Making the Most of the Incentives from the Treasury Department
Back in September 2013, the Treasury Department proposed some new rules that would expand the reach of the R&D tax credit incentive. Thanks to the new rules, more business activities are now eligible for the research and development tax breaks that have been so beneficial to businesses all over the country. The U.S. government has now included a variety of manufacturing process oriented costs, which has been seen as a positive result, especially for those working within manufacturing and food processing.
New Opportunities for Business Owners
Thanks to the new rules, businesses are now able to recover the cost of producing prototypes, even if the prototype is later sold. Testing new manufacturing processes is also included, so there’s nothing stopping you from developing new systems that could improve the way your business operates, simplify the production and manufacturing processes and benefit industry and consumers.
Reducing the Risk of Conflict
The Treasury Department has worked hard to reduce areas of confusion in the R&D tax credit incentive. The confusion has often led to problems and conflicts between companies and the IRS. As a result, many small to medium sized businesses, as well as large corporations, have often neglected the tax incentive for fear of being audited or being involved in legal issues. Therefore, the new rules have been met with a positive response from the tax payers. With the areas of dispute eliminated, it’s now easier than ever to put in a claim for any eligible projects and activities in businesses.
Removing the Grey Areas
Now the murky waters have cleared there’s nothing stopping all eligible businesses from putting in their claim for R&D tax credits. However, it is essential that you fully understand what is required from you and what is considered to be eligible. We’re able to assist you with these activities. Our tax specialists are ready to discuss your research and development activities and help you to identify the different expenses that you could claim for.
With our expertise, we can explain the R&D tax credit incentive to you regardless of the industry you’re in. We will explain the current rules created by the Treasury Department and guide you through your planning and claim process. With our help you can benefit from this essential tax incentive that could drive your business further, create expansion opportunities, create new jobs and even change the way the industry works.