Did you know that while more than 14,000 U.S. companies claim federal R&D credits annually, less than 33% of companies that qualify for the credits actually claim them.
Many companies are unaware of the vast amount of business activities that qualify them for Research and Development (R&D) Tax Credits programs the government offers. Without the proper knowledge many companies fail to get the credits they deserve, every year.
To qualify for the Research and Development (R&D) Tax Credit, an activity must meet all four items of the “Four-Part Test”. The IRS Four-Part Test requires:
- a new or improved business component (product, process, technique, invention, formula or software)
- the business component to be technological in nature
- elimination of uncertainty
- a process of experimentation
Many companies self-censor themselves incorrectly assuming that research and development is limited to laboratories and scientists. Companies are unaware that they DO in fact qualify for R&D tax credit programs because a wide range of common activities will qualify them for credit under the IRS definition described above.
The R&D tax credit is an opportunity too good to be overlooked. Our experts at BRS have helped numerous businesses across a wide-range of industries to identify, qualify and quantify their R&D activities.
Here are just a few of the industries we have worked with over the last 25 years:
- Software & technology
- Life Sciences
- Food and Beverage
- Mechanical, Engineering and Plumbing Contracting
Fill out the form on this page to learn more about the benefits of R&D tax credits, and a member of our team will be in touch with you. You may also call us at 781-640-6610.