Welcome to TaxBlawg, a blog resource from Chamberlain Hrdlicka for news and analysis of current legal issues facing tax practitioners. Although blawg.com identifies nearly 1,400 active “blawgs,” including 20+ blawgs related to taxation and estate planning, the needs of tax professionals have received surprisingly little attention.
Tax practitioners have previously lacked a dedicated resource to call their own. For those intrepid souls, we offer TaxBlawg, a forum of tax talk for tax pros.
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Under section 41 of the Internal Revenue Code, certain taxpayers are eligible to claim a credit for expenses incurred for the performance of qualified research and development activities. Although the research credit is not limited to specific industries or types of taxpayers, taxpayers in manufacturing, information technology, and professional, scientific, and technical services are often the main beneficiaries of this credit.
US-based taxpayers who meet the following four-part test may be eligible for the credit. First, the business component test requires that the ...