Tax News Post for August 23 2017

Tax News Post for August 23 2017

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

A “qualified small business” with eligible research expenses can choose to apply up to $250,000 of its research credit against its payroll tax liability. New IRS guidance discusses: (1) how the payroll tax credit for increasing research activities should be reported on Form 941, Schedule B, and (2) when the credit should be reported on Form 941 if a taxpayer files an amended income tax return to claim the credit (Legal Advice Issued by Associate Chief Counsel 2017-003). Contact your tax advisor for more information if you qualify for this tax break.

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