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Old 10-03-2014, 08:02 AM   #1
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Lightbulb For US Small Business - Tax Innovation Credits

For US business only for work done in the US.
My plan is to receive around $60,000 in tax credits for my Access efforts.

There is a hazy, badly written tax code about Tax Credits for Innovation.
The orginal thirty some pages had to do with white lab coat type research. It was updated to include a huge varity of other things including Software Development that makes US companies more efficient.
Basically, Congress just pasted on the new items to an obsolete old laundry list. It was very late in production. Congress also allocated tens of billions in credits.

My background in programming is focused on the US Regulatory process automation, tracking and work-flow management. I has ranged from the EPA, Medical Care, Taxes, Permitting, Right-of-way, mineral rights, surveying, Water Quality and much more.
So, basicall I am a nerd that reads this kind of regulatory stuff to become a Subject Matter Expert (SME).

After 18 months of tracking and awaiting this newly released Innovative Tax Credit, I have hired tax lawyers to complete my short 40 page legal brief. It is my intention to get an IRS ruling on the methodology to follow this sparcely written and lightly help documented opportunity.
To date, only the very large companies have filed for the tax credits. There is one company that completed 85% of those large companies documents. However, small business is entitled. It is just not clear how to complete the process.
Since Congress was so late in getting this out, they also allow companies to Amend (not refile) the last 3 years.

In a nutshell (using round numbers), this is how it will work for me. Rx_ makes $100,000 a year for the last 3 years and in 2014. Filing the form takes $100,000 minus expenes not related to innovative efficient software development activities. This leaves about $60,000 per year. 20% of this amount is $15,000 per year. The past 3 years plus 2014 will be $60,000 in tax credits. For FY 2014, there is $30,000 due to the Federal Tax. Using half of the $60,000 will be used as the credit in lieu of the actual money set aside. The remaining $30,000 will be used to get refunds on previoius years.

This credit will not apply for somoen doing something like normal accounting or inventory. However, any part of that that can be qualified to add to the efficiency would count. Lets say the inventory and accounting was connected to Amazon to streamline purchasing, tracking and inventory. The products ordered or off-the-shelf sofware would not count. Just the design and innovation.
In my case, my softare (not for retail) is specifically designed for specific efficienies of tracking Regulations in a company or organization.

I have started discussions to write a book on this subject specifically designed for Small Business. Also have discussions with a Criminal Tax Lawyer who supports small business in federal court cases.
The intent is to set up software to manage this regulation to allow a Small Business to read a book, send in the documents for processing and have a Tax Lawyer complete the package for the IRS.

I hope to launch this around December.
Yes, software developers are probably the low hanging fruit for me to start with.
My plan is to start with an inexpensive book. I will describe other steps as the IP process is patented.

My tax documents for the Innovation Tax Credits will be filed in the next three weeks. I will keep people informed here as to how it goes. If you feel your business has something in common, please let me give you my non-binding opinion as this evolves.
There is unclaimed funds in the tens of billions. Nothing would please me more than to see 10,000 small business get a refund of this same size.

That is all I have for now.

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Last edited by Rx_; 10-03-2014 at 08:08 AM.
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