As you may have experienced, Congress is famous for creating tax savings opportunities and leaves it to the IRS to explain the mechanics. As part of the 2015 PATH Act, small businesses were given the option of offsetting payroll tax liability with Research and Development Activity. On July 31 of this year, the IRS has now issued what they call a “generic legal advice memo” with instructions on timing and utilization of this offset.
Through our membership in the BDO Alliance USA, we are happy to present to you guidance on that advice memo here.R&D Tax Alert – August 2017
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