Beginning in 2016, certain eligible small business taxpayers were able to utilize the IRC Sec. 41 Research Tax Credit to reduce a portion of their payroll taxes.
The process required to claim and utilize the offset has led to some confusion. Thus, puzzled taxpayers are now questioning why they haven’t received their payroll tax refund, even though they elected the option on their Form 6765.
The team at OMA Connections Partner, Tax Credits Group, indicates this is one of the most common questions it has addressed this year. They explain it here. 1/31/2018