Increased research and development (R&D) activity in the U.S. oil and gas industry has resulted in many innovative advancements in the field. Despite global competition in the oil and gas marketplace, the U.S. continues to play a vital role, and there are incentives for companies engaging in qualified R&D activities.
While most CPA firm leaders are aware R&D tax credits exist, they either lack the knowledge or manpower to get their clients involved in the process. Yet, many of the activities your clients already perform on a daily basis qualify R&D credits, and if you don’t offer this attractive tax credit to your clients, someone else likely will.
For the first time in five years the U.S. aerospace industry is experiencing job growth, with an expected additional 40,000 jobs by the end of 2016. As an industry significantly invested in research and development (R&D) activities, aerospace companies can further reinvest in their growth by qualifying for federal and state R&D tax credits.
Like the federal research and development (R&D) tax credit, the state of California provides a tax credit as an incentive to those who conduct research and development activities within the state. In fact, the 15% credit rate (regular credit only) for excess expenditures over a base, is one of the best credits in the nation. While the state and federal credits share some common requirements and incentives, the California Research Credit has some separate requirements.
If you knew you could save your business hundreds of thousands of dollars by doing what you already are doing, wouldn’t you jump at the chance?
Most companies are completely unaware that they can save significant money – even up near the seven-figure range – simply by applying for credit for activities related to research and development (R&D) they already are doing. In fact, most of our clients claim a gross credit of 10 percent of their R&D spend.
Innovators. Problem solvers. Creative thinkers. Engineers are often described by these attributes, and many of the activities they perform on a daily basis may qualify for valuable research and development (R&D) tax credits.
Identity and website tout the firm's expanded focus on R&D tax credits and other specialty tax services.
Does your Pennsylvania business engage in research and development (R&D) activities? If so, you could qualify for significant tax savings through the Pennsylvania R&D tax credit program.
Whether you are a CPA firm with qualifying clients or a business applying directly for tax credits, it is valuable to have the guidance of a professional firm that can offer full audit representation. Here are some best practices you should consider in seeking representation.
Are you taking advantage of energy tax deductions for your investment in energy-efficient systems? If you are not benefitting from the 179 tax deduction, you could be losing out on thousands of dollars of tax savings.