Business Group Resources
Accounting & Tax Service
THE R&D TAX CREDIT – A BUSINESS OWNER'S SECRET WEAPON.
It’s hard to believe that Fortune 1000 Companies have been claiming the R&D Tax Credit for 39 years, yet 90% of small businesses have never heard of this incentive before—never mind benefited from it. Even though these small businesses have been paying into this program (via their taxes) year after year.
So you may be thinking, “why didn’t these small businesses get advice from their tax accountant about these ‘tax’ incentives?” Well, it’s kind of an apples and oranges story. Traditional CPAs are excellent at what they do (tax returns, compliance, bookkeeping, tax planning, etc.) and R&D Tax Credit accountants are excellent at what they do (conducting studies on a company’s business behaviors around research & development and innovation to determine if they meet the qualifications outlined in Section 41 of the Revenue Tax Code).
The R&D Tax Credit is a federal- and state-sponsored benefit that provides cash incentives to companies demonstrating innovative behaviors in the United States. Companies receive a tax credit, which is an immediate source of cash, as well as a significant reduction to current and future years' federal and state tax liabilities. The R&D Tax Credit is for businesses of all sizes (not just major corporations) and many smaller companies are surprised to learn they qualify.
The R&D Tax Credit and other related government incentives are very well funded and save U.S. businesses more than $12 billion annually.
IT ALL STARTS WITH A “GET TO KNOW EACH OTHER” CALL.