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.
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!
The tax code is changing, for better or for worse. You need trustworthy data to understand engineering costs and determine what should be capitalized/amortized. New solutions can ensure automated, trustworthy data and make recommendations to ensure tax optimization and compliance. Jellyfish and Neo.Tax are here to answer your questions about ALL of this.