Originally introduced in 1981, the R&D Tax Credit is a general business tax credit under Internal Revenue Code section 41 for companies that incur research and development (R&D) costs in the United States. The research tax credit remains a valuable source of support to businesses that conduct qualified research and development. Let our team show you just how easy it is to start saving today. Our team has a 100% success rate when defending a client against an IRS Audit – giving peace of mind to innovators across the United States.
We utilize unmatched engineering and tax expertise – allowing clients to have a full coat of armor throughout the entire R&D Tax Credit process. Our mission is to allow American innovators to make more money, reduce their tax bill and ultimately help fuel the American economy.
Not just for Fortune 500 companies anymore.
People don’t typically think of research and development
when they think of banks, retailers, brokers, insurance companies, hedge funds
and financial service companies. However, many of these companies have large IT
departments that are developing software for their own operations. That
development can qualify for a very significant tax incentive: the research and
development tax credit.
Now you can use the R&D Tax Credit to reduce your tax bill below AMT. That’s why 2016 and beyond is the time to jump on the R&D Tax Credit.
These changes are great for both small and mid-size companies; life sciences, biotech, food science, bio-flavoring, breweries/distilleries, aerospace, industrial automation and controls, architectural firms, engineering design, structural/architectural materials, tool & die companies, software & web development, and more. The PATH Act changes even allow for pre-revenue “start-up” firms to offset their FICA tax liability with this R&D tax credit.
WHAT QUALIFIES ME FOR THESE TAX CREDITS?
To take advantage of this R&D Tax Credit, a firms Qualified Research Expenses (known as QREs), must pass a rigorous four-part test. The QREs are made up of three components: Wages, Supplies, and Contract Research. Each of the component categories included in the QREs must pass the rigid Four-Part Test criteria. Contact us below to schedule a call to determine if your business activities qualify.