Maintaining your R&D tax credits
Many companies in Texas know and understand exactly how hard it can be to gain the R&D tax credit. The more open interpretation that has arisen in recent years does mean that more companies now have access to the incentive. However, the Tier 1 status which the IRS has now given it means that the work required in order to obtain and maintain it can be onerous.
A need for Professional Support:
Since the move by the IRS to change the R&D Tax Credit to a Tier 1 issue there has been an increased need for the services of professional tax advisers, such as Texas R&D Tax Credit Solutions. We are here to help companies with audit defense and to obtain and maintain their R&D tax credits. The changes made in recent times mean that the burden of proof is now on the company to prove to the IRS that they are entitled to these payments, and the documentary evidence required can be both complex and burdensome.
Many industries including the public sector are now finding it increasingly difficult to keep up with the documentation that is required by the IRS. The consequence of providing insufficient or incorrect documentation can prove to be costly to the company in question as future payments of the tax credit are also at risk.
Ensuring That Companies Get Their Entitlements:
There are companies especially within the public sector, which miss out on the valuable tax credits that they could be in receipt of because there is no capacity within the company to provide the level of documentation and evidence that the IRS now requires when an audit is completed. Many companies therefore lose their benefits, not because they are not entitled but because of a lack of resources and experience. Having the support of a tax advisory team becomes priceless in these circumstances.
Take Advantage of Our Expertise:
R&D Tax Credits and the audit process are highly specialized areas which require in-depth knowledge and expertise to work with. Texas R&D Tax Credit Solutions has a highly skilled professional team that understands the high levels to which the R&D Tax credits are scrutinized. This means that we can prepare the high level, detailed documentation that needs to be available during any audit of a company’s R&D Tax Credit claims. This documentation can then be kept at a sustainable level going forward, making future audits less time consuming and difficult for the companies which are subjected to them.
Speak with Texas R&D Tax Credit Solutions today about support and help with maintaining your tax credits. Complete the contact form and get advice from the experts.