Dear Colleagues,
EFP Rotenberg, LLP and BDO are pleased to present two seminars entitled Maximizing Research and Development Tax Credits. These important seminars will significantly help your organization take full advantage of Federal and State tax credits.
The first session will be conducted in conjunction with the New York Photonics Industry Association and the second session will be conducted in conjunction with Medtech. The seminars will be held at the EFP Rotenberg Training Center on Thursday April 25, 2013. You are invited to attend either the morning session starting with breakfast at 8:30AM concluding at 11:00AM or the afternoon session beginning with lunch at 12:00 noon, concluding at 3:00PM. Please RSVP by Tuesday, April 23rd at 5:00PM
What is R&D Tax Credit?
Despite the fact that the Research and Development (R&D) credit has been available since 1981, less than a third of eligible companies recognize that they qualify for the credit. Even if companies claim a R&D credit, they frequently do not claim the entire credit to which they are entitled, either because they do not understand what qualifies or do not have the processes in place to properly document the credit.
You do not have to be a manufacturer to claim the R&D credit. Companies of all sizes in a wide range of industries throughout the U.S. have used the R&D tax credit. Many activities can qualify for the R&D tax credit, including:
- Developing or formulating new or improved products
- Functionally enhancing existing products or formulas
- Developing new or improved production processes
- Assisting customers with technical problem-solving
- Developing new or improved software for use internally or sale externally
- Applying for patents and prototyping
The R&D credit is one of the most contentious areas in Tax and without properly preparing, calculating, and supporting your credit, the IRS may deny any or all of it. In addition, if not done correctly, there is the potential for penalties, both to the taxpayer and the tax preparer. The R&D credit can be one of the greatest sources of R&D funding for companies in all industries, but it is essential that it is calculated and supported properly.
In addition, we will be presenting the pros and cons of what is coming out of Albany as to state level tax incentives that are designed to encourage investments in and by technology based companies.
For any additional questions related to the seminar or to RSVP please contact Nicole Lombardi or Randal Simonetti at info@efprotenberg.com or 585-427-8900.