An extension of the Federal Research and Experimentation Tax Credit received presidential approval last month, a positive sign for businesses throughout America, according to David M. Hull
January 31, 2007 (Press Release) --
GREENWOOD – An extension of the Federal Research and Experimentation Tax Credit received presidential approval last month, a positive sign for businesses throughout America, according to David M. Hull, CPA, and partner with Hull & Knarr.
"The American dream and entrepreneurship is truly based on innovative business practices," Hull said. "This extension keeps that dream alive."
The Research and Experimentation Tax Credit, now extended through the end of 2007, rewards companies for investing in innovation and improvements but is not limited to companies that solely provide product development. Since the credit's initial passage in 1986, it has been reinstated 19 times.
"Ironically, it's never been a matter of gaining support on either side of the political spectrum," Hull said, "but rather the majority accepting the form in which it was presented."
The credit has saved taxpayers an estimated $16.3 billion.
One of the credit's major "sticking points" has been alleviated with the creation of a new Alternative Simplified Credit option for companies in 2007. While this option simplifies the process of researching several years for information that may or may not exist, it does not waive the need for a stringent qualification process.
"It is a mistake for a business owner to suppose that this Alternative Simplified Credit Option waived the necessity for a tax specialist to be involved in the process of qualifying for the credit," Hull said. "This option simply opens the credit up to businesses that may not have had documentation from a company's early years."
Passage of the Federal Research and Experimentation Tax Credit is a boon to the national economy. Hull & Knarr believes it is essential to reward companies that invest in innovation and improvements.
Hull & Knarr is a consortium of specialists from the CPA, engineering and business consultancy disciplines who can provide premium specialty services to companies that require a profound knowledge of tax services, including the Federal Research and Experimentation Tax Credit, cost segregation studies and state and local tax.
Hull & Knarr works with a wide range of clients, from private taxpayers to billion-dollar, publicly traded U.S. companies. For more about Hull & Knarr’s experience concerning the Federal Research and Experimentation Tax Credit, visit http://www.hullandknarr.com/services.htm.
###
Contact:
Pat Pickett
Coles Marketing Communications
317-571-0051
ppickett@colesmarketing.com
"The American dream and entrepreneurship is truly based on innovative business practices," Hull said. "This extension keeps that dream alive."
The Research and Experimentation Tax Credit, now extended through the end of 2007, rewards companies for investing in innovation and improvements but is not limited to companies that solely provide product development. Since the credit's initial passage in 1986, it has been reinstated 19 times.
"Ironically, it's never been a matter of gaining support on either side of the political spectrum," Hull said, "but rather the majority accepting the form in which it was presented."
The credit has saved taxpayers an estimated $16.3 billion.
One of the credit's major "sticking points" has been alleviated with the creation of a new Alternative Simplified Credit option for companies in 2007. While this option simplifies the process of researching several years for information that may or may not exist, it does not waive the need for a stringent qualification process.
"It is a mistake for a business owner to suppose that this Alternative Simplified Credit Option waived the necessity for a tax specialist to be involved in the process of qualifying for the credit," Hull said. "This option simply opens the credit up to businesses that may not have had documentation from a company's early years."
Passage of the Federal Research and Experimentation Tax Credit is a boon to the national economy. Hull & Knarr believes it is essential to reward companies that invest in innovation and improvements.
Hull & Knarr is a consortium of specialists from the CPA, engineering and business consultancy disciplines who can provide premium specialty services to companies that require a profound knowledge of tax services, including the Federal Research and Experimentation Tax Credit, cost segregation studies and state and local tax.
Hull & Knarr works with a wide range of clients, from private taxpayers to billion-dollar, publicly traded U.S. companies. For more about Hull & Knarr’s experience concerning the Federal Research and Experimentation Tax Credit, visit http://www.hullandknarr.com/services.htm.
###
Contact:
Pat Pickett
Coles Marketing Communications
317-571-0051
ppickett@colesmarketing.com
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