As President Trump’s payroll tax holiday goes into effect today, September 1, until December 31, many are left with questions on what it means for employees, their employers and what will happen at the year.
Although the IRS and Treasury released guidance on August 31, many of those questions remain. BPM’s Specialized Tax Services leader Andre Shevchuck sat down with Fortune to discuss what tax specialists know now and what taxpayers can expect at the beginning of 2021.
About Andre Shevchuck
Andre is a Partner in BPM’s Specialized Tax Services Practice. As a leader of BPM’s Research and Development (“R&D”) Tax Credit Consulting practice, Andre helps his clients to identify, document, and defend their R&D tax credit claims.
With over 15 years of public accounting experience, including 12 years with PwC’s National R&D practice, Andre has served clients in a wide range of industries including software development/SaaS, life science, product development/consumer products, semi-conductor, aerospace and defense, automotive, FinTech, manufacturing, medical device technology, food processing, winemaking, mining and contract engineering.
About BPM’s Specialized Tax Services
BPM’s Specialized Tax Services team helps businesses navigate specific tax issues, mainly R&D tax credits. Created in 1981, the Research and Development Tax Credit was proposed to foster innovation within companies and induce economic growth at both the state and national levels. Many companies have not taken advantage of the R&D Tax Credit because of insufficient time and expertise to fully understand the requirement. However, this credit can be very beneficial, as it is designed to mitigate research and development costs for companies that create or improve products or processes.
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