R&D Tax Credit True/False Quiz
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The R&D Tax credit is one of the most complex areas of the tax code. Find out if you’re a novice or an expert by testing your knowledge with this short 10 question quiz.
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Question 1 of 11
1. Question
Enacted in 1981, the original research credit required taxpayers to meet a single qualifying test.
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It’s true!
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Question 2 of 11
2. Question
In order to claim the credit, a company must have documentation from 1984 to 1988.
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That is false.
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Question 3 of 11
3. Question
As a general business credit, the research credit can be carried back one year and carried forward 20 years.
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It’s true!
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Question 4 of 11
4. Question
Wages and compensation of officers and directors cannot be included within the research credit.
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Wages and compensation of officers and directors CAN be included within the research credit.
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Question 5 of 11
5. Question
Improvements to existing products can qualify for the research credit.
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It’s true!
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Question 6 of 11
6. Question
Process Improvements cannot qualify for the research credit.
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Process Improvements CAN qualify for the research credit.
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Question 7 of 11
7. Question
R&D that does not lead to a viable product cannot qualify for the credit.
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R&D that does not lead to a viable product CAN indeed qualify for the credit!
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Question 8 of 11
8. Question
Temporary or Leased employees are excluded from the research credit.
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Temporary or Leased employees ARE NOT excluded from the research credit.
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Question 9 of 11
9. Question
Qualified research expenditures for prototype development include material cost, component cost and labor cost.
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It’s true, actually!
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Question 10 of 11
10. Question
In order to receive a credit, a company’s research efforts and activities must be increasing year-over-year.
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A company’s research efforts and activities do not have to be increasing year-over-year to receive the R&D credit!
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Question 11 of 11
11. Question
BONUS QUESTION!
The Federal R&D Tax credit was signed into law in 1981 by President Ronald Reagan.
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President Reagan DID SIGN the R&D Tax Credit into law in 1981.