IRS offers a new way for small business startups to claim the research tax credit

The Internal Revenue Service has issued a notice explaining how small businesses can take advantage of a new option allowing them to apply a portion or all of their research credit against their payroll tax liability, instead of their income tax liability.

Before 2016, taxpayers could only take the research credit against their income tax liability, but thanks to the PATH Act legislation passed at the end of 2015, they have a new option.

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