Deductions And Credits
CHALLENGE
Regardless of industry, the IRS offers valuable opportunities to gain deductions or credits for your research and development efforts. Section 174 permits a taxpayer to deduct research or experimental expenditures. Section 41 offers a credit to taxpayers who increase their R&D costs over a specified base period. Payments to research organizations may also meet requirements for the credit. But complying with these rules – and particularly, clearly identifying what you may consider R&D expenditures – can be unexpectedly difficult.
SOLUTION
As specialists who provide only tax services and consulting, we have broad experience in evaluating the tax opportunities and in meeting the rigorous documentation requirements of Sections 174 and 41. As your advocate – without auditor independence issues – we work from the ground up, getting to know your business inside and out in order to provide the services you need. To ensure you get the maximum deductions your company is entitled to, we typically perform the following tasks:
• Conduct a feasibility study to gain a broad understanding of your business and determine the qualification of your research and development activities
• Estimate your total tax benefit through R&D deductions (Section 174) or credits (Section 41)
• Complete a detailed, intensive study, including an information gathering and cost segmentation analysis pertaining to R&D, based on your available R&D tax benefits
• Review and monitor relevant documentation to ensure compliance with IRS and statutory requirements and provide you with a copy of the source data and analysis which supports the deduction or credit
• Advocate on your behalf, including devising an audit defense strategy, prepare support documentation, and serve as your representative before the IRS
THE TRUE PARTNERS TEAM
John P. Bennecke Managing Director
312 235 3337 |
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Holly L. O’Connor, CPA Managing Director
312 235 3309 |
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Ross J. Valenza, CPA Managing Director
813 434 4002 |
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Michael R. Cholewczynski, CPA Senior Manager
312 924 3201 |
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Sonali Fournier, CPA Manager
813 434 4017 |
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Timothy D. Nolan, CPA, Senior Manager
202 253 0352 |
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Lindsay C. Petrella, CPA Manager
781 239 8249 |
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