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Does Your Company Have a Few Thousand Dollars Hidden in Operations

Thursday, 18 June 2015 / Published in Corporate & Tax

Does Your Company Have a Few Thousand Dollars Hidden in Operations

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Does Your Company Have a Few Thousand Dollars Hidden in Operations?

Last year a friend purchased a hybrid car and was surprised when he got several thousand dollars back in his tax filings because the purchase qualified for a CREDIT–payment back to him on his taxes.  Your company could get a much larger CREDIT–payment back from the IRS too with the help of an experienced small business lawyer!

Ask yourself if your company does any of these:

  • Developing or engineering a new or improved product, process, formula, or software
  • Evaluating the feasibility of a product, process, formula, or software
  • Developing engineering architecture
  • Developing experimental models & prototypes
  • Testing an experimental product, process, formula, or software
  • Beta testing
  • Improving processes or the manufacturability of a product
  • Technical design reviews
  • Participating in technical meetings
  • Documenting the results of research
  • Maintaining research equipment
  • Compiling research data
  • Fabricating experimental models
  • Experimenting with new technologies
  • Creating more efficient and environmentally friendly designs
  • CAD or 3D Modeling
  • Supervising technical personnel engaged in R&D

Contact General Counsel, PC for a free assessment to determine if you qualify for Research and Development Tax Credits.

It is a common misconception of R&D tax credit that participants must wear lab coats, wear protective goggles and fiddle with test tubes all day to qualify for the credit. NOT SO! The definition of R&D for tax credit purposes is fairly broad. Companies are able to qualify activities beginning with the development of concepts and extend to the point where a product, process, formula, or other business component is ready to be commercially released.

Qualifying expenditures include:

  • Wages: For those directly working on, supervising, or supporting the development process
  • Supplies: Items used or consumed during the development process
  • Contract Research: Outside vendors brought in to assist in the development process

The Potential Benefits of the R&D Tax Credit

These are some of the R&D Tax Credit benefits:

  • Up to 13.5 cents of R&D tax credit for every qualified dollar
  • Dollar-for-dollar reduction in your federal and state income tax liability
  • Increased in earnings-per-share
  • Reduction of your effective tax rate
  • Improved cash flow
  • Credit carried forward up to 20 years
  • Recent regulatory developments make claiming the R&D tax credit for companies much more feasible
  • Look back studies can recognize unclaimed credits for open tax years (generally 3 or 4 years)

See your future. Plan your future. Attain your future. 

Contact: Richard Trimber, rtrimber@gcpc.com

General Counsel, P.C. Corporate and Tax Practice Group

Telephone:  703-556-0411.

_________________________________________________________________

General Counsel, P.C. – Every Business Needs a General Counsel:  General Counsel’s Small Business Lawyer has over 40 years of professional experience in counseling business owners on all aspects of business and tax matters. Our attorneys have extensive experience representing a wide range of local, regional, and national companies and business ventures.

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The matters discussed in this newsletter are for informational purposes only and no legal advice

is intended.

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