soon to take advantage of the ability to potentially perfect denied claims. Weighing costs and benefits: The additional time and costs…

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New CHIPS Tax Credit Provides Opportunities and Complexity for Companies and Investors in Superconductor Manufacturing

close up on semiconductor chips

At a glance The main takeaway: The recently passed CHIPS Act creates a new Advanced Manufacturing Tax Credit to provide incentives for US companies to invest in domestic semiconductor manufacturing. The Act allows a credit of up to 25% of qualified investment amounts in facilities or equipment used to manufacture semiconductors in the US. There are…

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New Guidance from the IRS Makes Claiming R&D Credits More Complex

At a glance Schedule a consultation with Aprio’s R&D Tax Credit Team today. The full story: In the fall of 2021, the Internal Revenue Service (IRS) issued a Chief Counsel Memorandum requiring stricter reporting and documentation for any taxpayer making an amended claim for a refund arising from an R&D tax credit. In order to comply…

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