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The Research and Development (“R&D”) Tax Credit is set to undergo changes in 2022 due to the Tax Cuts and Jobs Act of 2017 (“TCJA”). Up to the end of 2021, businesses have been able to immediately deduct R&D expenses. This is due to Internal Revenue Code (“IRC”) § 174, Research and experimental expenditures, which has allowed businesses to either deduct eligible R&D expenses in the current year or amortize the expenses. However due to TCJA, beginning in 2022, businesses will no longer have a choice and will not be able to immediately deduct the full cost of R&D expenditures in the year the expenses are incurred. Instead, it requires businesses to amortize the R&D costs over 5 years, and for research performed outside of the U.S., the amortization period would be 15 years. BRAYN tax expert, Justin DiLauro, will break down the R&D Tax Credit & 174 Amortization issue in full detail. Justin will cover what your company can do to prepare itself for the future if there isn't a legislative fix by the end of 2022. Additionally, the IRS released initial guidance on the IRA's new prevailing wage and apprenticeship requirements that impact a number of energy efficient and renewable energy incentives, including the 45L tax credit and 179D deduction. Join BRAYN's engineering experts, Kevin Sullivan and Gareth Young from 12:30 - 1:00 pm CST as they discuss how the IRS requirements impact AEC firms claiming 179D and developers claiming 45L and how BRAYN can help firms prepare for the changes.

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