New Option for Small Business Startups Claiming Research Credit
By Richard M. Ornstein, CPA, CGMA
A new interim guidance, recently issued by The Internal Revenue Service, provides small business owners some relief. According to Notice 2017-23, eligible businesses can take advantage of a new option which enables them to apply part or all of their research credit against their payroll tax liability. This is big news for taxpayers who previously could take only the research credit against their income tax liability.