Documentation Is Key - R...D Tax Credit
Presidential support of the R...D Tax Credit:
At the White House on March 23rd, President Obama explained about making R...D Tax Credit one of the few permanent tax incentives available to manufacturers.
"This is a tax credit that returns $2 to the economy for every dollar we spend. Yet over the years we've allowed this credit to lapse or we've extended it year to year -- even just a few months at a time. Under my budget, this tax credit will no longer fall prey to the whims of politics and partisanship. It will be far more effective when businesses like yours can count on it, when you've got some stability and reliability."
The R...D Tax Credit, created by Congress in'81, is a tax credit (tax incentive) for U.S.-based innovation. It's designed to foster private sector research and development investment in product development, process improvements, and technology innovation. However, IRS regulations require that any manufacturer claiming the R...D Tax Credit must be able to prove: 1) that their activities meet the definition of qualified research, and 2) that the costs associated with these activities are documented appropriately. These requirements can be a significant administrative burden on the manufacturer.
IRS Audit Results Recently:
Recently in a IRS audit, the Service disallowed 100% of taxpayer's claim for the R...D Tax Credit "and attached fees and penalties". The Auditor's included the following statements:
"It is not enough to engage in qualified research activities to be entitled to the research credit. Taxpayers claiming the credit must maintain sufficient records detailing and substantiating the expenditures claimed as eligible for the credit. . . . The Taxpayer, under its own admission, is unable to provide any records showing how many hours each employee worked on any given project during the credit year. Nor are they able to provide any records showing how many hours any employee's work involved activities that might have constituted qualified research."
Titan Armor will meet the R...D Tax Credit documentation requirements below:
Titan Armor is a web-based application designed to meet or exceed the IRS' current expectations for research and development "contemporaneous" documentation. This project was designed on management fundamentals, and Titan Armor ensures of a quick and easy solution for qualified employees to track time against projects, and mark those projects for innovations in the R...D Tax Credit, per the IRS requirments.
Titan Armor is at a reasonable price of $295 per month*, and FREE for the first 30 days!
Our goal is to help ALL US Manufacturers document and capture their fair share of these federal tax credits. To do this, we offer Armor for $295/month, *per facility, with unlimited users. At this price, Armor makes documenting and defending the R...D Tax Credit cheaper than ever before! Armor's website also provides a no-cost, 30-day trial for all manufacturers. With no commitment to purchase, you can get access to Titan Armor right now, and see for yourself that documenting your research and development activities correctly is fast and easy! - 23211
At the White House on March 23rd, President Obama explained about making R...D Tax Credit one of the few permanent tax incentives available to manufacturers.
"This is a tax credit that returns $2 to the economy for every dollar we spend. Yet over the years we've allowed this credit to lapse or we've extended it year to year -- even just a few months at a time. Under my budget, this tax credit will no longer fall prey to the whims of politics and partisanship. It will be far more effective when businesses like yours can count on it, when you've got some stability and reliability."
The R...D Tax Credit, created by Congress in'81, is a tax credit (tax incentive) for U.S.-based innovation. It's designed to foster private sector research and development investment in product development, process improvements, and technology innovation. However, IRS regulations require that any manufacturer claiming the R...D Tax Credit must be able to prove: 1) that their activities meet the definition of qualified research, and 2) that the costs associated with these activities are documented appropriately. These requirements can be a significant administrative burden on the manufacturer.
IRS Audit Results Recently:
Recently in a IRS audit, the Service disallowed 100% of taxpayer's claim for the R...D Tax Credit "and attached fees and penalties". The Auditor's included the following statements:
"It is not enough to engage in qualified research activities to be entitled to the research credit. Taxpayers claiming the credit must maintain sufficient records detailing and substantiating the expenditures claimed as eligible for the credit. . . . The Taxpayer, under its own admission, is unable to provide any records showing how many hours each employee worked on any given project during the credit year. Nor are they able to provide any records showing how many hours any employee's work involved activities that might have constituted qualified research."
Titan Armor will meet the R...D Tax Credit documentation requirements below:
Titan Armor is a web-based application designed to meet or exceed the IRS' current expectations for research and development "contemporaneous" documentation. This project was designed on management fundamentals, and Titan Armor ensures of a quick and easy solution for qualified employees to track time against projects, and mark those projects for innovations in the R...D Tax Credit, per the IRS requirments.
Titan Armor is at a reasonable price of $295 per month*, and FREE for the first 30 days!
Our goal is to help ALL US Manufacturers document and capture their fair share of these federal tax credits. To do this, we offer Armor for $295/month, *per facility, with unlimited users. At this price, Armor makes documenting and defending the R...D Tax Credit cheaper than ever before! Armor's website also provides a no-cost, 30-day trial for all manufacturers. With no commitment to purchase, you can get access to Titan Armor right now, and see for yourself that documenting your research and development activities correctly is fast and easy! - 23211
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posted by X - Men @ 3:39 AM
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