Tax Partners Diane Giordano and Brett McGrath co-authored an article for the Hartford Business Journal, about how start-up companies can benefit from the new Research & Development Credit Payroll Tax Offset.
Hartford Busines Journal
By Diane Giordano, Partner, Tax & Business and Brett McGrath, Partner-in-Charge, Tax Services - Connecticut
The new payroll tax offset, effective as of 2016, allows companies to receive a benefit for research activities regardless of profitability. This provision is particularly valuable for start-up companies, such as those operating within local Connecticut Tech Incubators, which generate R&D expenses but won’t have a taxable income or pay federal income taxes.