Vision Loss Assistance in Your Pocket: Dallas Locals are Testing

Image Source: OrCam Media

“I haven’t been able to see even very large print for 20 years” says Neva Fairchild.

Neva Fairchild, a worker from the American Foundation for the Blind’s Center on Vision Loss, suffers with vision loss herself. Also, she manages Esther’s Place, a full designed apartment assisting and making lives easier for people with vision loss. This Dallas location has given comfort to many lives and now calling home to a new product.  The OrCam MyEye is a mounting device for a pair of glasses to assist on daily tasks. In addition, this incredible technology consists of a tiny camera, earpiece, and a clip to the base.

This trending gadget only reads text, but not script, and looks to integrate it the future.

Uniquely, it is as easy as pointing to the text, and the camera will scan and voice respond the words. Having said, The OrCam MyEye allows up to 150 products into its storage and even includes facial recognition.

” Now I know who just entered the room…usually they are required to say something” states Fairchild.  With 100 memorable facial recognitions, users feel at ease identifying  individuals out in public or even at work.

Finally, the product  detects money and different amounts, making shopping and bank trips a breeze.  Therefore, the MyEye wants vision loss patients get back to their daily habits lifting stress off their shoulders.

Currently, the MyEye costs $3500, and Medicare seeks to potentially aid with costs. Unfortunately, at the moment, private insurance does not cover this product.

Currently, research and development for vision loss, is growing with companies investing millions to support.  Also, if you are involved advancing products like this  or simply have a start up, you might be eligible to qualify for R&D Credit.

Therefore, you may receive up to 14% on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

Swanson Reed regularly hosts free webinars and provides free IRS CE credits as well as CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

 

 

Wakening After the Texas Shooting: Apple’s Security

Source: Business Insider

Is Apple’s Security on Its Devices Really Effective?

Unexpectedly, this past Sunday, America lost 26 innocent lives to the shooting in  Sutherland Springs’s church in Texas. After the chaos, the shooter, Devin P. Kelley’ iPhone is found. Hence, brought attention to security and technological issues. After the shooting, the FBI finds difficulty in retrieving any information. Finally, Apple steps in to give a helping hand.

Apple said that it was “shocked and saddened” by the shooting and that it works with law enforcement every day.

Having said, Apple also provides daily support to users for customization in personal security. Over the years Apple innovates new and improved ways to protect user’s information.

However, after the FBI’s news conference on Tuesday, Apple immediately reached a hand out to unlock the phone.  There is still no word on any information from this act.

After retrieving the gunman’s phone, the FBI passed the 48 hour Touch ID function time frame to unlock the phone. From this, they needed Apple’s expertise. In situations like this, law enforcement’s tools and resources need to be ready to retrieve any information.

Recently, Apple’s iPhone X with a new security feature ” Face ID” where invisible facial recognition will protect users. Apple is also charging hundreds more because of the difficulties of individually manufacturing its advanced features. Also, because of its recent launch and delivery on November 3, 2017, there is not enough feedback on consumers’ experience. Apple’s research and development over the years in security has had a mix of reviews, and hopefully, the advancements will be an advantage to law enforcement and consumers.

If you are conducting similar experiments on improving technology such as Apple,  you could be eligible for the R&D Tax Credit and receive up to 14% on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

Swanson Reed regularly hosts free webinars and provides free IRS CE credits as well as CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

 

Source: https://www.nytimes.com/2017/11/08/technology/texas-gunman-iphone.html

Income Boosts From Innovation Are Not Just For Laboratories

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In an age of rapid change and modernization, hot words such as innovation, research and development, and growth are popularly thrown around. However, what many are still to realize, is the relation of innovation and companies that have nothing to do with lab coats.

 

Business Innovation quoted Martin Parkinson saying, “We tend to think of innovation as being done by start-ups or people in white coats, but it’s much more than that. By and large our greatest gains have come from building a culture that adapts and diffuses the ideas of others.”

 

Innovation is for everyone. In fact, Business Insider claims that, “innovation is good for income.” Innovation can be the adaption of a product manufacturing line to include newly redesigned technology or functionality. Innovation can be the development of new software technology that allows vehicles to autopilot completely, differentiating that company from the market. Innovation can be the research and creation of a new screening technology for cancer within the body.

 

Through the process of research and development (R&D), innovations can increase income when successfully applied. The world’s most successful and innovative companies are known for their large R&D programs turning innovation into business and revenue.

 

Business Insider reports that the majority of innovation stems from previously existing ideas that are then adapted and altered. For companies that are not yet profitable or for startups investing in R&D, the research and development tax incentive is a valuable tool.
If  you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

R&D Within the Smartphone Industry

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Reuters reported Apple’s commitment to invest roughly $44 million in a research and development center in Indonesia. The investment will allow Apple to begin selling the iPhone 7 as the government has stipulated 30 percent of handsets sold within the country must be made of local content which includes hardware, software or investment commitment.

 

Apple’s local content certification received in November allows the company to begin selling the iPhone 7 as of January 2017.  The agreement allows Apple to sell products of $488 (6 million rupiah) value and above.

 

As said by Suryawirawan, director general of metal, machines, transport equipment and electronics at the industry ministry, ” they can distribute devices priced 6 million rupiah ($448) and above. That means all iPhones can be distributed.”

 

With Samsung controlling 26 percent of the smartphone sales in Indonesia, and China’s OPPO holding 19 percent market share, Apple will have tough competition for one of the biggest social media markets worldwide.

 

The company has been trying to enter the market for some time, however, as Q3 of 2016 showed Apple’s first decline in revenue in over 15 years, this is a very important moment. As the iPhone comprises two thirds of the of the company’s total revenue the success of this market would have a large impact on revenue.

If  you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

New York Announces an Initiative of $650M for Life Sciences

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The Empire State Boosts Life Science

With the aim of becoming a top tier biocluster state, New York has announced an initiative to increase the state’s ability to commercialize research by investing $650 million into life sciences. The incentive hopes to have a success rate similar to those of California, whose company growth has accelerated that of job growth and Massachusetts, which invested $1 billion in a highly successful life sciences program 10 years prior.

As announced by Governor Andrew Cuomo the initiative will include $250 million in tax incentives for life science companies (new and existing), $200 million for capital grants towards wet labs and innovation space, $100 million towards early stage life science development and $100 million towards operating support from private partnerships.

The term life sciences has been defined by New York State as including, “biopharma, biomedical technologies, life systems technologies, as well as organizations and institutions that devote most of their efforts to research, development, technology transfer, and commercialization.”

In recent years, despite the presence of major academic research centers and Wall Street, New York has lacked commercialized research, early-stage company incentives, and biocluster development reported by Genetic Engineering & Biotechnology News.

Good News For R&D

The incentive will support the job market by investing $10 million annually in the Excelsior Job program. Refundable tax credit will be available at a 15% rate to life science businesses and at a 20% rate for small life science businesses.

The state also plans to attract life science talent to the state through internship programs, research recruitment programs, a mentor program to bring together entrepreneurs and innovators, and a program to support teaching hospitals with over $8.5 million in support annually.

If  you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

Future R&D Spending within OECD Countries

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Predicted Spending 

At a time when aging populations and the environmental challenges of climate change are in need of innovative solutions the decline in public-backed science and technology research is a concern. Data from the Organisation for Economic Co-operation and Development (OECD) shows the first fall of R&D spending in government and higher education in 2014 since the organisations conception in 1981.

The OECD Science, Technology and Innovation Outlook Report showed increased R&D spending from 2000 in Korea, Japan and Germany while the UK, US, Australia, FInland, Italy, France and Spain have decreased spending. Owing to the financial recession, overall government spending in OECD countries has been in decline since 2009.

With the combination of competing policies such as pensions, health and social care and the annual loss of tax revenue, conservatively estimated between $100 billion to $240 billion, the OECD says the warning signs are there. The organisation expects to see a greater decrease in government-backed science.

Increasing the R&D Tax Incentive

As budgets are increasingly tight, governments are increasing the use of policies that do not require short term public spending, partial public procurement and tax incentives for R&D and innovation.

Also, the increase in philanthropists, charities and foundations funding research has helped to balance the government drop off. These funds are estimated to support about 30% of annual research in leading US universities.

Specialization

The OECD has noted that specialization might be a key element within the recent climate. As the US devotes 24% of R&D spending to health, Canada, England and Luxembourg focus about one fifth of their budgets, and countries such as Mexico, Japan and Korea focus on energy.

If  you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

Tax Incentive Changes in Nebraska Legislation

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The Nebraska Advantage Act

A recent report on the business tax incentive programs in Nebraska suggest that in the past eight years, the program has not been as effective as desired in attracting new business to the state. According to the recorded growth, only nine new companies were established in Nebraska over an eight year time period.

Each of these new jobs created within the state cost the local governments and state between $24,500 to $320,000 with the Nebraska Advantage Act. However, this among other incentives, encouraged 69 business to add positions between 2006 and 2014.

This variation of results has spurred a discussion of overlapping incentives and receiving incentives from multiple states.  

Quality Over Quantity 

The report stated that of the 78 business studied, 75% had benefited from additional programs. These programs included customized job training, state-supported internships and research and development tax credits (R&D).

Renee Fry was quoted saying, “We hope that lawmakers will conduct a broader examination of exemptions and incentives to see if their benefits justify their cost, as it is vital to ensure state tax dollars are used as efficiently as possible.”

While the research and development tax incentive does not seem to be at risk as the report mainly focuses on the Nebraska Advantage Act, the incentive program is named as one of the overlapping incentives.

If  you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

Illinois Manufacturing Industry and R&D Update

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The manufacturing industry is the highest claimant of the R&D Tax Credit, claiming more than 60% of Illinois State R&D Credits. The month of October saw a net gain of 1,600 jobs, the majority of impact has been on the manufacturing industry. 

Unfortunately, the Illinois Department of Employment Security (IDES) has reported the net loss of 10,000 jobs during 2016. 

During October, 429 of the 812 layoffs of the month were manufacturing positions. Director of the Illinois Chamber of Commerce, Sean McCarthy, stated that several manufacturers had moved into Wisconsin to take advantage of competitive prices causing the high rate of job loss which averaged 200 jobs per week in 2016.

Why Are Manufacturers Crossing Borders?

Reportedly high rates of workers’ insurance and workers’ compensation make neighboring states increasingly attractive for manufacturing companies as Illinois has had a tough and long recovery from the Great Recession.

The addition of manufacturing technology has also improved to replace workers. This is a trend that has been increasing and is only expected to increase greatly.

During 2015 the loss of research and development (R&D) tax credits caused a massive shift in manufacturing. The four years prior to to the cuts, the manufacturing industry claimed 60% of Illinois state R&D credits. The generation of new processes and products, supported

directly by research and development, were lost as well.

The Importance of R&D

The Research and Development Tax Incentive is popularly supported as it directly influences the creation and adoption of new ideas, products and processes into local and global markets. The incentive provides SME’s the capability to develop products before receiving revenue and continues to support larger successful companies, in turn stimulating the economy.

If  you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

R&D Growth In Higher Education

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A report focused on federal R&D funding for higher education, published by the National Center for Science and Engineering Statistics (NCSES), shows that 2016 is the fourth consecutive year in which federal R&D funding has decreased since its peak in 2011.

As of 2015 universities reported a 2.2% increase from the previous year at $68.8 billion in R&D spending. The data was collected from 906 degree-granting institutions that has spent a minimum of $150,000 the year prior.

Since 2011, where federal funding supported 62.5% of higher education R&D costs, R&D funding has declined by 13%. A decline in funding of 1.7% was recorded between 2014 and 2015. Of the $68.8 billion spent during 2015, federal funding covered only $37.9 billion dropping the percentage of funding to 55.2%.

While federal funding has decreased, research has continued to grow by 2.2% from the previous year with additional funding from other sources at 6.4%. Medical science was reported to have supported the highest growth rate spending $21.3 billion while biological and engineering sciences floated around $11 billion.

If  you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.

US-Israel Cybersecurity R&D Cooperation

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This week a large majority of the US Congress voted in favor of two bills which will benefit US-Israel cybersecurity research and development. The bills were introduced by John Ratcliffe, from Texas, and Jim Langevin, from Rhode Island, following discussion which commenced in May regarding cybersecurity threats recorded in the US and Israel.

The United States-Israel Cybersecurity Cooperation Enhancement Act of 2016

This bill moves to increase detection and combat of cyber threats through a grant program supporting R&D projects for US-Israel joint ventures, non-profits, and academic or government entities in both countries. These grants will be provided to non-classified projects and the program is expected to run for seven years.

The United States-Israel Advanced Research Partnership Act

This act will expand an existing bi-national R&D program which is run by the US Department of Homeland Security and Israel’s Ministry of Public Security. Not only will the bill expand the program to include cybersecurity research, the bill aims to increase the success rate of products moving from the initial stages of development to successful commercialization.

Cyber Giants

As web security is the greatest security challenge of current generations, the US and Israel have recognized the importance of uniting as primary cybersecurity technology exporters to promote cooperation and unity against a dangerous front.

If  you are performing research and development and would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.