Superseding vs. Amended Returns and Why it Matters for the Payroll Tax Credit

Today is the extended tax deadline for many corporations (with calendar year ends) to file their federal tax returns. However, on October 7th, 2019, the IRS graciously gave victims of Tropical Storm Imelda until January 31st, 2020 to file their individual and business tax returns (including C-Corps whose extended deadline is today, October 15th, 2019 and S-Corps and partnerships whose extended deadline fell on September 17th, 2019). This relief is being offered to taxpayers in multiple Texas counties including Harris, Jefferson, Montgomery, and Orange. You can read more about the IRS’ extension here and here. Given the extension of the extension, what does this mean for a corporation claiming the R&D tax credit? By and large, most companies that claim … Read More