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Looking Back to Look Forward - The Evolving World of Tax Credits

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It is difficult to imagine that it has been nearly two years since the COVID-19 pandemic became an undeniable presence in day-to-day life. Historically, such adaptations have generally led to indisputable innovations and legislative change. With the 2022 year upon us, one should expect more changes requiring continued adaptation.

In 2021, Ayming USA published: “An Outlook: Employee Retention Credit – What’s Next?” Found within this publication, the newly minted and valuable Employee Retention Credit (“ERC”) tax benefit was outlined. At the time of publication, the future of ERC remained uncertain. Today, legislative changes have confirmed that the availability of ERC is limited to the period of March 13, 2020 through the third quarter of tax year 2021.

As we worked with various companies to identify, calculate, and ultimately produce a valuable (and often lucrative) ERC tax benefit, the occurrence of a particular inquiry was common: “How does ERC interact with the Research & Development (“R&D”) Tax Credit? At the time, the answer to that question was not readily apparent. Fortunately, today, the answer to this question can be answered with far more certainty.

In the below whitepaper, we continue to discuss the effects of last year on 2022, and offer insight into how we think changes to the R&D tax credit will effect your business. Your copy is available to download with the form below: