RALEIGH, N.C. (July 7, 2010) Hughes Pittman & Gupton, LLP (www.hpg.com), the largest CPA firm headquartered and staffed in the Research Triangle Park region of North Carolina, reminds life science executives that the Internal Revenue Service is currently accepting applications for tax credits and grants available under the Patient Protection and Affordable Care Act. The deadline for submission is July 21, 2010.
The Qualifying Therapeutic Discovery Project Credits are targeted toward projects that show significant potential to produce or sustain U.S. jobs, increase American competitiveness or introduce therapies that may reduce long-term health care costs.
“This is an excellent opportunity for start-up and mid-sized companies to fund projects that could improve Americans’ health,” says Lance Hardin, senior tax manager for HPG.
Both Form 8942 and a Project Information Memorandum must be completed and postmarked by July 21 to qualify for the program. HPG offers the following links to access forms, instructions and other valuable resources in completing the application process:
The Department of Health and Human Services will evaluate each project for eligibility by September 30, 2010. Based on the department’s recommendations, the IRS will issue certifications by October 31, 2010.
The project information memorandum has strict limits on word count and the evaluator needs to agree with the applicant’s explanation why their project qualifies. With only one chance to get the application right, HPG believes that, before submission, a financial professional experienced with similar tax credits and grants reviews the application.
HPG is the largest CPA firm headquartered and staffed in the Research Triangle Park region of North Carolina, as ranked by the Triangle Business Journal. More than just an accounting firm, HPG assists clients in looking beyond the bottom line by being the right people, right value and right firm to achieve each client’s definition of success. HPG is a member of CPAmerica International and affiliated with the Horwath alliances of firms, with offices worldwide. The firm leverages this to provide national and global accounting resources to its clients. HPG offers a wide array of business accounting, auditing, corporate tax and management advisory services. Specialties include serving owner-managed, investor-backed technology and life science organizations, healthcare services, real estate development, manufacturing and distribution businesses, as well as providing ERISA audits, family wealthcare services and Sarbanes-Oxley internal audit services.
HPG has remained committed to advancing a thriving Triangle community since its founding in 1983. In recognition, the firm is the recipient of two Pinnacle Business Awards by the Greater Raleigh Chamber of Commerce; the 2009 Large Entrepreneurial Business Award and the 2010 Integrity in Business Award. Several HPG partners are also the recipients of excellence awards, including the CED Outstanding Service and Entrepreneurial awards, Business Leader Magazine’s Impact Financial Leader and Dealmaker recognitions, and the Triangle Business Journal’s 40 Under 40 and Women in Business awards. Visit www.hpg.com of follow HPG on Twitter at http://twitter.com/HPGcpas.