HOUSTON, March 13, 2013 /PRNewswire/ -- alliantgroup is excited to announce that Dhaval Jadav, alliantgroup's CEO, and Dean Zerbe, alliantgroup's National Managing Director and former Senior Tax Counsel to the U.S. Senate Committee on Finance, have been published in the Harvard Business Review, giving insight into the promising Start-up Innovation Credit Act of 2013 (SICA).
"Right now, the tax code favors the big guys. SICA encourages innovation where it happens, at start-ups," Mark W. Everson, alliantgroup Vice Chairman and former IRS Commissioner, said. "alliantgroup has already helped thousands of companies obtain over $2.5 billion in tax incentives, and we look forward to expanding our reach to more businesses in the future."
For a drop in the bucket compared to the overall R&D tax credit (approximately $9-10 billion a year), SICA will cost approximately $160 million dollars. The act allows start-ups and young businesses to count not just income taxes paid, but other business taxes as well (e.g., payroll), towards the R&D tax credit.
"Start-ups and young businesses are the keys to creating jobs, and SICA can help immediately. As Tax Counsel for the Senate Finance Committee, I listened to many speeches from members on both sides of the aisle praising the R&D tax credit because of its ability to grow and support the economy," Zerbe said.
alliantgroup's mission is to help CPA firms and the businesses they advise take full advantage of the many available government sponsored tax incentives – infusing cash to help businesses compete successfully and strengthen their bottom line.
"The current R&D tax credit supports exactly the kind of innovation our economy needs and start-ups should not be excluded. This is not just a credit for basic science (lab coats and test tubes) but also for applied science (making a product better, manufacturing it greener, etc.)," says Jadav. "Supporting small incremental steps is the reality of innovation and technological change – exactly what the R&D tax credit is about."
Zerbe and Jadav agree that "as Washington continues to search for ways to create jobs and encourage innovation, SICA is a smart idea ready on the shelf."
alliantgroup is the nation's premier provider of specialty tax services. Headquartered in Houston, TX, with offices across the country including California, New York, Illinois, and Washington, D.C., alliantgroup works with accountants and their clients to ensure that they receive the full benefits of all available federal and state government-sponsored tax credit and incentive programs. www.alliantgroup.com | 800.564.4540