Federal Research and Development Tax Credit

Federal Research and Development Tax Credit

Does your company qualify for the federal research and development tax credit? Depending on the state you operate in, you can offset their research and development expenses by 20 percent or more through the credit.

Many small to mid-size businesses incorrectly assume they do not qualify because they are not involved in high-tech or lab research. That is not the case, and it can cost you a piece of a multi-billion dollar tax credit, only because you lack the knowledge and in-house expertise to apply for this valuable credit.

Qualifying for the R&D tax credit requires the assistance of an R&D tax credit professional. It is often reduced to a four-part test, complicated by the number of requirements or elements within each test and the regulations provided to supplement some parts of the law behind the credit. You need fact-intensive evaluations and documentation of research efforts over a period of time. Evaluations have been further complicated by a large body of case law and the need to reconcile research activities with allowable expenditures.

HBK has the expertise to review your activities and determine qualification. And if your business does qualify, it may be possible to apply for credits for the past three open tax years and potentially closed tax years depending on your specific situation.

At HBK, we strive to put a stop to missed opportunities. This comes from truly knowing, understanding and being fully invested in our clients' businesses so that these types of valuable opportunities do not slip away, one more way we prove how working together with you sets us apart.

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