The Research & Development (R&D) tax credit is for businesses of all sizes, not just major corporations with research labs, and many companies are surprised that they qualify. Any company that designs, develops, or improves products, processes, techniques, formulas, inventions, or software may be eligible.
If your company has simply invested time, money, and resources toward the advancement and improvement of its products and processes, you may qualify. At Frazier & Deeter we work with companies of all sizes to help them realize immediate tax savings and payroll tax reductions through the research and development tax credit. Since 1981, the R&D Tax Credit has been one of the most valuable credits used by companies in a variety of industries. Every year, the R&D credit yields billions of dollars in federal and state benefits to companies engaged in qualifying research. Yet, many companies are unaware that their day-to-day operations could qualify for a dollar-for-dollar reduction of their income tax liability.
The R&D Tax Credit and other related tax breaks save U.S. businesses more than $12 billion annually and under recently issued government regulations more industries qualify for the R&D Tax Credit than ever before.
Plus, the R&D Tax Credit regulations allow eligible taxpayers to “look back” to all open tax years (typically three years plus the current year) for potential research credits that were never claimed.
At Frazier & Deeter, we look at R&D opportunities across federal, state and international tax jurisdictions to ensure you are gaining advantage for your efforts to innovate your products and processes. Our team of specialists can help you understand whether your activities qualify and then help you from beginning to end of the credit collection process.
Revenue cycle and clinical information provider had been utilizing another firm for R&D credits. Our team members leveraged engineering experience and healthcare expertise to understand and qualify for previously unrealized tax incentives.
This leading global manufacturer was challenged with a highly complex legal structure encompassing a European headquarters with facilities throughout the U.S. Our professionals worked with the tax department to decipher complex and disparate internal reporting of financials, then conducted onsite interviews within U.S. manufacturing plants, helping to develop a process to capture tax credit relevant information more efficiently in the future. Provided client with multi-million dollar Federal and State R&D tax credits
This world-class manufacturer of specialty paper products was nearing $1 billion in revenue. Our professionals identified significant R&D credits that had never been taken. We gathered detailed documentation to substantiate the company qualified for the credit. The tax benefit was significant and the company saw a positive impact on Earnings Per Share.
This global search engine company faced the challenge of protecting highly sensitive trade secrets while pursuing R&D credits. With research activities around the U.S. and the world, our team helped create a matrixed approach that worked with their internal organization and enabled the ongoing recognition of tax credits for a multi-year study.