Page 88 - MetalForming October 2014
P. 88
Benefit from New IRS Rules for the
Research and
Development
Tax Credit
Recent IRS changes to the R & D Tax Credit allow Alternative Simplified Credit (ASC) election on amended returns. Learn here how small- to midsized metalformers can benefit.
BY SCOTT SCHMIDT
Originally proposed as a provi- sion under the Innovators Job Creation Act, the IRS has made a significant change that could poten- tially make the Research and Develop- ment Tax Credit more attractive and easier to claim for many more small and midsize companies that qualify for the credit. However, for various rea- sons, many have not yet pursued this underutilized part of the tax code.
Part of the opportunity with the R&D Tax Credit—a dollar-for-dollar reduction of your taxes owed—is to claim the credit on your timely filed tax return. In addition, if a company has not claimed R&D tax credits in the
Scott Schmidt is the founder and CEO of Black Line Group: 763/550-0111; www.blacklinegrp.com.
86 MetalForming/October 2014
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