Sean's blog
Congress Allows Research Tax Credit to Expire Again
Congress has allowed the research and development tax credit to expire, even though it appeared initially that lawmakers were set to renew it before recessing for the holidays.
"It was a huge disappointment and thats a fairly vast understatement," said Bartlett Cleland, senior director of tax policy for the ITAA (Information Technology Association of America). "Weve been in this situation before where Congress retroactively [approves the R&D extension] and shoots the heck out of tax planning. This really mucks things up."
Congress Poised to Boost Funding for R&D
Congressional budgeting will be in the neighborhood of $21 billion above the Presidential request, which is likely to trigger a veto. As a result, the author of the AAAS analysis expects that the budget will not be done by the October 1 deadline.ars technica - Congress poised to boost funding for science research
Of that extra $21 billion, about $4 billion is targeted for federal R&D, bringing the total to $144 billion. That represents an increase of about 2.3 percent compared to fiscal 2007; draft bills in the Senate would add another half billion to the figure.
Braithwaite Global Merger
Two leading U.S. Research Tax credit advisors join to form Braithwaite Global Inc.
ATLANTA, GA, January 15, 2007 -Today Braithwaite Technology Consultants Inc and Global R&D Consulting Group Inc's US Division joined together to form Braithwaite Global Inc. The joined operations will be headquartered in Global R&Ds Atlanta Georgia offices. This combination brings together the staff of two leading Research Tax Credit (RTC) advisory practices. Co-founder Bruce Braithwaite said Many companies are not aware that they can claim RTCs, and are missing out on substantial tax benefits. Braithwaite Global, with forty two years of combined experience with RTC programs employs a staff of highly experienced technical consultants with a vast array of knowledge of the types of activities eligible for the credit. Our team gives us an edge that allows us to effectively assist companies making claims under the program. Co-founder Serge de Blois said Braithwaite Global brings the advantage of a range and depth of technical capability and expert knowledge in a myriad of fields in science and technology. Supported by an in-depth understanding of the RTC program we can maximize client claims by applying our proven methodology and documentation system to the claim preparation process.
Braithwaite Global joins the US operations of Braithwaite Technology Consultants Inc. and Global R&D Consulting Group Inc. The two firms operate globally and have each been in the RTC advisory business for more than 18 years. Both have a staff of highly trained and knowledgeable RTC experts that have prepared many claims for prominent US companies. Taken together, the two entities have prepared more than 10,000 R&D tax credit claims with a total value in excess of $1 billion. They have excellent client references achieved by preparing well documented claims and by providing superior client service.
Dec. 2006 RTC Extension
The House and the Senate are in the holiday spirit and giving US companies...
On December 9, 2006, after over a year of controversy, the Congress and the Senate passed the Tax Relief and Health Care Act of 2006 that will extend the research tax credit program that expired on December 31, 2005. With a $16.3 billion budget, the uncertainty is finally eliminated for fiscal years 2006 and 2007. The legislation is now going on to President George W. Bush for his signature.
Business Strategies Magazine
Recently a local CEO received a substantial refund check from the IRS for a research and development credit just because his firm developed a new process that made the company more productive. The firm does not wish to release its name or the size of the check (it was quite substantial), but we can say this much—the company is not a whiz-bang high-tech firm, or a place populated by people wearing white lab coats, or even a fancy cutting-edge research facility—it's a good solid company that's an innovator in its industry.
