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Why Engineering Firms Should Take Advantage of the R&D Tax Credit
Has your engineering firm considered taking advantage of the Research & Development Tax Credit (R&D Tax Credit)? Contrary to belief, engineering firms practice “innovation-like” work regularly, which is considered R&D-worthy in the eyes of the IRS. There is a common...
The R&D Four-Part Test Cheat Sheet
Do your projects qualify for the R&D Tax Credit? Checking off each section of the Four-Part Test qualifies your projects as "Qualified Research Activities." Check out our blog post The R&D Four-Part Test for a deeper dive. Alternatively, check out the below...
How to Fill Out Form 6765 (R&D Tax Credit)
To calculate the R&D Tax Credit, you need to complete IRS Form 6765 and include it as a part of your company’s tax return. The challenge is, your CPA can’t do it without YOUR help – you need to give him/her your total Qualified Research Expenses (QREs). The Form...
What Does Nexus Have to Do With the R&D Tax Credit?
What is nexus? Sounds like a nerdy scientific term, right? Well, it’s more like a nerdy tax term that is a major component of accurately claiming the R&D Tax Credit. For the research credit, nexus is defined as the process of providing documentation between...
The R&D Four-Part Test
Did you know the R&D Tax Credit was originally for those experimenting in white lab coats? While many think that this still stands true today, the R&D Tax Credit has evolved throughout the years to include more than just nerdy laboratory scientists! The most...
A Deeper Dive into Qualified Research Expenses (R&D Tax Credit)
The Research and Development (R&D) Tax Credit is comprised of three main categories of cost that can qualify for the credit. The three categories, formally known as “Qualified Research Expenses (QREs),” include wages, supplies, and contractors. QUALIFIED LABOR...
What Determines a Qualified Research Activity?
The R&D Tax Credit is an incentive to protect American jobs by rewarding companies who are constantly striving for the “next best thing” here in the U.S. From startups to mid-sized businesses to Fortune 500s, this tax credit is for those who innovate, create, and...
How Do I Calculate the (RD) Research Credit?
To calculate the R&D Tax Credit, you need to complete IRS Form 6765 and include it as a part of your company's tax return. The challenge is, your CPA can't do it without YOUR help - you need to give him/her your total Qualified Research Expenses (QREs). The Form...
How to Make Your R&D Tax Credit Defensible
Below are helpful tips to implement to make your R&D Tax Credit Calculation "bulletproof." If your company relies on the hard sciences or uses technology to create or improve products or processes, you may be engaging in qualified R&D activities and be...
Time Management Tips for CPAs
It's important that CPAs manage their time wisely to be most effective. Below are a few tips if you are striving to be a more efficient CPA. Prioritize. One technique time-management coach and author Elizabeth Saunders recommended is to set priorities after creating a...
