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R&D Tax Credit

The Research and Development (R&D) Tax Credit is a tax incentive provided by the federal government to encourage businesses to invest in research and development activities. The credit is intended to help businesses offset the costs of developing new products, processes, software, or improving existing ones.

The R&D Tax Credit is available to businesses of all sizes and industries, and it can be claimed by businesses that are conducting R&D activities in the United States.
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QUALIFICATION

Fueling Innovation for Business Growth

When determining if a business qualifies for the tax credit, there are important guidelines to consult. The most prominent, the Four-Part Test, comes from the Internal Revenue Code and determines whether certain expenses can be considered as qualifying research activities.
  • New or Improved Business Component: An improved business component can include a product, process, software, or formula which is to be used internally or offered for commercial purposes.
  • Elimination of Uncertainty: It is necessary to illustrate activities were intended to discover information that could eliminate technical uncertainty about the design, methodology, or capability of development or improvement of a product or process.
  • Process of Experimentation: The business must be able to demonstrate there was a process used which included the evaluation of alternatives to achieving the desired outcome such as ongoing testing, modeling, simulation, and systematic trial and error.
  • Technological in Nature: The process of experimentation used to discover the information must rely on principles of the physical or biological sciences, engineering, or computer sciences to ensure that any new information uncovered used a scientifically and approved process and not through other methods.

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BENEFITS

Reclaim What's Yours

Your credit from the IRS can be up to 10% of your qualifying R&D expenses depending on jurisdiction, business size, and other factors.

One Eagle Advisory’s full-service support is the best way to help reward businesses for their innovation and research efforts. Maximize your benefits today and invest in your company's future.
Seasoned experts with a proven track record of assisting companies across a spectrum of industries in securing R&D tax credits.
Claim credits for open tax years dating back up to three years.
Increase cash flow when credit is received
Federal and state dollar-for-dollar income tax reduction
Reduce your effective tax rate

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and find out if you qualify

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Frequently Asked Questions

How long will the R&D Credit be available?

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This credit was first introduced by Congress in 1981 and made a permanent part of the tax code in 2015. Being subject to legislative updates.

What type of industries can apply for the R&D Credit?

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Eligibility for the R&D Tax Credit isn't limited by industry. Instead, it hinges on whether a business conducts qualifying research activities.

What years can you claim the R&D Credit for?

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The ability to claim the R&D tax credit retroactively varies by state, with some allowing  to go back up to 3 to 4 years. Furthermore, any unused credits can typically be carried forward for many years.

What type of information is needed to begin work on the R&D Credit?

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To initiate the process, various types of information is required. Including general business details, employee information, expenses, and any relevant patent documentation.

What research activities qualify for the credit?

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The R&D credit is applicable exclusively to activities encompassing fields like computer science, engineering, physics, biology, chemistry, and similar disciplines with a technological focus.

What is the Voluntary Disclosure Program?

The Employee Retention Credit Voluntary Disclosure Program offers a lifeline to businesses that mistakenly claimed the Employee Retention Credit (ERC), aiming to prevent severe penalties and potential criminal charges from unintentional misfiling or incorrect claims. This program is open to businesses not currently facing criminal investigations or employment tax audits, who have inadvertently received ERC credits or refunds.

There's a critical deadline of November 22, 2024, to apply for a reduced repayment of only 85% of the received ERC. Missing this deadline, however, could lead to increased repayments and penalties.
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