For more information contact:
Stephen J. Powers, President
Intrepid Advisors LLC
Phone: 508-926-2236
spowers@intrepid-advisors.com

FOR IMMEDIATE RELEASE:

Intrepid Advisors LLC Relocates Corporate Headquarters to Marlborough, MA

MARLBOROUGH, MA – January 20, 2012 – Intrepid Advisors LLC, a leader in providing specialized research and development tax credit services, announces they have relocated their corporate headquarters to a larger office facility in Marlborough, MA.

The new state of the art facility includes more office and meeting space which will allow Intrepid Advisors LLC to better fulfill the needs of its customers.

“Our new facility will help Intrepid Advisors to operate more efficiently and better serve our
clients as well as improve the working environment for our employees,” said Steve Powers, President.

Intrepid Advisors’ new headquarters facility is located at 420 Lakeside Avenue, Marlborough, MA 01752. The main office telephone and fax numbers, 508-219-4554 and 508-340-4990 respectively, remain the same.

About Intrepid Advisors LLC
Intrepid Advisors LLC is a specialized consulting firm dedicated to assisting its clients to receive the maximum benefit from the research and development tax credit initiatives prescribed by the Internal Revenue Service, and the research tax credit programs offered by state revenue agencies. For the past 25 years, Intrepid Advisors LLC has been highly successful in obtaining the maximum allowable R&D tax credits for its clients in the United States and Canada. Intrepid Advisors is experienced in working with CPA firms as their outsourced R&D tax credit group, providing the specialized tax credit services to their clients. Intrepid Advisors’ outstanding success rate stems from extensive knowledge and experience relating to the tax regulations associated with the R&D tax credit, and an expert staff comprised of senior engineers, scientists, tax accountants and other technical advisors from a variety of industries. For more information, call Steve Powers at 508-926-2236 or visit www.intrepid-advisors.com.

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• The existing credit is estimated to increase annual private-research spending by $10-Billion in the short-term and by $22-Billion in the long-term; the benefit being substantially greater in comparison to the credit’s approximately $8-Billion cost against annual federal revenue.
• It is estimated that, by increasing the alternative simplified credit (ASC) from 14% to 20%, the annual private-research spending in the U.S. would increase by an additional $5-Billion to $15-Billion in the short-term and that long-term spending would increase to about $33-Billion.
• The report also demonstrates that research-related jobs would increase in the U.S. by about 130,000 in the near-term and by another 300,000 in the long-term as a result of extending the credit and strengthening the alternative simplified credit.

The coalition’s report submits that the research and development tax credit encourages businesses to make long-term investments in technology that ultimately creates new jobs, boosting the economy and encouraging further innovation development.

As a result of wide-scale flooding and property damage, the President declared the states of Connecticut, New Jersey, Vermont and certain counties in Massachusetts, New Hampshire, New York, North Carolina and Pennsylvania a federal disaster area. The declaration permits taxpayers who reside or have a business in the disaster area to postpone filing their federal and state returns until the end of October. In addition to all of Connecticut, New Jersey and Vermont, the affected counties in Massachusetts, New Hampshire, New York, North Carolina and Pennsylvania include:

• In Massachusetts: Berkshire and Franklin;
• In New Hampshire: Carroll and Grafton;
• In New York: Albany, Bronx, Clinton, Columbia, Delaware, Dutchess, Essex, Greene, Herkimer, Kings, Montgomery, Nassau, Orange, Otsego, Putnam, Queens, Rensselaer, Richmond, Rockland, Saratoga, Schenectady, Schoharie, Suffolk, Sullivan, Ulster, Warren, Washington and Westchester;
• In North Carolina: Beaufort, Bertie, Brunswick, Camden, Carteret, Chowan, Craven, Currituck, Dare, Duplin, Edgecombe, Gates, Greene, Halifax, Hertford, Hyde, Johnston, Jones, Lenoir, Martin, Nash, New Hanover, Northampton, Onslow, Pamlico, Pasquotank, Pender, Perquimans, Pitt, Tyrrell, Vance, Warren, Washington, Wayne and Wilson;
• In Pennsylvania: Bucks, Chester, Delaware, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Philadelphia, Sullivan and Wyoming;

Steve Powers, President of Intrepid Advisors, pointed out that manufacturing and technology-based companies averaging $50 million or less in revenue should make every effort to include the research credit with their 2010 federal returns so as to take advantage of the special rules prescribed in The Small Business Jobs Act of 2010.

The Small Business Jobs Act, which was signed into law last September, contains a provision that permits corporations and the shareholders of companies earning less than $50 million to reduce their tax bills below the alternative minimum tax (AMT) threshold. Mr. Powers explains that this change in the federal tax regulations makes the Research Credit more valuable than ever before. In previous years, the Research Credit could be used to reduce the shareholders’ tax liability down to AMT, but not below. While lucrative for larger companies, many small businesses could not realize the full benefit of the credit. However, beginning with the 2010 tax year, smaller U.S. companies will be allowed the AMT exemption, permitting them to realize the maximal benefit of the Research Credit and the ability to reinvest tax dollars into new jobs and equipment.

For more information, contact Steve Powers at spowers@intrepid-advisors.com.

Thirty years ago, the United States introduced the research and experimentation tax credit (sometimes called the research and development — or R&D — tax credit), making the U.S. the first nation to use its tax code to spur innovation. In the decades since, businesses have used the credit to create American jobs, foster new industries, and expand our knowledge in science and technology. Today, in part because of that credit, our greatest global advantage continues to be our capacity for innovation…

Click here to read the entire article »

The bill, which was referred to the House Committee on Ways and Means, contains two major changes of the Internal Revenue Code of 1986. If approved by Congress and the President, the bill would make the Research Tax Credit permanent and it would increase the credit relating to the “alternative simplified credit” (ASC) computation method from 14% to 17%.

Since its enactment as a temporary provision in 1981, the Research Tax Credit tax credit has been extended, with modifications, thirteen times. President Obama as well as many members of Congress has proposed making Research Tax Credit permanent effective January 1, 2010.

Click here to read the full text for HR 1693 »

The bill, which was referred to the House Committee on Ways and Means, includes a major change to the Internal Revenue Code of 1986. If approved by Congress and the President, the bill would increase the credit relating to the “alternative simplified credit” (ASC) computation method from 14% to 20%. The amendment of the regulations regarding the ASC credit calculation would apply to taxable years after December 31, 2010.

Click here to read the full text for HR 942 »

The Small Business Jobs Act contains a provision (Section 2013) that permits the shareholders of companies earning less than $50 million of revenue to reduce their tax bills below the AMT threshold. This change in the federal tax regulations makes the Research Credit more valuable than ever before. In addition, corporations and shareholders of S-corps and LLCs having less than $50-Million of annual gross receipts will be allowed to carryback excess credits up to 5 years, using the credits to offset AMT as well as regular tax (Section 2012).

In previous years, the Research Credit could be used to reduce the shareholders’ tax liability down to AMT, but not below. While lucrative for larger companies, many small businesses could not realize the full benefit of the credit. However, beginning with the 2010 tax year, smaller US companies will be granted the AMT exemption, permitting them to realize the maximal benefit of the Research Credit and the ability to reinvest tax dollars into new jobs and equipment.

Click Here to View 5 Year Carryback Instructions

In the past, the R&D Tax Credit has had to be approved every year. As of October 2008, the Emergency Economic Stabilization Act of 2008 included the approval of the R&D Tax Credit for the year 2008 through 2009. This Credit drives billions of dollars in economic activity and keeps thousands of high-skilled jobs here in the U.S. The Credit expired at the end of 2007 and failed several times previously to be passed as parts of other bills in Congress

If the R&D Tax Credit becomes permanent, it will help companies in budgeting and planning their employee staffing from year to year because they will know that the credit will be available to them.

The 2010 budget has to be approved by April 15th. We hope that it will be passed with the R&D Tax Credit being made permanent in the United States.

• High-earning sole proprietors and owners of S corporations and other pass-through structures are directly affected by the income their business collects. If your business income is high, you’re in danger of finding yourself in a higher tax bracket. Obama has proposed hiking the two top tax brackets from their current 33 percent and 35 percent as high as 36 percent and 39.6 percent. As the year progresses, keep tabs on your income and expenses. Consider making any business-related equipment purchases you’ve been contemplating to increase your deductions. On the income side, if you’re nearing a higher tax bracket, consider slowing collection of accounts receivable or delaying signing new contracts to reduce 2009 income, especially if you think next year’s income will be lower than this year’s.

• Business owners may want to defer plans to hire new workers until it’s known whether new breaks for hiring will take effect this year or later. Obama has proposed adding a $3,000 tax credit for each additional U.S. employee you hire.

• If you’re contemplating starting a company or expanding one domestically, you may get a boost from Obama’s tax plan. In an effort to reverse the tidal wave of offshoring and outsourcing, Obama wants a new tax credit for business owners who start or grow their company within U.S. borders.

• Consider paying more of employees’ health-care premiums and starting a retirement plan with matching contributions. Business health-care payments may get a tax credit of as much as 50 percent of the premium price.

• Owners of businesses that rely heavily on research and development for new products and innovation should get a little peace of mind with the Obama plan. The president proposes making the research and development tax credit permanent, ending the annual uncertainty in recent years of whether the credit would expire or be renewed by Congress.

• The search for venture capital may get easier. Under the new plan, capital gains tax would be eliminated for venture capitalists who invest in small and startup firms. Obama also proposes eliminating capital gains tax on entrepreneurs who inherit or sell businesses.

• Thinking of going back to school to gain more business acumen? The tax plan calls for a 100 percent tax credit for the first $4,000 of qualified tuition expenses, expanding the college write-off from current levels.

• If your company owns vehicles, consider buying a highly energy-efficient one. Obama proposes expanding the tax credit to as much as $7,000 for purchasing such vehicles.

• If you have overseas operations, it’s a good time to review how you pay taxes on that part of your business. Obama promises to tighten up on overseas tax shelters and increase penalties for shelter abuse; so now’s the time to consult a tax expert. Make sure you are in full compliance with all requirements to pay U.S. tax on foreign-based operations.

• On the personal-finance side, high earners who own stock might consider selling some losers off to reap the tax write-off from any net losses. Also consider making more charitable donations to reduce your net income.

Effective January 1, 2009 controlling interest of the firm was conveyed to Managing Director, Steve Powers, who became owner of Intrepid Advisors LLC, the new name of the research and development tax credit consulting firm based in Westborough, MA. The firm had been operating as a subsidiary of CCR LLP, New England’s leading certified public accounting and business advisory firm.

“Other than the change of name and ownership, I am delighted to report that our entire team will remain the same, providing the same expert advice, the same professional service and the same friendly faces to all of our clients,” said Steve Powers, President. “On behalf of the entire staff, we look forward to working with our clients in 2009 and the years to come, providing the very best R&D tax credit support available.”