Former North Dakota Attorney General and Senator, Heidi Heitkamp, says farmers and small business owners need to be aware of tax schemes that may prey upon their ambitions.Research and development tax credits may be available to farmers for the implementation of practices that make their operations more innovative and efficient; such as conservation practices to increase water quality, or changes in feed for livestock to increase production. Heitkamp, who now serves as Director of Agriculture at alliant, says these credits are not simple to apply for.
alliant is a specialty accounting firm providing R&D accounting work for small and medium sized businesses.
Heitkamp says some tax groups are using unregulated AI tools to promise farmers and business owners large returns on these R&D tax credits – even if they don’t qualify. She says it’s not as simple as filling out a form to apply for them.
