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Generate cash savings by properly identifying and classifying qualified business expenses as “Research & Development” expenditures and applying for and utilizing federal tax credits. The tax credit is typically available for the current tax return and by amendment for all open tax returns (normally three prior years).
Companies conducting any of the following activities may qualify for the R&D Tax Credit:
• New or Innovative Products
• Unique Process(es)
• Design Engineering Staff
• Qualification Testing
• Patent Development
• Software Development
• PhD Research
• Improvement of Existing Products
• Prototype Work
• Environmental Design
Companies that develop new or improved products or processes, or make significant investments in the development of internal-use software, may be able to benefit from the research and development incentives. Companies in the following industries are likely candidates:
• Manufacturing
• Biotechnology
• Telecommunications
• Food Processing
• Software Development
• Construction
The R&D Tax Credit is not limited to these industries. Any company performing qualified research activities can qualify.
Our research and development studies focus on maximizing tax savings and increasing cash flows for businesses that spend money to invent or improve a product, or to improve a business process. A study consists of the following:
• Interview of key management to determine qualifying projects.
• Preparation of questionnaire by client in order to scope the engagement.
• Review of internal company documents and additional targeted interviews in order to quantify potential qualifying expenses.
• Preparation of report detailing qualified activities, expenses and calculation of anticipated federal tax benefits.
• Establish procedures and methodologies to capture and classify qualifying future research and experimentation expenses.
For more information, contact:
Paul G. Di Nardo, CPA
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