Tax Credits & Cash Your Bank May Be Missing
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Is your bank leaving valuable tax credit money on the table?
The answer might just surprise you! Even if you’re a small financial institution, chances are good that some activities within your IT function qualify as “research and engineering” even if you’re not developing any software! Don’t miss out!
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Determine which IT-related costs at your bank are eligible for a tax credit
- Understand the definition of "research and engineering" costs for R&D tax-credit purposes
- Navigate the legal landscape at the state and federal levels
- Understand key IRS guidance for claiming an R&D tax credit
- Develop a framework for identifying, qualifying, and quantifying R&D eligible costs and activities
- Maintain a process to secure and optimize an annual R&D tax credit benefit
What does this mean for community banks? A treasure trove of tax credits, i.e. CASH. Whether your bank has only recently invested in IT or has a history of IT infrastructure improvements, these software and IT development costs are eligible for both state and federal tax credits and often yield cash refunds. This means a dollar-for-dollar reduction in taxes paid or due – even if the costs did not result in any technological advancement.
This presentation will review the eligibility criteria of qualifying and quantifying banks’ R&D tax credits and outline the mechanics to secure an R&D tax credit on current-year tax returns and the potential of seeking prior-year tax refunds.
WHO SHOULD ATTEND?
This informative session is designed for bank CFOs, controllers, accounting staff, and IT professionals. Ideally, IT and accounting staff will attend together to maximize understanding and the benefits of this course material.
- Employee training log
- Interactive quiz
- Attendance certificate provided to self-report CE credits.