|
NEMO | How many of you have utilized the R and D tax credits and amended previous tax returns and also used it for this year?
What kind of Research and Development have you been implementing?
After initially working with a group and looking into this R and D tax credit further my tax man has major concerns.
When reviewing Instructions for Form 6765, under excluded activities, two things stand out to me:
-Research conducted after the beginning of commercial production.
-Research adapting an existing product or process to a particular customer's need.
These firms looking to profit off of farmers R and D tax credits, fee based at 20 to 25% of the credit, really have no skin in the game if a farmer gets audited.
Comparing new hybrids to old hybrids may not qualify.
Using the newest and latest fungicides may not qualify.
What is everyone's thoughts on this R and D tax credit? | |
|
R and D Tax Credits
