R&D Credit: Expanded Statistical Sampling for Small Businesses and Safe Harbor for LB&I Taxpayers
Determining QRA and QREs, Increasing R&D Expenditures, Documentation and Nexus, Calculations Under ASC Topic 730
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will guide tax professionals and advisers on claiming the IRC Section 41 Research and Development (R&D) Income Tax Credit for small businesses and large business and international taxpayers. The panel will discuss statistical sampling for multiple tax years for small companies, the safe harbor for large taxpayers for calculating certain qualifying research expenditures (QREs) provided under the recent LB&I directive, and techniques to assist in documenting and claiming R&D credits.
Outline
- Overview of Section 41 R&D credit
- Four-part test to determine QRAs
- Documentation and substantiation of claiming Section 41 R&D credit
- Sampling and allocation methods for QREs available to small and mid-size businesses
- The LB&I directive providing safe harbor for calculating QREs for large taxpayers
- 2020 payroll tax deferral's impact on the R&D credit
Benefits
The panel will review these and other key topics:
- The four-part test to determining whether an activity can be considered a QRA for purposes of claiming a Section 41 R&D credit, as well as documentation and substantiation requirements and best practices
- Sampling and allocation methods for QREs available to small and mid-size businesses
- Safe harbor provided to large companies under recent LB&I directives to examiners and ASC Topic 730, including qualification and calculating QREs
- The 2020 payroll tax deferral Executive Order and its impact on the payroll R&D tax credit for Qualified Small Businesses
Faculty
Les Bryson
Managing Director
Probity Tax Recovery
After graduating from Rice University with a B.S. in Chemistry and spending a few years in the laboratory,... | Read More
After graduating from Rice University with a B.S. in Chemistry and spending a few years in the laboratory, Mr. Bryson took an opportunity to go from conducting R&D to helping companies capitalize on their R&D. As a consultant over the last 12 years, he has led the R&D department at a national tax advisory firm, assisted companies in capturing nearly $500mm in tax credits and incentives, and served companies of all sizes. His work quickly branched off from chemicals to pharmaceuticals, wine/beer/spirits, food, agriculture, manufacturing, engineering, architecture, software, technology, architecture, engineering, defense contracting, and more. He learned to identify the potential for R&D in industries of all types and how to document and substantiate it to put the client in the best position possible. Mr. Bryson approaches his consulting practice with the mindset of both a scientist and a trusted advisor, one of client-focused service and data-driven results.
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Angelique Garcia
Manager
Warner Robinson
Ms. Garcia focuses her practice on managing and implementing R&D Tax Credit studies. Previously, at a consulting... | Read More
Ms. Garcia focuses her practice on managing and implementing R&D Tax Credit studies. Previously, at a consulting firm, she led the company’s software implementation group and was published several times for her expertise in software-specific issues such as gaming and state tax incentives for digital media. Although she specializes in software technology, she implemented hundreds of R&D studies for virtually every sector of software development, from healthcare, financial trading platforms and energy management to video game development and cloud computing.
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