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R&D Tax Credit

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R&D

The Research & Development Tax Credit is one of the largest permanent corporate tax benefits in the Internal Revenue Code and remains as such after the sweeping Tax Reform passed in 2017. R&D Tax Credits can be rewarded for many tasks being performed by all types of taxpayers, including but not limited to: Pharmaceuticals, Aerospace & Defense, Banking/Insurance, Retail, Manufacturing, Financial Services, Small Tech start-ups, etc.

An R&D Tax Credit study involves generally 2 main areas: quantitative (or the numbers ultimately required to be filed with the tax return) and the qualitative (or the supporting documentation). How this data is uncovered for specific taxpayers is a skill that Withum is uniquely qualified to assist you. Our team of highly experienced professionals have performed R&D studies (as well as supporting those claims on Audit) for all industries and have been battle-tested in all types of client and IRS environments.

With the recent introduction of the R&D payroll offset, qualified small businesses are able to elect to apply the R&D credit towards their payroll tax liability rather than their income tax. This is a major new development, allowing many taxpayers that normally would not qualify for the R&D Tax Credit (due to insufficient bottom-line Taxable Income) to investigate their potential benefit (with Withum’s Assistance). Withum’s R&D Tax Specialists are here to keep you updated and informed on everything related to the Research and Development Tax Credits.

Please contact us for a complimentary consultation.

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