@bonhamandbrookus: CPAs! Are your clients leaving money on the table? 💰 For companies engaged in activities that might qualify as research and development (R&D), it's crucial to be familiar with two key sections of the IRS code. Section 174 outlines Research & Experimental (R&E) Expenses, while Section 41 covers Qualified Research Expenses (QREs). These sections have distinct definitions and varying tax implications, underscoring the significance of comprehending their combined influence on a company's tax responsibilities. Bonham and Brook specialize in generating precise technical reports that validate Section 174 and Section 41 expenses. These reports are instrumental in ensuring IRS compliance, obtaining R&D tax credits, and reducing audit risks, all while promoting ongoing innovation. Send us a message to learn more! #taxcredits #cpa #accounting #researchanddevelopment

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Thursday 09 November 2023 12:59:08 GMT