No one likes paying taxes, so why pay more than you should? This presentation will cover two major incentives affecting engineering firms: (1) research and development tax credits and (2) 179D energy efficient commercial building deductions. Additionally, the recent CARES Act creates new tax saving opportunities for engineering firms. We will cover the Populous case (a huge WIN for A&E firms) that takes an in-depth look at fixed-fee contract types, funding, and the research tax credit. Finally, we will look at ideas on optimizing the remainder of 2020 for tax incentive purposes.
1. Understand the four-part test and basic exclusions to R&D, including the main components of funded versus non-funded research and identify target-rich environments for R&D
2. Learn how A&E firms are eligible for the 179D Energy Efficient Commercial Building Tax Deduction and will be able to identify 179D eligible projects and understand the process for claiming the 179D incentive
3. Learn how to optimize time and project tracking to maximize tax credits
4. Learn how to effectuate necessary changes in future tax incentive claims to better position company and owners in case of an audit
5. Understand and identify additional benefits due to CARES Act legislation