Course description
IRC Section 41: Credit for Increasing Research Activities Update
Gain a better understanding of the considerations and requirements of the research tax credit. This topic will feature a discussion around one of the most complicated and misunderstood sections of the Internal Revenue Code, Section 41 - Credit for Increasing Research Activities. Our panel of experts has collectively worked on more than 500 research tax credit studies during their careers. Learn from some of the top technicians in the industry what may and may not be considered research and development under IRS guidelines. Several topics that will be discussed include understanding the broad range of companies in many industries that can qualify for the research credit, potential pitfalls, and significant opportunities to bring value to your clients or your company by using the research credit, and various elections and opportunities that can maximize the value of the credit.
Learning Objectives
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Training content
- Overview of the Research Tax CreditApplicabilityBenefit – Federal and StateState of the Research Credit
- Conceptual View – How the Credit Is Supposed to Affect Behavior
- History
- Recent Developments That Have Broadened the Scope and Application of the Credit
- PATH ActWhat Activities Qualify as Research and DevelopmentExcluded ActivitiesIRC Section 41 – Credit Requirements
- Business Component
- Technical Uncertainty
- Process of Experimentation
- Scientific PrinciplesInternal Use Software
- High Threshold of Innovation Test
- Fed Ex vs. U.S.Qualifying Expenditures
- Wages
- Supplies
- Contract ResearchCredit Calculation Considerations
- Reduced Credit Election
- General Credit Calculation
- Alternative Simplified Credit Calculation
- Base Period Concepts and Implications
- Credit Carrybacks and CarryoversDocumentation Requirements
- Case Law and Regulations
- Challenges and Required ActionsRecent Developments
- Case Law and Regulations
- Regulatory UpdateSummary
- Regulatory Mine Field, However, Tremendous Value to Business Owners
Costs
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Lorman Education Services - Live and On-Demand Courses
Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...