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OnDemand Course

IRC Section 41: Credit for Increasing Research Activities Update

Gain a better understanding of the considerations and requirements of the research tax credit.

This topic will feature a discussion around one of the most complicated and misunderstood sections of the Internal Revenue Code, Section 41 - Credit for Increasing Research Activities. Our panel of experts has collectively worked on more than 500 research tax credit studies during their careers. Learn from some of the top technicians in the industry what may and may not be considered research and development under IRS guidelines. Several topics that will be discussed include understanding the broad range of companies in many industries that can qualify for the research credit, potential pitfalls, and significant opportunities to bring value to your clients or your company by using the research credit, and various elections and opportunities that can maximize the value of the credit.

Learning Objectives

  • You will be able to recognize the principles of the R and D tax credit
  • You will be able to identify the Four-Part Test under IRC Section 41
  • You will be able to differentiate between Qualified and Non-Qualified R and D Activities
  • You will be able to identify R and D tax credit requirements

Runtime: 105 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of the Research Tax Credit

Applicability

Benefit - Federal and State

State of the Research Credit

  • Conceptual View - How the Credit Is Supposed to Affect Behavior
  • History
  • Recent Developments That Have Broadened the Scope and Application of the Credit
  • PATH Act
  • ASC 730

What Activities Qualify as Research and Development?

Excluded Activities

IRC Section 41 - Credit Requirements

  • Business Component
  • Technical Uncertainty
  • Process of Experimentation
  • Scientific Principles

Internal Use Software

  • T.D. 9786

Qualifying Expenditures

  • Wages
  • Supplies
  • Contract Research

Credit Calculation Considerations

  • Reduced Credit Election
  • General Credit Calculation
  • Alternative Simplified Credit Calculation
  • Base Period Concepts and Implications
  • Credit Carrybacks and Carryovers

Documentation Requirements

  • Case Law and Regulations
  • Challenges and Required Actions

Recent Developments

  • Case Law and Regulations
  • Regulatory Update
  • Payroll Tax Credit

Summary

  • Regulatory Mine Field, However, Tremendous Value to Business Owners
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on March 6, 2020.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.8 including Taxes 2.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Phil Dottavio, CPA, E.A., M.T.

Phil Dottavio, CPA, E.A., M.T.

Think, LLP

  • Director with the Think, LLP, based in Cleveland, Ohio and Los Angeles
  • More than 25 years of experience in individual and business taxation, including seven years with two of the big four accounting firms, more than 15 years in private industry, and several years in leadership and advisory roles at a number of specialty tax firms
  • Supervised numerous R&D Tax Credit Studies for clients ranging from very large corporations to smaller companies and pass through entities
  • Prior to joining the Think, LLP, he was responsible for overseeing R&D Tax Credit Studies at the largest independently owned full-service accounting and business consulting firm in the state of Ohio, and served as vice president of R&D Tax Credit Services at a regional specialty firm
  • Served as adjunct professor at the Cleveland State University College of Business Administration and adjunct faculty member at Brown Mackey College
  • Certified public accountant in the state of Ohio
  • Is an enrolled agent
  • M.A. degree in taxation, University of Denver, Sturm College of Law; B.B.A. degree in accounting, Kent State University
  • Can be contacted at [email protected]
Jennifer Lantz

Jennifer Lantz

Think, LLP

  • National director in charge of Research & Development Tax Credit Services for Think, LLP, based in Cleveland, Ohio and Los Angeles
  • More than ten years of experience supervising all aspects of hundreds of research and development tax credit studies for clients of all sizes, and has a high level of expertise in developing methodologies for the collecting and processing of all the qualitative and quantitative data required in order to calculate and support research and development tax credit claims
  • Responsible for ensuring that the firm’s policies and procedures remain up to date with the most recent legislation governing the federal research and development tax credit
  • Expert in the art of effectively interviewing high level officers and other personnel in order to ascertain where otherwise hidden opportunities exist for the research credit
  • B.A. degree, Wittenberg University, Springfield Ohio
  • Can be contacted at [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407645
Published 2020
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