IRS Addresses Procedural Issues for New R&D Tax Credit Provisions

OMA Connections Partner, Tax Credits Group, provides an update about forms and procedures for claiming the new research & development tax credit incentive that offsets payroll taxes: “… the IRS issued draft versions of the 2017 Form 941, Employer’s Quarterly Tax Return and the 2016 Form 6765, Credit for Increasing Research Activities, reflecting the provision in the … (PATH Act) that allows a “qualified small business” to elect to claim a portion of its research credit as a tax credit against its employer FICA tax liability.”