R&D Tax Credits – Is Your Company Leaving Money on the Table?
Session to be run by:
Robert Weber – Intrepid Advisors
Director New Enland Region
Bob is part of a team of expert financial specialists and experienced engineers as the Director for the NE region. Intrepid Advisors is a national firm with specialized amd advisory services regarding the federal and state research and development (R&D) tax credits.
Bob is actively workiong with manufacturing and tecnology companies in the region to educate these companies on the value of the tax credit, helping to identify qualifying activities, and working with ‘hem and their CPAs to attain maximum benefits. He is also a current member os SBANE’S Technology & Innovation committee.
About R&D Tax Credits: The IRS allows qualifying companies across all industries a substantial tax incentive for developing or improving products, fabricstion processes, and software. Qualified research expenditures include costs associated with investments in innovation and improvements.beyond just new product development.
In December 2015, the PATH Act made the R&D Tax Credit permanent and created additional benefits for small and startup companies; offset Alternative Minimum Tac and offset Payroll Taxes up to $250,000 per year.
Presently, U.S. manufacturers and technology companies in the know are leveraging R&D tax credits to the tune of $15 billion a year, yet evidence shows that most eligible businesses are leaving substantial tax dollars on the table that otherwise could be reinvested in their businesses. So why are so few companies claiming the R&D credit? The main reason is that most disqualify themselves erroneously because they believe their companies are not conducting qualifying activities and that the R&D tax credit is only for:
For those unfamiliar with the R&D tax credit, the IRS allows qualifying companies across all industries a substantial tax break for developing or improving products, fabrication processes, and software. Qualified research expenditures include costs associated with investments in innovation and improvements beyond just new product development. Examples of qualifying research activities include the following:
If you think your business might be eligible for the R&D tax credit, you probably are! In December 2015, the Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law, modifying and making permanent the R&D tax credit. Eligible small businesses may now claim the credit against alternative minimum tax (AMT). Additionally, a qualified small business start-up is now able to claim a credit of up to $250,000 against its FICA payroll tax liability. Intrepid Advisors is a specialized consulting firm that provides expertise and advisory services to manufacturing and technology companies regarding federal and state R&D tax credits. Business principals interested in the R&D tax credit should contact Steve at firstname.lastname@example.org or Bob at email@example.com or visit www.intrepid-advisors.com for additional information.