Maximizing Research and Development Tax Credits
At the invitation of RRPC, EFP Rotenberg and BDO are pleased to present a seminar entitled Maximizing Research and Development Tax Credits. This important seminar will help your organization take full advantage of Federal and State tax credits.
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 quality 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.
- Jonathan Forman, CPA, BDO
BDO is a professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. BDO’s R&D professionals have helped hundreds of companies, in virtually every industry, claim – and sustain on exam or at appeals – more than $2 billion of R&D benefits.
- David Vesniskey, CPA and Partner, EFP Rotenberg
EFP Rotenberg helps clients navigate the most challenging business and financial issues, serving over 25 different industry sectors from Emerging Technology to Global Workforce Services to Alternative Energy. EFP Rotenberg has significant experience in determining tax credit eligibility and has assembled the largest team of dedicated tax experts in the region.
Members of the New York Photonics Industry Association are invited to attend this important seminar on Thursday, April 25, 2013, beginning with breakfast at 8:30am and concluding at 11:00am, at the world headquarters of EFP Rotenberg located at 280 Kenneth Drive, Suite 100, Rochester NY 14623. Members are to RSVP to Tom Battley, (email@example.com or 585-329-4029), no later than noon on April 23rd.
For any additional questions related to the seminar please contact Nicole Lombardi at firstname.lastname@example.org or 585-427-8900.Education & Training