Research & Development Tax Credit Services
Created in 1981, the Research and Development Tax Credit was introduced to foster innovation and induce economic growth for businesses of all sizes. Many companies have not taken advantage of the R&D Tax Credit because of insufficient time and expertise to fully understand the requirements. However, this credit can be very beneficial, as it offers a dollar-for-dollar offset to federal income tax liability, or in some cases, payroll tax liability.
Due to the broad definition provided in the tax code of what is considered “Research and Development”, virtually any industry engaged in developing or improving products or processes could be eligible. This is especially true for industries such as, Life Science, Software & Technology, Engineering, Aerospace & Defense, Manufacturing, and many more.
Identifying your company’s qualified research expenses and determining the amount of your R&D tax credit can be a complicated process. BPM’s tax experts have helped public and private companies conduct thorough R&D analyses to guide them through this process. We initially examine a business’s R&D process as well as major initiatives in order to identify all opportunities in which the R&D tax credit applies. We can assist your company in documenting your R&D activities and improve your process to store valuable documentation so that reflecting these tax assets on your financial statements are sound and secure.
BPM tax professionals will gladly release you from the complicated task of identifying and calculating your R&D tax credit and provide you with sophisticated business consultation to help you determine the best use of your credit, allowing you to grow your company through further research and development.