Research Credit Likely to be Extended in 2014
We think it is extremely likely the research credit will be retroactively extended so that all qualified research expenses incurred during 2014 will be credit eligible, though we cannot predict with confidence when the retroactive reinstatement will be passed by Congress and signed into law. While there is broad support for making the research credit permanent, whether this will occur will likely depend on the outcome of broader deliberations over comprehensive tax reform that continues to be debated in Congress. Businesses should continue, therefore, to collect and maintain the documentation needed to sustain their research credit claims.
Download the PDF article to learn more about the reasons this extension can be expected.