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R&D Tax Credit: Section 41, Section 174, and Legislative Updates

R&D TAX CREDIT: SECTION 41, SECTION 174, AND LEGISLATIVE UPDATES

Cost Free
Presentation Length 1.0 hour

Recorded DateOctober 27, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Join this webinar to learn everything about the R&D tax credit from the historical evolution of this tax credit to the eligibility criteria. This webinar will unravel the complexities of who can qualify for these credits and the conditions for qualification. Participants will gain practical insights into the process of claiming and utilizing R&D tax credits effectively and ensuring maximizing benefits. 

The course will also cover recent legislative changes, including TCJA's Section 174 amendment and proposed Senate bills in 2023, offering a holistic view of the R&D tax landscape. Through expert-led discussions, attendees will emerge equipped with the knowledge and strategies for how to leverage R&D tax credits to fuel innovation, comply with regulations, and navigate potential legislative shifts.

Learning Objectives:


  • Identify the basic concepts of R&D tax credit and how companies can qualify for the credit

  • Outline the changes in the treatment of R&E expenditures from the TCJA

  • Summarize the update on the new federal and state legislatures regarding the R&D tax credit and R&E expenditures treatment

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Adam Farnsworth

LEAF Specialty Tax Consultants
CEO/Founder/Managing Partner
[email protected]
(801) 893-6887

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With a career deeply rooted in accounting and a passion for maximizing businesses' financial potential, Adam Farnsworth has emerged as an expert in the realm of Research and Development (R&D) Tax Credits. His journey began at Eide Bailly LLP, where he developed his skills as an R&D Tax Incentives Associate, assisting companies in navigating the intricacies of tax regulations. Adam's expertise further grew during his tenure at Tax Point Advisors and Aprio, where he served as an R&D Project Manager, managing diverse client portfolios in engineering, manufacturing, agriculture, and software development.

In 2016, Adam's entrepreneurial spirit led him to found LEAF Specialty Tax Consultants, driven by his passion for R&D Tax Credits. With a mission to guide businesses in maximizing innovation and development, Adam and his team have saved companies millions in taxes through Federal and State R&D Credits. His extensive background in accounting and financial roles has equipped him with a comprehensive understanding of financial intricacies, making him an invaluable asset to businesses aiming to leverage tax incentives for sustainable growth. Adam's hands-on experience and visionary leadership continue to shape LEAF as a trusted consultant.

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Sean Kim, an adept Tax Manager at LEAF Specialty Tax Consultants, brings a wealth of experience and a deep understanding of tax accounting to the company's team. Sean began his career at Deloitte, serving small and large-size clients in a wide range of industries, including pharmaceutical, manufacturing, and software industries. His entrepreneurial spirit led Sean to own his own local business, further demonstrating his ability to navigate diverse financial landscapes and make impactful business decisions.

In his current role at LEAF, Sean continues to excel as a meticulous Tax Manager, guiding clients through intricate tax credit processes and providing invaluable insights through complicated new regulations. His unwavering dedication to delivering exceptional client service and his multifaceted background make him an invaluable asset, aligning seamlessly with LEAF Specialty Tax Consultants' mission to empower businesses through expert tax consulting.

About Our Presenter

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LEAF Specialty Tax Consultants was born after founder Adam Farnsworth saw a need for businesses to have a better way to access and claim Research and Development (R&D) Tax Credits. All across the United States, companies are using innovation, technology, and research to make the world a better place. By creating a consulting business for R&D Tax Credit, LEAF wants to provide a way for businesses to have the advantage of a tax credit expert to provide computation and substantiation guidance surrounding Section 41 of the Internal Revenue Code (IRC) and affiliated code sections, court cases, regulations, and affiliated state tax credits.

LEAF is here to foster entrepreneurial growth, advise clients on how R&D Tax Credits work in their favor, and provide a way to get money coming back to the client’s business—fast. If you haven’t utilized your tax credit to maximize innovation and development, now is the time. Let LEAF get the R&D Tax Credit working for you today.