Major Reforms in R&D Tax Credits 2023: Exploring Opportunities for Your Firm
The Tax Cuts and Jobs Act (TCJA) has been beneficial for companies engaged in research and development (R&D). It kept the R&D tax credit permanent and eliminated other tax credits and incentives in exchange for lower tax rates. However, beginning after December 31, 2021, the taxpayer option to deduct current R&D expenditures was abolished. It now requires the charging of expenditures to a capital account and amortizing them in a specified number of years.
These changes pose significant complexities to taxpayers and companies. This underscores the need to keep themselves in the loop of any further developments to successfully navigate through the uncertainties in this ever-changing legislative terrain.
Listen as tax professionals Mike Woeber (Corporate Tax Advisors, Inc.) and Michael Silvio, CPA (Macias Gini & O’ Connell, LLP) provide a comprehensive discussion of the current and emerging trends concerning R&D tax credit. Speakers, among other things, will also offer practical tips and strategies to counter challenges in this evolving legal climate.
Key topics include:
Research and Development Tax Credits Regulations Recent Rule Changes Impacting Businesses Requirements and Qualification Standards Practical Tips and Strategies What Lies Ahead
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Tax Partner at MGO
Michael serves clients across industries including real estate, tech, healthcare, manufacturing, and nonprofits. He has led hundreds of R&D credit studies and represented clients before the IRS and state tax agencies. He advises on income tax compliance, business growth strategies, wealth and estate planning, and tax incentives — including energy-efficient and federal/state grant programs. Michael is also a published author and speaker featured in The Tax Advisor, CFO.com, AICPA, CalCPA, and regional business journals.
President and Co-founder, Tax Advisor & Accounting Consultant at Corporate Tax Advisors, Inc.
Mike Woeber is the President and Co-founder of Corporate Tax Advisors, Inc., based in the CTA corporate office in Huntsville, Alabama. Mike began his career in 1989 working on the auditing and accounting team with Ernst & Young in Birmingham, Alabama. He focused on financial statement audits of publicly traded manufacturers, technology, and healthcare companies. After two years in audit Mike joined E&Y’s tax group and moved to their Huntsville, AL office. It was during his early years in Huntsville that he began advising privately held businesses on a variety of accounting and tax matters. This included financial statement audits, business tax preparation and individual tax preparation. It was during Mike’s 15 years as a tax partner with a regional firm that he began focusing on the research tax credit incentive. In 2014, Mike and a group of close associates formed Corporate Tax Advisors, Inc., with the goal of forming a national business that was not a “traditional CPA firm.” The purpose of CTA, is, as it always has been, to operate as a specialty tax consulting firm focusing solely on assisting companies in identifying potential tax credits and unique tax strategies. These include research & development, renewable energy, and employment tax credits.
