Why Should You Hire an R&D Tax Credit Specialist?
The preparation of an R&D Tax Credit claim can often act spur feelings of affection and disdain in equal measure. Affection – because if eligibility requirements are ratified, companies can obtain a generous cash rebate or a reduction in payable tax. Disdain – because determining entitlement and the concept of drafting the registration form alone can be bewildering and arduous, with a potential audit a haunting concern. Nonetheless, when it comes to government inducements for companies you can’t undervalue the worth of the R&D Tax Credit for developing a business.
However, the elusive wager between how much to claim can ultimately stimulate risk aversion – claim too much and risk an audit, claim too little and risk losing money on your claim. Essentially, in order to utilize the R&D Tax Credit to its best advantage requires specialist knowledge. Ultimately, the Research and Development Tax Credit can be extremely beneficial to companies across the United States if claimed correctly. Thus, it is important to consult a specialist in the field who will be capable of passing on their skills and expertise to make sure your claim is completed efficiently. As a result, individuals can receive the most money possible and focus on developing the fundamental business.
Undeniably, taxation and the law adjoining it is a multifaceted matter. Since the IRS made the R&D Tax Credit a Tier 1 issue in 2007, companies have been under increased scrutiny to ensure that their claims for the tax credit were demonstrated correctly with a high standard of detailed documentation being required. However, many companies simply do not have the specialist expertise within their company to provide what the IRS requires. This is why many companies seek the expertise that Swanson Reed can provide.
Furthermore, legislation and regulations in all matters of taxation and law can transform over time. Majority of companies do not have the capacity or resources to keep up with all of the updates and amendments pertaining to the R&D Tax Credit. The benefit of a company working with a specialist team of professionals is that they can rely on that team to possess the tax and legal expertise required, and to be up to date with any changes that might impact the receipt of tax credits. This means that the advice provided by Swanson Reed will always be the right information for any individual company’s circumstances.
Ultimately, at Swanson Reed, we help companies obtain their full R&D tax benefits. We take care of the complex elements – such as compiling and applying, lodging and complying – so you can focus on expanding your core business.
Contact Swanson Reed to discuss your eligibility and learn more about how the R&D Tax Incentive may benefit your business.