(Sometimes referred as Manufacturing Tax Credits or Payroll Tax Credits)
ARE YOU TAKING FULL ADVANTAGE OF THE R&D TAX CREDIT INCENTIVES ALLOWED BY LAW?
IT'S NOT JUST FOR HIGH-TECH OR BIO-TECH ANYMORE.
MANY TYPES OF COMPANIES QUALIFY!
In December 2001, new tax regulations enabled small to mid-size companies to be eligible to take the R&D (wage-based) Tax Credits. Documentation and Discovery requirements were relaxed. The goal was to keep innovation and creativity in the U.S. and encourage economic growth. Clients can now receive cash back and/or tax credit benefits for conducting technical activities and meeting the tax regulation requirements.
The R&D tax credit team must be comprised of the following personnel:IP Attorneys, Tax Attorneys Engineers and Scientists from various disciplines Audit Experts Client’s CPA/Trusted Advisor - involved every step of the way.
Our technical and legal staff work together at every step of our process to efficiently perform the following activities to conduct R&D Tax Credit Studies: Collect necessary technical and financial data, Perform technical interviews and document qualified projects and activities, Perform R&D Allocation Interviews and document qualified expenditures and key employees’ involvement, Perform research on case laws, technical briefing, private letter rulings, etc. Interpret tax code and regulations, Calculate the credit at Federal and State level, Defend the client in case of Audit (if needed)
The R&D Technical ReportThe R&D Study/Technical Report is where all the arguments, documentation of qualification and quantification must coalesce into a coherent statement of why, when, where and how much. The Study will convey the credit being taken and the basis for such amount. For a credit with varying qualitative issues, the report is critical.
If your company is involved in any of the following activities, you may be able to claim the R&D tax credit:
Manufacture products · Developing new, improved or more reliable products, processes or formulas · Developing prototypes or models (including computer generated models) · Designing tools, jigs, molds and dies · Developing or applying for patents · certification testing · Testing new concepts · Development of new technology, Trying new materials · Adding new equipment · Environmental testing · Developing or improving production and/or manufacturing processes · Developing, implementing or upgrading systems and/or software · Developing production control software · Improving or building new manufacturing facilities · Automate internal processes · Paying outside consultants or contractors to any of the above stated activities
