Businesses sometimes fail to claim the Research & Development (R&D) Tax Credit due to confusion as to what activities and expenses qualify. These companies aren’t aware that their daily activities meet the four requirements that fulfill the IRS Four-Part test. Such is the case with the food manufacturing industry. Companies…
The Research & Development Tax Credit is a strategic financial planning tool that allows companies to reduce its liabilities, permitting them to reinvest in their R&D efforts. This tax incentive allows companies to achieve their full potential and succeed in the extremely competitive high-tech market. Yet, many tool and die…
Architecture and construction firms continue to under utilize the Research and Development Tax Credit due to a misconception of qualification and a fear of triggering an IRS audit. The good news is that these industries conduct qualified research activities on a daily basis and stand to take significant advantage of…
In 1981, President Reagan enacted the Research and Development (R&D) Tax Credit as a way to reboot the American automotive industry. Approximately 30% of the United States’ research and development is conducted by companies in the automotive industry and heavy-duty manufacturers who create parts and components for vehicles. The continuous…
The Research and Development (R&D) Tax Credit is frequently overlooked by the retail and apparel industry. These companies aren’t aware of the several advantages this strategic financial planning tool can offer their business. They are also unaware about the new IRS regulations which have broaden the spectrum as to what…
The chemical and plastics industry is a strong contender for the Research and Development (R&D) Tax Credit. However, many companies are unacquainted with the scope of the benefit and don’t take full advantage of it. In recent years, the IRS has broadened the spectrum as to what qualifies as research…
The aerospace and aviation industries are currently driving America’s economic growth by providing 15% of the US Gross Domestic Product and offering approximately 11 million domestic jobs. Consequently, we depend on this highly technical workforce to keep expanding America’s innovation. Appropriately, aviation and aerospace companies are highly rewarded by the…
Engineering firms are strong candidates for the Research and Development Tax Credit. Most of the activities they perform create new or improve existing business components (products, processes, techniques, inventions, formulas or software), the business components are technological in nature, they eliminate some kind of uncertainty, and they go through a…
In order to thrive in the medical device manufacturing field, companies have to constantly redesign and redevelop their products. Since medical devices are usually highly technical in nature, they almost always meet the qualifying activities required to obtain the Research and Development (R&D) Tax Credit. There are four requirements needed…