What is Indian Employment Credit?
Indian Employment Credit is a financial assistance program that was introduced by the Indian government in response to the COVID-19 pandemic.
Who is eligible
The program is designed to support workers who are employed in the informal sector, including workers in small and medium-sized enterprises (SMEs) and self-employed individuals. To be eligible for Indian...Read More
Be it offline or online – each startup requires extensive labor. This indicates the increasing need for externally provided workers (EPWs) in all the growing fields.
Since they are a major source of running your business and generating revenues, it’s really important to understand them well. Having clarity on their overall role and working abilities tend to empower companies to wisely...Read More
As a working parent, finding quality and affordable child care can be a challenge. The good news is that your employer may be able to help. The employer-provided child care credit is a tax credit that is designed to help employers offset the cost of providing child care services for their employees. In this article, we’ll take a deep dive into what it is, how it works, who is eligible...Read More
Imagine you decide to promote research in your industry and start working on innovative ideas for a better tomorrow. You design and improve products for better efficiency and effective results. This endeavor is well-recognized by the authorities of Minnesota, who provide you with a special reward— the Minnesota Research and Development Tax Credit!
For increasing your research and having...Read More
The state of Massachusetts offers refundable research and development (R&D) tax credit under The Economic Development Act, St. 2014, c. 287, revised the research credit provisions in G.L. c. 63, § 38M. It is effective for tax years on or after January 2015.
In 2018, the calculation method was revised a bit that now offers organizations an option of choosing to have the research credit...Read More
As the name implies, Generally Accepted Accounting Principles (GAAP) are nothing but a set of accounting standards, procedures, and principles that all public organizations in the United States must follow for the preparation of financial statements. It is closely related to R&D, and GAAP research and development is our topic of discussion today.
The Financial Accounting Standards Board...Read More
The research and development (R&D) tax credit is a great way for businesses to open up their pockets with more cash. Unfortunately, many people have misconceptions about the R&D tax credit eligibility. They think that only certain industries like engineering, software, or manufacturing can benefit from it and ultimately miss out on significant cash savings.
When it comes to...Read More
The federal research and development (R&D) tax credit is a great incentive for companies who want to invest in research. The US government offers this reward through taxes so that businesses can keep them competitive on innovation within their industry. But how do you claim it? Well…the answer lies in Form 8974 and Form 6765.
The tax credit results in the dollar-to-dollar reduction for...Read More
Qualifying for Research and Development Tax Credit
The United States government provides billions of dollars to companies each year for designing, developing, or improving new/existing processes, formulas, technologies, or products through the R&D tax credit program. The qualified businesses can use this credit to offset up to $250,000 annually in social security taxes. Simply put, this is...Read More
The American Jobs Creation Act of 2004 (AJCA) is a great way for small businesses to stay afloat and create jobs. This legislation includes many helpful tax credits, such as Section 199 or domestic manufacturing tax credit, which allows domestic manufacturing and production businesses to reduce the federal tax rate from 35% to 31.85%. This law is also known as domestic production activities...Read More