🧐 Did you know that most CPAs did not plan for the recent changes to the Research and Development (R&D) Tax Credit law that took effect in 2022? As a result, many businesses are facing a significant increase in their tax bill.
💰 Under the new law, certain R&D expenses incurred after December 31, 2021, must be amortized over five years. Expenses for R&D for the research and experimentation of software must be amortized.
📝 Before filing, you must update your income tax returns to reflect these changes to avoid overpaying your taxes. At Palma Financial Services, we’re here to help ensure your business complies with the new R&D tax credit law for 2022.
🤓Learn about the latest changes to the R&D Tax Credit law and how to ensure compliance by joining our live webinar: “R&D Tax Credits: Retroactive Changes to Expenses You Need to Know Before Filing Your 2022 Business Taxes,” on April 12, 2023, at 10:00 am PST / 1:00 pm EST.