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Research & Development
Tax Credits
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The R&D tax credit is one of the most significant domestic tax credits available to businesses. It can be an important planning tool in maximizing the profitability of your business.
Regulations put in place in 2004 have clarified the IRS' position on taking the credit and also relaxed the record keeping requirements. R&D incentives apply not only to research performed in a laboratory but also to a broad spectrum of activities including manufacturing process improvements, production trails and software development & integration issues. Taking advantage of these credits can provide an immediate cash benefit to your business.
Four Main Tax Credit Requirements
| • | Technological in Nature |
| • | New or Improved Business Component(s) |
| • | Elimination of Uncertainty |
| • | Process of Experimentation |
The Strategy
PDR has established a group of highly qualified and experienced individuals to optimize research & development related incentives. The steps involved include:
| • | Assessment and Feasibility – an initial study to understand your business and options for capturing tax credits. |
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| • | Design & Implementation – a thorough analysis of the technical issues, performance of a detailed analysis of eligible costs and documentation of expenditures. |
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| • | Reporting – the audit plan is developed, samples are prepared and the final documentation is completed. Tax returns from prior years that are open can be amended to obtain additional credits. |
Call us today and we will be happy to explain our services in more detail.
