Medical Incentive Advisors to be Gold Sponsor for AACA in 2021.

2020 has been a devastating year for businesses across the United States. Companies have had to furlough employees, reduce spending, and take on loans to stay afloat during these unprecedented times. However, one-way businesses can recover lost profits is through the Research and Development Tax Credit.

The most frequently asked question by business owners before starting the research and development tax process is “Will I be audited?” or “Will this make me a target of the IRS?” In short, no, and this is for a few reasons of which I will explain in this article.

In late 1980 the United States was overtaken by Japan as the leader in the automotive manufacturing industry. As a response, Congress included in the 1981 Tax Act, a Research and Development Credit, which created new incentives for business owners to improve upon products, processes, open new locations, or to hire new employees.