Goldstein Lewin & Co. does more than just crunch numbers-we offer an extensive range of business consulting services to help you maximize your opportunities. We are a multifaceted firm rooted in integrity and committed to providing our clients with an unmatched level of skill and service. Your accounting firm should be an integral part of your team and a major contributor to your success.
In Our Initial Consultation...
We will discuss:
- the needs of your business
- the challenges you face in your industry
We will evaluate:
- which of our specialized consulting services will help you reach your goals.
We will customize:
- a business strategy to deliver optimal results for your company.
Research & Development Tax Credit
Why Should My Business Conduct An R&D Study?
The U.S. offers some of the world's richest R&D tax incentives, but chances are you're not taking advantage of them and getting the cash you deserve. As the pace of your business accelerates and competition increases, you may be more likely to overlook this source of cash because you lack the time, resources or expertise needed to identify and manage R&D tax credit claims.
Prior to December 2001, the requirements necessary to qualify for the R&D tax credit were rather difficult to obtain. However, in December 2001, the Bush administration issued IRS regulations which made it significantly easier to qualify for the R&D Tax Credit.
These regulations reflect a profound change in the position of the IRS. The regulations make it:
- Easier for a broader array of companies to qualify their activities as R&D
- They provide greater flexibility in certain recordkeeping requirements
- They significantly expand the definition of internal-use software characteristics
In December of 2006, Congress extended the R&D tax credit through December 31, 2007. Many companies are taking advantage of this tax credit.
What Qualifies as R&D?
Many taxpayers tend to regard "R&D" as an activity associated solely with high-tech, biotech and pharmaceutical type companies. We have found many of our clients tend to regard their own efforts to make new, lighter, stronger, cheaper, more reliable products, or to make more precise, more economical and more versatile processes as "just doing my job," when in fact they have been performing R&D qualifying activities all along.
If your Company is involved in any of the following activities, you may be able to claim the R&D tax credit:
- Manufacture products
- Develop new, improved, or more reliable products / processes / formulas
- Develop prototypes or models (including computer generated models)
- Design tools, jigs, molds, and dies
- Develop or apply for patents
- Certification testing
- Apply for patents
- Tested new concepts
- Development of new technology
- Tried new materials
- Added new equipment
- Environmental testing
- Develop or improve production / manufacturing processes
- Develop, implement or upgrade systems and / or software
- Develop production control software
- Improve or build new manufacturing facilities
- Automate internal processes
- Pay outside consultants / contractors to do any of the above stated activities
