August's third Lunch and Learn is being presented by Clifton Gunderson.
Lunch and Learn: Cash in your Credit - Opportunities to Monetize your Arizona Research Tax Credit Carryforwards
For many years, the research tax credit has presented an excellent opportunity for taxpayers to recoup their investments in research and development through tax credits at both the federal and Arizona state level. Now, the state of Arizona has raised the bar by providing the opportunity to convert credit carryforwards for tax year 2010 into cash refunds. Eligible taxpayers can elect to receive a cash refund worth 75% of the credit amount that would have been carried forward to subsequent tax years.
We will cover the basic mechanics of the research tax credit, including how the calculation works, who is eligible and what requirements/limitations exist.
Additionally, Governor Brewer signed Senate Bill 1254 on May 11, 2010 introducing amendments to the existing R&D tax credit program. The bill now allows small businesses (less than 150 FTEs) to receive a refund of its income tax credit for increased research and development activities within the state of Arizona. Commerce may approve refunds of $5 million each year on a first come first served basis. The amendments became effective in July of this year and will be discussed at this Lunch and Learn.
Who Should Attend
Decision makers at companies that design, develop and/or improve products and processes. Please note the Arizona research credit cash refund opportunity is limited to companies with fewer than 150 full-time employees.
About the Presenter
As manager of federal tax consulting for Clifton Gunderson's southwest service center, Tricia Schweska provides consulting services for many types of taxpayers, including entities receiving research tax credits. Tricia has extensive experience with many types of consulting services, including tax credits, depreciation deductions and energy-related tax incentives.
About Clifton Gunderson
Clifton Gunderson is ranked as one of the nation’s largest certified public accounting and consulting firms. The firm provides a wide range of assurance, tax and consulting services to clients in a variety of industries. Founded in 1960, Clifton Gunderson has a staff of more than 1,900 professionals serving clients from 46 offices across the country. Clifton Gunderson serves clients globally as the largest U.S. member firm of HLB International - a world-wide network of separate and independent professional accounting and business advisory firms. Clifton Gunderson, and the independent member firms of HLB International, provides personal and high quality service to clients in over 100 countries through the HLB International “Global Care” approach.
The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, or tax advice or opinion provided by Clifton Gunderson LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Clifton Gunderson LLP or other tax professional prior to taking any action based upon this information. Clifton Gunderson LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.
Date: Tuesday, August 17, 2010
Time: 11:30 AM - 1:00 PM
Cost: Members, Free; Non-Members, $10
Location:
Clifton Gunderson
3003 North Central Avenue
Basement Training Room
Phoenix, Arizona 85012
Please register for this event in advance. A catered lunch is being provided by our hosts.