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The House Approves Bi-Partisan Bill to Revive R&D Tax Credit and the Child Tax Credit
The Tax Relief for American Families and Workers Act of 2024 passed in the House by a vote of 357 to 70 on Wednesday. The bill will help restore much of the Covid-Era Child Tax Credit and will rewrite part of the Trump-Era change to R&D Taxes that had made domestic R&D costs prohibitively expensive for innovative American companies. Whether the Senate approves the bill remains up in the air.
Companies Can Now Claim $500K in R&D Payroll Credits, New IRS Guidance Says
Starting with the 2023 tax year, a qualified small business may elect to claim up to $500,000 of its credit for increasing research activities as a payroll tax credit. Previously, taxpayers could only claim up to $250,000.
Neo.Tax's Tax Season 2024 Calendar
Department heads spend over 150 hours each year getting R&D taxes prepared for enterprise companies! That’s why, at Neo.Tax, we’ve built a tool to streamline the arduous R&D tax process.
CF0to1: Nic Malianni, Head of Accounting at Notion
“The true back-office transactional side is just table stakes,” Nic Malianni says. “But for a startup to succeed, the finance function really has to be strategic. You can live in that land of customer experience and sales strategy, and drive strategic decisions if you want to. I think every accounting and finance person should.”
CF0to1: Praveer Melwani, CFO at Figma
Praveer Melwani came to Figma when there were fewer than 30 employees as the first biz ops hire. Today, the company has over 1,300 employees and has announced a pending $20 billion sale to Adobe. So, how did Praveer grow in his role as his responsibilities and Figma expanded? Learn how in this month's CF0to1!
When is the Extension Tax Deadline for S-Corps?
For any S-Corp — defined by the IRS as “corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes” — the extension tax deadline is September 15, 2023. So, now is the time to get your books in order and to file your R&D tax credit.
An Update on Section 174 for Tax Extenders
The CFOs and Controllers of every innovative company in America have been watching Congress with baited breath all year. Grant Thornton just shared an important update on Section 174, R&D Capitalization, the debate in Congress, and what it means for you!
R&D Tax Credits for the Apparel Sector
The apparel industry is a space where innovation is treasured. That means, more likely than not, you're owed money via the R&D Tax Credit. Neo.Tax is here to help you claim it!
R&D Tax Credits for Food and Beverage Businesses
Food & Beverage is a space overflowing with innovative thinkers. So, chances are you qualify for an R&D Tax Credit — Neo.Tax is here to help claim the money you're owed!
R&D Tax Credits for Communications and Media
The misconception that the R&D tax credit isn’t for all industries means that a majority of eligible companies are missing out on claiming the money they’re owed. That's why Neo.Tax has created the ultimate guide for Communications and Media R&D Tax Credits.
R&D Tax Credits for Manufacturing & Consumer Products
Manufacturing & Consumer Products businesses are constantly striving for new designs for customers and for their factories. Find out which expenses qualify for the R&D Tax Credit!
R&D Tax Credits for Wineries & Breweries
Most people running wineries and breweries would never think to file an R&D Tax Credit. But if you're using innovative processes, you might just qualify!