Is designing clothing a research activity? Not according to the Tax Court it isn’t. That’s what Leon Max, owner and designer of women’s wear found out. To claim the research credit, you must meet 4 tests. Essentially, research must be done for a qualified purpose, and a purpose isn’t qualified if it relates to style, taste, cosmetic, or seasonal design factors. #IdeaoftheDay
Important: The deadline for applying for a PPP loan runs through May 31, 2021.
