Adams Consulting, LLC

08/22/2024

We are pleased to announce that Kristen Hammerich has joined our team as our Office Manager!

Kristen is a Central Illinois native with years of experience in office management. Her expertise and dedication to client service align perfectly with our commitment to providing top-notch support. Kristen will be instrumental in facilitating efficient and effective communication, ensuring your needs are met promptly and professionally.

You can reach her directly at (309) 252-7284 or [email protected]. Please help us extend her a warm welcome!

Photo credit: Always Flourishing Photography

07/13/2022

The list of companies in the Architecture, Engineering, and Construction industries that qualify for the R&D Tax Credit is long. Unfortunately, the list of those companies who are unaware that the activities they engage in daily could be generating additional tax savings for them isn’t much shorter.

Click the link below to read more about how activities like designing new or improved unique facilities, developing new or improved methods of heating or lighting for building and mechanical systems, and utilizing CAD and BIM activities in new or improved product/process designs qualify for the R&D credit.

The list of companies in the A&E and Contracting industries that qualify for the R&D Tax Credit is long. Unfortunately, the list of those companies who are unaware that the activities they engage in daily could be generating additional tax savings for them is long, as well.

06/15/2022

It's very common for Breweries and Wineries to regularly engage in qualifying activities for the R&D Tax Credit. Unfortunately, the vast majority of such companies are unaware that these activities could be generating additional tax savings each year.

Click the link below to read more about how activities like improving fermentation processes, developing new yeast strains, and experimenting with new grape strains qualify for the R&D Credit.

Breweries and Wineries that regularly engage in qualifying activities for the R&D Tax Credit are very common. Unfortunately, the vast majority of such companies are unaware that these activities could be generating additional tax savings each year.

05/18/2022

Many common, even daily, activities qualify as Research and Development for tax credit purposes in the agribusiness industry.

Companies that develop and install equipment for breeding, raising, or harvesting efficiency, develop fruits and vegetables that are more resistant to climate change, or develop new or improved livestock breeding methods qualify for the R&D Tax Credit. When your company experiments with developing new or improved nutritional value in feeds or feeding techniques, R&D is also occurring. Even genetics research, including gene transfer research, supports the R&D process.

Click the link below for more details regarding additional qualifying activities, specific qualifying job titles, and more.

Companies in the Agribusiness industry often engage in Research & Development activities, qualifying for the R&D Tax Credit. Unfortunately, the vast majority of those companies are unaware that these activities could generate additional tax savings for the company.

05/04/2022

The purpose of an R&D Study is to quantify and support a company’s research and development efforts through the analysis of qualifying activities and the expenses those activities generate. The result of the study is the dollar amount of the Research and Development Tax Credit that a company can claim on its tax return.

To calculate the Research and Development Tax Credit, companies first need to identify qualifying research expenses (QRE) that fall into the four following categories: 1) Wages, 2) Supplies, 3) Leased Computing, and 4) Contractor Costs.

Click the link below for a more in-depth description of each cost, as well as an overview of the federal calculation itself.

To calculate the Research and Development Tax Credit, companies first need to identify qualifying research expenses (QRE) that fall into the four following categories: 1) Wages, 2) Supplies, 3) Leased Computing, and 4) Contractor Costs.

04/27/2022

Many different activities qualify as Research and Development for tax credit purposes in the Manufacturing, Technology, Machining, and Fabrication industries.

Companies that develop new or improved products, designs, and processes through modeling, simulation, or systematic trial and error qualify for the R&D Tax Credit.

Click the link below for more details regarding additional qualifying activities, specific qualifying job titles, and more.

Many, if not most companies in the Manufacturing & Technology, Machining, or Fabrication industries qualify for the R&D Tax Credit. Sadly, most of those companies qualifying are unaware that the activities they engage in daily could be generating additional tax savings for them.

04/13/2022

During an R&D study, we work with you and your company to identify all qualifying R&D activities and the costs associated with them. Throughout the process, we take an in-depth look at your company's qualifying activities and properly document everything required to support the R&D Tax Credit claim.

To learn more about the documentation we collect, head over to our latest article.

An R&D study is vital for properly calculating and documenting the R&D Tax Credit. Your first study, however, can be a daunting task to undertake when you're also in the middle of carrying out normal business activities. Click through to learn more about the documentation that's needed and w

12/21/2021

Research and development activities are often costly, but necessary, aspects of running a business. Not only does continuous research allow you to improve current products, but it also ensures that your business stays at the forefront of your industry.

The Research and Development (R&D) Tax Credit can help offset the costs of such activities. In fact, the R&D credit is one of the most valuable tax credits available for businesses, and the associated qualifying activities are broader than you might think.

Read more about the Research and Development Tax Credit in our most recent article.

Research and development activities are often costly, but necessary, aspects of running a business. Not only does continuous research allow you to improve current products, but it also ensures that your business stays at the forefront of your industry by developing new products, treatments, or metho

07/29/2021

Still need to apply for PPP loan forgiveness?

The SBA is launching a new platform on August 4th intended to streamline the process for small business owners who received under $150,000 in 2nd draw funds. The platform also includes a simplified process for small businesses to establish the 25% revenue reduction required for forgiveness.

Read more about the new SBA PPP forgiveness platform in our latest article.

The Small Business Association is making it easier for small businesses to apply for forgiveness of their Paycheck Protection Program loans. Instead of processing forgiveness applications with their lenders, borrowers who received under $150,000 in 2nd draw PPP funds can utilize the SBA’s new port...

06/23/2021

The IRS will begin issuing advance child tax credit payments on July 15, 2021.

If you'd like to check your eligibility for the child tax credit or unenroll from advance payments, the IRS has a new portal for that.

Follow the link below to read more from the IRS.

View your eligibility and unenroll from advance payments of the Child Tax Credit.

06/16/2021

If you qualify for the advance child tax credit, the IRS now has an online tool to help you sign up. The tool is specifically designed for those taxpayers who were not required to file 2019 or 2020 income tax returns.

To read more about the online sign-up tool and the advance child tax credit, click the link below.

If you qualify for the advance child tax credit (CTC) payments, online sign-up is now available through a secure IRS portal. The CTC tool allows taxpayers who are not required to file a 2019 or 2020 tax return to sign up to receive the advance CTC payments.