Many taxpayers continue to regard Research & Development (R&D) as an activity associated solely with high-tech, biotech and pharmaceutical-type companies. However, under new federal tax regulations, a company may qualify for the R&D credit for numerous activities that historically have been regarded as “simply doing my job.”

Many activities are now categorized as R&D and you may be able to claim the R&D tax credit. Taking advantage of this credit can mean significant benefits for the mid-market business. Our professional staff can assist you in determining if you qualify.

Some of the benefits include:

• Significantly reducing current and future year’s federal and state tax liabilities
• Generating immediate cash flow for the business
• Obtaining an actual dollar-for-dollar credit against taxes owed or taxes paid
• Taking the credit for all open tax years–generally the past three or four years
• Utilizing the credit for additional years if the company is in a net operating loss or alternative minimum tax position
• Capturing the credit at the individual level in a flow-thru entity
• Carrying forward tax credits for as much as 20 years

We use a proven process to maximize your R&D tax credit and reduce your tax burden, providing the appropriate reports and documentation to withstand IRS scrutiny. We offer no cost diagnostic reviews to determine if there is a potential for R&D tax credits within your business.

For more information contact:

Troy McKinney, CPA
402.397.8822
tmckinney@blandcpa.com