How R&D Incentives Group Maximizes Tax Credits
July 21, 2016
R &D tax credits save companies billions of dollars per year, and in order to fully understand the implications and benefits of the tax law, companies rely on experts like R&D Incentives Group.
R&D Incentives Group is a downtown Los Angeles-based tax credit consultancy firm, that specializes in research and development tax credits for companies engineering or developing new products.
Qualified research includes research for developing new or improved “business components.” Business components are defined as products, processes, computer software, techniques, formulas and inventions, according to Ernst & Young’s 2014-15 reference guide.
Given the broad scope, shifting landscape, and unique laws in each country, hiring professionals to interpret the full extent of the potential tax benefit allows companies to focus on innovation.
R&D Incentives Group caters to companies across the US across numerous industries. The firm’s expertise enables them to recover a portion of their research and development costs, deliver a quality customer experience, and provide direct and reliable communication among the team and their clients. Here’s how.
Tailoring to Unique Customer Needs
From privately held small to mid-size businesses all the way to publicly traded Fortune 1000 companies, R&D Incentives Group serves diverse clients and relies heavily on communication to fully understand each client’s needs. Alex Pak, Director at R&D Incentives Group, notes:
As a specialty tax consulting firm that assists companies in generating the R&D tax credit, we see companies from a vast number of industries located all over the nation.
Given the broad range of business types and tax scenarios, Pak and his team work closely with each client to determine their qualified research expenses (QREs). Pak states:
By returning ongoing investments in R&D including wages, supplies utilized in development and outside contractor expenses, we provide a means for recapturing ongoing overhead expenses that would otherwise be considered sunk costs.
In the US, the federal research credit is designed to reward a business for an increase in its spending on research.
The tax credit can be generated from numerous areas of R&D spending including wages, supplies, and outside contractors.
This means we can use the credit to subsidize all the costs related to the R&D of a product, platform or even in some cases, services.
The credit is applicable to retroactive investments and current investments, generally up to three years, and computed by way of two methods – regular credit or alternative simplified credit (ASC).
R&D Incentives Group provides expertise throughout the process, including computing methods, eligible credits, and state credits that vary dramatically between jurisdictions.
While there are basic criteria to see if companies qualify for the R&D tax credit, the industries are broad and the rules are complex.
Providing Direct and Reliable Communication
A recent survey outlined the various methods of preferred communication for customers, and found that for urgent matters, issues that need quick resolution, customers preferred calling overwhelmingly. It would make sense that professional services rely more on calling than other businesses.
R&D Incentives Group is a recent customer that signed up with Telzio to provide telecommunication and phone services across their company. As a professional services firm, the partners rely on a stable phone system that reflects their credible image.
With the Telzio mobile app each of our associates can have a direct phone number that goes to their desk phone and their mobile device, enabling them to take business calls on the go without using their personal line. The switch was seamless and we're getting much better call quality now.
Each client has direct access to reach their consultants at the company, and teams can easily host consistently clear conference calls. With a stable means of communications in place, the team is able to do its job.
Telzio enables the firm to customize its phone solution and dictate their callers’ experience. By providing them with flexible plans that fit their usage needs, Telzio provides the firm with a main number as well as a direct number for each employee.
For the R&D Incentives team, quality and reliability was the highest priority in choosing a phone system.
Since signing up with Telzio, the firm has not experienced a single dropped call and enjoys consistent, high-definition audio quality.
Telzio has delivered 100% uptime in the last 12 months, leading the industry in reliability.
Setting Customers Up for Success
Tailored experiences are how R&D Incentives Group is able to achieve optimal results for each of their clients. No two cases are the same, and the environment is constantly evolving. Professionals like Pak and his team allow companies to focus on their competencies and continue innovating. Likewise, Telzio provides their firm with reliable phone service, so the team can focus on their clients.