ARE YOU TAKING FULL ADVANTAGE OF THE R&D TAX CREDIT INCENTIVES ALLOWED BY LAW?
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 Report
- The 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.
